<?xml version='1.0' encoding='ASCII'?>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:dei="http://xbrl.sec.gov/dei/2023" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:us-gaap="http://fasb.org/us-gaap/2023" xmlns:us-roles="http://fasb.org/us-roles/2023" xmlns:dtr-types="http://www.xbrl.org/dtr/type/2022-03-31" xmlns:country="http://xbrl.sec.gov/country/2023" xmlns:srt="http://fasb.org/srt/2023" xmlns:QTTOY="http://qutoutiao.net/20231231">
<head>
     <title></title>
<meta http-equiv="Content-Type" content="text/html"/>
</head>
<!-- Field: Set; Name: xdx; ID: xdx_02C_US%2DGAAP%2D2023 -->
<!-- Field: Set; Name: xdx; ID: xdx_038_QTTOY_qutoutiao.net_20231231 -->
<!-- Field: Set; Name: xdx; ID: xdx_04A_20230101_20231231 -->
<!-- Field: Set; Name: xdx; ID: xdx_059_edei%2D%2DAmendmentFlag_false -->
<!-- Field: Set; Name: xdx; ID: xdx_05A_edei%2D%2DDocumentFiscalPeriodFocus_FY -->
<!-- Field: Set; Name: xdx; ID: xdx_058_edei%2D%2DEntityCentralIndexKey_0001733298 -->
<!-- Field: Set; Name: xdx; ID: xdx_07A_XDX_form20%2Df.xdx -->
<!-- Field: Set; Name: xdx; ID: xdx_077_SO_form20%2Df.xdxs -->
<!-- Field: Set; Name: xdx; ID: xdx_065_USD_0_iso4217%2D%2DUSD -->
<!-- Field: Set; Name: xdx; ID: xdx_062_Shares_2_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_060_USDPShares_0_iso4217%2D%2DUSD_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_069_Pure_4_xbrli%2D%2Dpure -->
<!-- Field: Set; Name: xdx; ID: xdx_06C_IDR_0_iso4217%2D%2DIDR -->
<!-- Field: Set; Name: xdx; ID: xdx_069_RMB_1_iso4217%2D%2DCNY -->
<!-- Field: Set; Name: xdx; ID: xdx_069_RMBPShares_3_iso4217%2D%2DCNY_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_06C_Plans_5_Plans -->
<!-- Field: Set; Name: xdx; ID: xdx_06D_HKD_0_iso4217%2D%2DHKD -->
<body style="font: 10pt Times New Roman, Times, Serif">
<div style="display: none">
<ix:header>
 <ix:hidden>
  <ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000003" name="dei:AmendmentFlag">false</ix:nonNumeric>
  <ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000004" name="dei:DocumentFiscalPeriodFocus">FY</ix:nonNumeric>
  <ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000005" name="dei:EntityCentralIndexKey">0001733298</ix:nonNumeric>
  <ix:nonFraction name="us-gaap:ShortTermInvestments" contextRef="AsOf2023-12-31" id="xdx2ixbrl0085" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:ShortTermInvestments" contextRef="AsOf2023-12-31" id="xdx2ixbrl0087" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:CommitmentsAndContingencies" contextRef="AsOf2022-12-31" id="xdx2ixbrl0239" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:CommitmentsAndContingencies" contextRef="AsOf2023-12-31" id="xdx2ixbrl0240" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:CommitmentsAndContingencies" contextRef="AsOf2023-12-31" id="xdx2ixbrl0242" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:IncomeLossFromEquityMethodsInvestments" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0465" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:IncomeLossFromEquityMethodsInvestments" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0467" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl0476" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0477" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0479" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl0522" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0523" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0525" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" id="xdx2ixbrl0581" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2021-01-012021-12-31_us-gaap_TreasuryStockCommonMember" id="xdx2ixbrl0583" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2021-01-012021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0584" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember" id="xdx2ixbrl0585" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2021-01-012021-12-31_us-gaap_NoncontrollingInterestMember" id="xdx2ixbrl0586" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0589" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0590" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0591" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0592" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_NoncontrollingInterestMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0594" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0597" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0598" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0599" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0600" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_NoncontrollingInterestMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0602" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0605" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0606" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0607" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0608" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_NoncontrollingInterestMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0610" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember" id="xdx2ixbrl0614" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2021-01-012021-12-31_us-gaap_TreasuryStockCommonMember" id="xdx2ixbrl0615" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2021-01-012021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0616" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember" id="xdx2ixbrl0617" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2021-01-012021-12-31_us-gaap_NoncontrollingInterestMember" id="xdx2ixbrl0618" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" id="xdx2ixbrl0625" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember" id="xdx2ixbrl0626" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2021-01-012021-12-31_us-gaap_TreasuryStockCommonMember" id="xdx2ixbrl0627" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2021-01-012021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0628" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" id="xdx2ixbrl0633" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember" id="xdx2ixbrl0634" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2021-01-012021-12-31_us-gaap_TreasuryStockCommonMember" id="xdx2ixbrl0635" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember" id="xdx2ixbrl0637" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2021-01-012021-12-31_us-gaap_NoncontrollingInterestMember" id="xdx2ixbrl0638" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:MinorityInterestPeriodIncreaseDecrease" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" id="xdx2ixbrl0641" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:MinorityInterestPeriodIncreaseDecrease" contextRef="From2021-01-012021-12-31_us-gaap_TreasuryStockCommonMember" id="xdx2ixbrl0643" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:MinorityInterestPeriodIncreaseDecrease" contextRef="From2021-01-012021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0644" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:MinorityInterestPeriodIncreaseDecrease" contextRef="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember" id="xdx2ixbrl0645" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:MinorityInterestPeriodIncreaseDecrease" contextRef="From2021-01-012021-12-31" id="xdx2ixbrl0647" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2021-12-31_us-gaap_NoncontrollingInterestMember" id="xdx2ixbrl0654" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2022-01-012022-12-31_us-gaap_CommonStockMember" id="xdx2ixbrl0672" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2022-01-012022-12-31_us-gaap_TreasuryStockCommonMember" id="xdx2ixbrl0674" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2022-01-012022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0675" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2022-01-012022-12-31_us-gaap_RetainedEarningsMember" id="xdx2ixbrl0676" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_CommonStockMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0679" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0680" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0681" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0682" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_CommonStockMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0686" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0687" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0688" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0689" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_CommonStockMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0693" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0694" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0695" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0696" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2022-01-012022-12-31_us-gaap_AdditionalPaidInCapitalMember" id="xdx2ixbrl0701" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2022-01-012022-12-31_us-gaap_TreasuryStockCommonMember" id="xdx2ixbrl0702" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2022-01-012022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0703" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2022-01-012022-12-31_us-gaap_RetainedEarningsMember" id="xdx2ixbrl0704" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl0705" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2022-01-012022-12-31_us-gaap_CommonStockMember" id="xdx2ixbrl0711" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2022-01-012022-12-31_us-gaap_AdditionalPaidInCapitalMember" id="xdx2ixbrl0712" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2022-01-012022-12-31_us-gaap_TreasuryStockCommonMember" id="xdx2ixbrl0713" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2022-01-012022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0714" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2022-01-012022-12-31_us-gaap_CommonStockMember" id="xdx2ixbrl0718" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2022-01-012022-12-31_us-gaap_AdditionalPaidInCapitalMember" id="xdx2ixbrl0719" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2022-01-012022-12-31_us-gaap_TreasuryStockCommonMember" id="xdx2ixbrl0720" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2022-01-012022-12-31_us-gaap_RetainedEarningsMember" id="xdx2ixbrl0722" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2023-01-012023-12-31_us-gaap_CommonStockMember" id="xdx2ixbrl0758" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2023-01-012023-12-31_us-gaap_TreasuryStockCommonMember" id="xdx2ixbrl0760" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2023-01-012023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0761" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2023-01-012023-12-31_us-gaap_RetainedEarningsMember" id="xdx2ixbrl0762" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_CommonStockMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0765" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0766" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0767" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0768" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_CommonStockMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0772" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0773" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0774" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0775" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_CommonStockMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0779" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0780" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0781" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0782" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_CommonStockMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0786" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0787" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0788" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="xdx2ixbrl0789" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember" id="xdx2ixbrl0794" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2023-01-012023-12-31_us-gaap_TreasuryStockCommonMember" id="xdx2ixbrl0795" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2023-01-012023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0796" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2023-01-012023-12-31_us-gaap_RetainedEarningsMember" id="xdx2ixbrl0797" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0798" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2023-01-012023-12-31_us-gaap_CommonStockMember" id="xdx2ixbrl0800" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember" id="xdx2ixbrl0801" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2023-01-012023-12-31_us-gaap_TreasuryStockCommonMember" id="xdx2ixbrl0802" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2023-01-012023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="xdx2ixbrl0803" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2023-01-012023-12-31_us-gaap_CommonStockMember" id="xdx2ixbrl0807" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember" id="xdx2ixbrl0808" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2023-01-012023-12-31_us-gaap_TreasuryStockCommonMember" id="xdx2ixbrl0809" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2023-01-012023-12-31_us-gaap_RetainedEarningsMember" id="xdx2ixbrl0811" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:UnrealizedLossGainOfPubliclyTradedEquitySecurity" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl0898" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:UnrealizedLossGainOfPubliclyTradedEquitySecurity" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0899" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:UnrealizedLossGainOfPubliclyTradedEquitySecurity" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0901" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:UnrealizedLossOfNonmarketableEquitySecurities" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0905" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:UnrealizedLossOfNonmarketableEquitySecurities" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0907" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:GainOnDisposalOfSubsidiary" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl0916" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:GainOnDisposalOfSubsidiary" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0917" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:GainOnDisposalOfSubsidiary" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0919" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0923" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0925" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherAssetImpairmentCharges" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl0928" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherAssetImpairmentCharges" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0929" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherAssetImpairmentCharges" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0931" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:IncreaseDecreaseInAccountsReceivableNonCurrent" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl0956" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:IncreaseDecreaseInAccountsReceivableNonCurrent" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0957" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:IncreaseDecreaseInAccountsReceivableNonCurrent" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl0959" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:IncreaseDecreaseInNonCurrentLiabilities" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1021" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:IncreaseDecreaseInNonCurrentLiabilities" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1023" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1037" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1039" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:PaymentsToAcquireIntangibleAssets" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl1048" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:PaymentsToAcquireIntangibleAssets" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1049" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:PaymentsToAcquireIntangibleAssets" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1051" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl1076" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1077" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1079" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:ProceedsFromBankDebt" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl1082" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:ProceedsFromBankDebt" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1083" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:ProceedsFromBankDebt" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1085" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:RepaymentsOfSecuredDebt" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1089" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:RepaymentsOfSecuredDebt" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1091" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl1094" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1095" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1097" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1101" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl1103" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:ShortTermInvestments" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="xdx2ixbrl1579" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="xdx2ixbrl1629" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="xdx2ixbrl1736" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="xdx2ixbrl1751" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="xdx2ixbrl1752" unitRef="RMB" xs:nil="true"/>
  <ix:nonNumeric contextRef="AsOf2022-12-31" id="xdx2ixbrl1779" name="us-gaap:InvestmentTypeExtensibleEnumeration">http://fasb.org/us-gaap/2023#ShortTermInvestments</ix:nonNumeric>
  <ix:nonFraction name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AsOf2022-12-31_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueMeasurementsRecurringMember" id="xdx2ixbrl1781" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AsOf2022-12-31_us-gaap_FairValueInputsLevel3Member_us-gaap_FairValueMeasurementsRecurringMember" id="xdx2ixbrl1785" unitRef="RMB" xs:nil="true"/>
  <ix:nonNumeric contextRef="AsOf2023-12-31" id="xdx2ixbrl1788" name="us-gaap:InvestmentTypeExtensibleEnumeration">http://fasb.org/us-gaap/2023#ShortTermInvestments</ix:nonNumeric>
  <ix:nonFraction name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AsOf2023-12-31_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueMeasurementsRecurringMember" id="xdx2ixbrl1790" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AsOf2023-12-31_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueMeasurementsRecurringMember" id="xdx2ixbrl1792" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AsOf2023-12-31_us-gaap_FairValueInputsLevel3Member_us-gaap_FairValueMeasurementsRecurringMember" id="xdx2ixbrl1794" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AsOf2023-12-31_us-gaap_FairValueMeasurementsRecurringMember" id="xdx2ixbrl1796" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:EquityFairValueDisclosure" contextRef="AsOf2022-12-31" id="xdx2ixbrl1824" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_AdvertisingServicesMember" id="xdx2ixbrl1908" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_AdvertisingServicesMember" id="xdx2ixbrl1910" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:ShortTermInvestments" contextRef="AsOf2023-12-31_custom_WealthManagementProductsMember" id="xdx2ixbrl2072" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:ShortTermInvestments" contextRef="AsOf2023-12-31" id="xdx2ixbrl2075" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:UnrealizedGainLossOnInvestments" contextRef="From2023-01-012023-12-31_us-gaap_LimitedPartnerMember" id="xdx2ixbrl2101" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:EquityMethodInvestmentsFairValueDisclosure" contextRef="AsOf2022-12-31_us-gaap_LimitedPartnerMember" id="xdx2ixbrl2103" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:EquityMethodInvestmentsFairValueDisclosure" contextRef="AsOf2023-12-31_us-gaap_LimitedPartnerMember" id="xdx2ixbrl2105" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2023-01-012023-12-31_us-gaap_EquityMethodInvestmentsMember" id="xdx2ixbrl2114" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:EquitySecuritiesWithoutReadilyDeterminableFairValueAmount" contextRef="AsOf2022-12-31" id="xdx2ixbrl2120" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:EquitySecuritiesWithoutReadilyDeterminableFairValueAmount" contextRef="AsOf2023-12-31" id="xdx2ixbrl2122" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:LongTermCooperationServiceFee" contextRef="AsOf2023-12-31" id="xdx2ixbrl2180" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_us-gaap_LeaseholdImprovementsMember" id="xdx2ixbrl2196" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2023-01-012023-12-31_custom_SalesAndMarketingExpensesMember" id="xdx2ixbrl2297" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:CustomerRefundLiabilityCurrent" contextRef="AsOf2023-12-31" id="xdx2ixbrl2447" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" contextRef="From2022-01-012022-12-31" id="xdx2ixbrl2588" unitRef="Shares" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl2604" unitRef="RMBPShares" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2023-01-012023-12-31_custom_ShareOptionPlanMember" id="xdx2ixbrl2654" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" contextRef="From2023-01-01to2023-12-31" id="xdx2ixbrl2660" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:DeferredTaxAssetsNet" contextRef="AsOf2022-12-31" id="xdx2ixbrl2805" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:DeferredTaxAssetsNet" contextRef="AsOf2023-12-31" id="xdx2ixbrl2806" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_custom_GamingCostSharingMember" id="xdx2ixbrl2976" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_custom_GamingCostSharingMember" id="xdx2ixbrl2977" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="xdx2ixbrl3190" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="xdx2ixbrl3192" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AssetsNoncurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="xdx2ixbrl3195" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:AssetsNoncurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="xdx2ixbrl3197" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:AccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="xdx2ixbrl3211" unitRef="RMB" xs:nil="true"/>
  <ix:nonFraction name="QTTOY:AccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="xdx2ixbrl3213" unitRef="USD" xs:nil="true"/>
  <ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="xdx2ixbrl3364" unitRef="RMB" xs:nil="true"/>
  </ix:hidden>
 <ix:references>
  <link:schemaRef xlink:href="qttoy-20231231.xsd" xlink:type="simple"/>
  </ix:references>
 <ix:resources>
    <xbrli:context id="From2023-01-01to2023-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_dei_BusinessContactMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:EntityAddressesAddressTypeAxis">dei:BusinessContactMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_CommonClassAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_dei_AdrMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">dei:AdrMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_CommonClassAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_CommonClassBMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_RelatedPartyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:RelatedPartyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_RelatedPartyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">us-gaap:RelatedPartyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_CommonClassAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_CommonClassBMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_AdvertisingAndMarketingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingAndMarketingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_AdvertisingAndMarketingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingAndMarketingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_AdvertisingAndMarketingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingAndMarketingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_AdvertisingAndMarketingRevenueRelatedPartiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingAndMarketingRevenueRelatedPartiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_AdvertisingAndMarketingRevenueRelatedPartiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingAndMarketingRevenueRelatedPartiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_AdvertisingAndMarketingRevenueRelatedPartiesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingAndMarketingRevenueRelatedPartiesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_OtherRevenueMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:OtherRevenueMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_OtherRevenueMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:OtherRevenueMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_OtherRevenueMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:OtherRevenueMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_us-gaap_AdditionalPaidInCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_us-gaap_TreasuryStockCommonMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_us-gaap_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_us-gaap_NoncontrollingInterestMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:NoncontrollingInterestMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_us-gaap_AdditionalPaidInCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_us-gaap_TreasuryStockCommonMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_us-gaap_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_AdditionalPaidInCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_TreasuryStockCommonMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_TreasuryStockCommonMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_NoncontrollingInterestMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:NoncontrollingInterestMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_NoncontrollingInterestMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:NoncontrollingInterestMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_NoncontrollingInterestMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:NoncontrollingInterestMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_CommonStockMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_NoncontrollingInterestMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:NoncontrollingInterestMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_AdditionalPaidInCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_TreasuryStockCommonMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_CommonStockMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_RetainedEarningsMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_CommonStockMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_RetainedEarningsMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_CommonStockMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_RetainedEarningsMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_TreasuryStockCommonMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_CommonStockMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_RetainedEarningsMember_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_SeriesAConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_CommonStockMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_RetainedEarningsMember_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_SeriesBConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_CommonStockMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_TreasuryStockCommonMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_RetainedEarningsMember_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_SeriesCConvertibleRedeemablePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_us-gaap_NoncontrollingInterestMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:NoncontrollingInterestMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_AdditionalPaidInCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_TreasuryStockCommonMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:TreasuryStockCommonMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AccumulatedOtherComprehensiveIncomeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_InfoUniversalLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:InfoUniversalLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiQuyunInternetTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiQuyunInternetTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiDianguanNetworkTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiDianguanNetworkTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_QtechUSAIncMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:QtechUSAIncMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_QTTAsiaMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:QTTAsiaMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_KubikMediaInternationalLtd.Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:KubikMediaInternationalLtd.Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_KubikTechnologyPteLtdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:KubikTechnologyPteLtdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_FunLiteratureLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_FunLiteratureHKLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureHKLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_PTSedjahteraIntiAbadiMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:PTSedjahteraIntiAbadiMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiZhicaoInformationTechnologyCoLtd.Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiZhicaoInformationTechnologyCoLtd.Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_AifunTechnologyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:AifunTechnologyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_FunplatformHoldingsLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunplatformHoldingsLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_StrikingTechnologyHoldingsLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:StrikingTechnologyHoldingsLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiChenxingSoftwareTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiChenxingSoftwareTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiLuoshiSoftwareTechnologyCoLtdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiLuoshiSoftwareTechnologyCoLtdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiWennuoInformationTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiWennuoInformationTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiShuqinInformationTechnologyCoLtd.Member">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiShuqinInformationTechnologyCoLtd.Member</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_FunLiteratureSgPte.LtdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureSgPte.LtdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiChengshanInformationTechnologyCoLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiChengshanInformationTechnologyCoLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_HainanMengbangNetworkTechnologyCoLtdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:HainanMengbangNetworkTechnologyCoLtdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiJifenCultureCommunicationsCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiJifenCultureCommunicationsCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_BeijingChurunInternetTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:BeijingChurunInternetTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiDragonSInformationTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiDragonSInformationTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_HubeiRapidInformationTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:HubeiRapidInformationTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiQuquanquanInformationTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiQuquanquanInformationTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_HuaianBeixiaInformationTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:HuaianBeixiaInformationTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiMiaoliangInformationTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiMiaoliangInformationTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiZishuInformationTechnologyCompanyLimitdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiZishuInformationTechnologyCompanyLimitdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiYuanyingInformationTechnologyCoLtdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiYuanyingInformationTechnologyCoLtdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_HainanJinxuanInformationTechnologyCoLtdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:HainanJinxuanInformationTechnologyCoLtdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_BixingNetworkTechnologyShaoxingCompanyLimtedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:BixingNetworkTechnologyShaoxingCompanyLimtedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiXikeInformationTechnologyServiceCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiXikeInformationTechnologyServiceCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiTuileInformationTechnologyServiceCoLtdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiTuileInformationTechnologyServiceCoLtdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_AnhuiZhangduanInternetTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:AnhuiZhangduanInternetTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_BeijingQukandianInternetTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:BeijingQukandianInternetTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_TianjinQuwenInternetTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:TianjinQuwenInternetTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiBigRhinocerosHornInformationTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiBigRhinocerosHornInformationTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiHeituInternetTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiHeituInternetTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiZheyunInternetTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiZheyunInternetTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_BeijingSupremePoleInternationalSportsDevelopmentCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:BeijingSupremePoleInternationalSportsDevelopmentCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_HubeiQingluoInformationTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:HubeiQingluoInformationTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_HubeiQingluoInformationTechnologyCompanyLimitedShanghaiBranchMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:HubeiQingluoInformationTechnologyCompanyLimitedShanghaiBranchMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiTuohuanInformationTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiTuohuanInformationTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiXunkaiInformationTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiXunkaiInformationTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaXixiaInformationTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaXixiaInformationTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_HubeiRapidInformationTechnologyCompanyLimitedShanghaiBranchMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:HubeiRapidInformationTechnologyCompanyLimitedShanghaiBranchMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiManchuanInformationTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiManchuanInformationTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiYunxiInformationTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiYunxiInformationTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiMiliInformationTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiMiliInformationTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiGuanjiInformationTechnologyCoLtdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiGuanjiInformationTechnologyCoLtdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiYimaoInformationTechnologyCoLtdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiYimaoInformationTechnologyCoLtdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiXierInformationTechnologyCoLtdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiXierInformationTechnologyCoLtdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShanghaiYixunInformationTechnologyCoLtdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:ShanghaiYixunInformationTechnologyCoLtdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2017-10-132017-10-13_custom_ExclusiveTechnologySupportAndConsultingServicesAgreementBetweenJifenVIEAndQuyunWFOEMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:ExclusiveTechnologySupportAndConsultingServicesAgreementBetweenJifenVIEAndQuyunWFOEMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2017-10-13</xbrli:startDate>
        <xbrli:endDate>2017-10-13</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2017-10-132017-10-13_custom_InfoUniversalLimitedMember_custom_ShanghaiQuyunInternetTechnologyCompanyLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:InfoUniversalLimitedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:OwnershipAxis">QTTOY:ShanghaiQuyunInternetTechnologyCompanyLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2017-10-13</xbrli:startDate>
        <xbrli:endDate>2017-10-13</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2017-10-132017-10-13_custom_ExclusiveOptionAgreementAmongJifenVIEQuyunWFOEAndEachOfJifenVIEShareholdersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:ExclusiveOptionAgreementAmongJifenVIEQuyunWFOEAndEachOfJifenVIEShareholdersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2017-10-13</xbrli:startDate>
        <xbrli:endDate>2017-10-13</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2017-10-132017-10-13_custom_VotingRightsProxyAgreementAmongJifenVIEQuyunWFOEAndEachOfJifenVIEShareholdersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:VotingRightsProxyAgreementAmongJifenVIEQuyunWFOEAndEachOfJifenVIEShareholdersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2017-10-13</xbrli:startDate>
        <xbrli:endDate>2017-10-13</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_LoanAgreementBetweenQuyunWFOEAndJifenVIEMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:LoanAgreementBetweenQuyunWFOEAndJifenVIEMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-09-30_custom_ThePaperMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:OwnershipAxis">QTTOY:ThePaperMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-09-30</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_ConvertibleDebtMember_custom_AlibabaInvestmentLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ShortTermDebtTypeAxis">us-gaap:ConvertibleDebtMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:AlibabaInvestmentLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-04-04_srt_MinimumMember_custom_ConvertibleLoanAgreementMember_custom_AlibabaInvestmentLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:ConvertibleLoanAgreementMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:AlibabaInvestmentLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-04-04</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-04-04_srt_MaximumMember_custom_ConvertibleLoanAgreementMember_custom_AlibabaInvestmentLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:ConvertibleLoanAgreementMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:AlibabaInvestmentLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-04-04</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-04-04_custom_ConvertibleLoanAgreementMember_custom_AlibabaInvestmentLimitedMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:ConvertibleLoanAgreementMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:AlibabaInvestmentLimitedMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-04-04</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2025-04-30_custom_ConvertibleLoanAgreementMember_custom_AlibabaInvestmentLimitedMember_us-gaap_SubsequentEventMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:ConvertibleLoanAgreementMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:AlibabaInvestmentLimitedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2025-04-30</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-29">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-29</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_ShortTermInvestmentsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FinancialInstrumentAxis">us-gaap:ShortTermInvestmentsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_SoftwareDevelopmentMember_srt_MinimumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:SoftwareDevelopmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_SoftwareDevelopmentMember_srt_MaximumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:SoftwareDevelopmentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_DevelopedTechnologyRightsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">us-gaap:DevelopedTechnologyRightsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_DatabasesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">us-gaap:DatabasesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-012019-06-30">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-06-30</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-07-012019-07-01">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-07-01</xbrli:startDate>
        <xbrli:endDate>2019-07-01</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_SellingAndMarketingExpenseMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:SellingAndMarketingExpenseMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_SellingAndMarketingExpenseMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:SellingAndMarketingExpenseMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_SellingAndMarketingExpenseMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:SellingAndMarketingExpenseMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_LiveStreamingAndOnlineGamesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:LiveStreamingAndOnlineGamesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_LiveStreamingAndOnlineGamesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:LiveStreamingAndOnlineGamesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_LiveStreamingAndOnlineGamesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:LiveStreamingAndOnlineGamesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_country_CN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_country_CN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_country_CN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_srt_MinimumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_srt_MaximumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_srt_AffiliatedEntityMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:AffiliatedEntityMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_srt_AffiliatedEntityMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:AffiliatedEntityMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_srt_AffiliatedEntityMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:AffiliatedEntityMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_srt_AffiliatedEntityMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:AffiliatedEntityMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_srt_AffiliatedEntityMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:AffiliatedEntityMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_srt_AffiliatedEntityMember_custom_ThirdPartyRevenuesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:AffiliatedEntityMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:ThirdPartyRevenuesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_srt_AffiliatedEntityMember_custom_ThirdPartyRevenuesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:AffiliatedEntityMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:ThirdPartyRevenuesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_srt_AffiliatedEntityMember_custom_ThirdPartyRevenuesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:AffiliatedEntityMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:ThirdPartyRevenuesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_srt_AffiliatedEntityMember_custom_IntragroupRevenuesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:AffiliatedEntityMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:IntragroupRevenuesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_srt_AffiliatedEntityMember_custom_IntragroupRevenuesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:AffiliatedEntityMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:IntragroupRevenuesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_srt_AffiliatedEntityMember_custom_IntragroupRevenuesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:AffiliatedEntityMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:IntragroupRevenuesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_srt_AffiliatedEntityMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:AffiliatedEntityMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_srt_AffiliatedEntityMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:AffiliatedEntityMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueMeasurementsRecurringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel1Member</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementFrequencyAxis">us-gaap:FairValueMeasurementsRecurringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueMeasurementsRecurringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel2Member</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementFrequencyAxis">us-gaap:FairValueMeasurementsRecurringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_FairValueInputsLevel3Member_us-gaap_FairValueMeasurementsRecurringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel3Member</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementFrequencyAxis">us-gaap:FairValueMeasurementsRecurringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_FairValueMeasurementsRecurringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementFrequencyAxis">us-gaap:FairValueMeasurementsRecurringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_FairValueInputsLevel1Member_us-gaap_FairValueMeasurementsRecurringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel1Member</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementFrequencyAxis">us-gaap:FairValueMeasurementsRecurringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueMeasurementsRecurringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel2Member</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementFrequencyAxis">us-gaap:FairValueMeasurementsRecurringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_FairValueInputsLevel3Member_us-gaap_FairValueMeasurementsRecurringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel3Member</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementFrequencyAxis">us-gaap:FairValueMeasurementsRecurringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_FairValueMeasurementsRecurringMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementFrequencyAxis">us-gaap:FairValueMeasurementsRecurringMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_LeaseholdImprovementsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:LeaseholdImprovementsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_srt_MinimumMember_us-gaap_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_srt_MaximumMember_us-gaap_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_AdvertisingAndMarketingServiceProvidedToAdvertisingCustomersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingAndMarketingServiceProvidedToAdvertisingCustomersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_AdvertisingAndMarketingServiceProvidedToAdvertisingCustomersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingAndMarketingServiceProvidedToAdvertisingCustomersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_AdvertisingAndMarketingServiceProvidedToAdvertisingCustomersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingAndMarketingServiceProvidedToAdvertisingCustomersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_AdvertisingAndMarketingServiceProvidedToAdvertisingPlatformsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingAndMarketingServiceProvidedToAdvertisingPlatformsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_AdvertisingAndMarketingServiceProvidedToAdvertisingPlatformsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingAndMarketingServiceProvidedToAdvertisingPlatformsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_AdvertisingAndMarketingServiceProvidedToAdvertisingPlatformsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingAndMarketingServiceProvidedToAdvertisingPlatformsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_AgentAndPlatformServiceFeesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AgentAndPlatformServiceFeesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_AgentAndPlatformServiceFeesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AgentAndPlatformServiceFeesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_AgentAndPlatformServiceFeesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AgentAndPlatformServiceFeesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_OtherRevenuesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:OtherRevenuesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_OtherRevenuesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:OtherRevenuesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_OtherRevenuesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:OtherRevenuesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_ServiceOtherMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">us-gaap:ServiceOtherMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_ServiceOtherMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">us-gaap:ServiceOtherMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_ServiceOtherMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">us-gaap:ServiceOtherMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_AdvertisingServicesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingServicesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_AdvertisingServicesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingServicesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_AdvertisingServicesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">QTTOY:AdvertisingServicesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_srt_MaximumMember_us-gaap_UnfavorableRegulatoryActionMember_custom_InternetAudioVisualProgramTransmissionLicenseMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:LossContingenciesByNatureOfContingencyAxis">us-gaap:UnfavorableRegulatoryActionMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:PublicUtilitiesRegulatoryProceedingAxis">QTTOY:InternetAudioVisualProgramTransmissionLicenseMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:CustomerConcentrationRiskMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">QTTOY:CustomerAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:CustomerConcentrationRiskMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">QTTOY:CustomerAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:CustomerConcentrationRiskMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">QTTOY:CustomerAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerAAdvertisingAndMarketingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:CustomerConcentrationRiskMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">QTTOY:CustomerAAdvertisingAndMarketingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerAAdvertisingAndMarketingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:CustomerConcentrationRiskMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">QTTOY:CustomerAAdvertisingAndMarketingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerBAdvertisingAndMarketingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:CustomerConcentrationRiskMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">QTTOY:CustomerBAdvertisingAndMarketingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerBAdvertisingAndMarketingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByBenchmarkAxis">us-gaap:SalesRevenueNetMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">us-gaap:CustomerConcentrationRiskMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:MajorCustomersAxis">QTTOY:CustomerBAdvertisingAndMarketingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_OverseasMember_custom_RmbMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">QTTOY:OverseasMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="QTTOY:CountryCurrencyAxis">QTTOY:RmbMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_country_CN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="QTTOY:VariableInterestEntitiesByClassificationsOfEntityAxis">us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_country_CN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="QTTOY:VariableInterestEntitiesByClassificationsOfEntityAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_OverseasMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">QTTOY:OverseasMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_OverseasMember_custom_RmbMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">QTTOY:OverseasMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="QTTOY:CountryCurrencyAxis">QTTOY:RmbMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_country_CN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="QTTOY:VariableInterestEntitiesByClassificationsOfEntityAxis">us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_country_CN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="QTTOY:VariableInterestEntitiesByClassificationsOfEntityAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_OverseasMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">QTTOY:OverseasMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_WealthManagementProductsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:CashAndCashEquivalentsAxis">QTTOY:WealthManagementProductsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_WealthManagementProductsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:CashAndCashEquivalentsAxis">QTTOY:WealthManagementProductsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_BankTimeDepositsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:CashAndCashEquivalentsAxis">us-gaap:BankTimeDepositsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_BankTimeDepositsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:CashAndCashEquivalentsAxis">us-gaap:BankTimeDepositsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_BankTimeDepositsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:CashAndCashEquivalentsAxis">us-gaap:BankTimeDepositsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-012020-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-03-31_us-gaap_LimitedPartnerMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PartnerTypeOfPartnersCapitalAccountAxis">us-gaap:LimitedPartnerMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-03-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_LimitedPartnerMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PartnerTypeOfPartnersCapitalAccountAxis">us-gaap:LimitedPartnerMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_LimitedPartnerMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PartnerTypeOfPartnersCapitalAccountAxis">us-gaap:LimitedPartnerMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_LimitedPartnerMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PartnerTypeOfPartnersCapitalAccountAxis">us-gaap:LimitedPartnerMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_LimitedPartnerMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PartnerTypeOfPartnersCapitalAccountAxis">us-gaap:LimitedPartnerMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_LimitedPartnerMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PartnerTypeOfPartnersCapitalAccountAxis">us-gaap:LimitedPartnerMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_us-gaap_LimitedPartnerMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PartnerTypeOfPartnersCapitalAccountAxis">us-gaap:LimitedPartnerMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_SubsidiaryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">QTTOY:SubsidiaryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_EquityMethodInvestmentsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByAssetClassAxis">us-gaap:EquityMethodInvestmentsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_EquityMethodInvestmentsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByAssetClassAxis">us-gaap:EquityMethodInvestmentsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_EquityMethodInvestmentsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FairValueByAssetClassAxis">us-gaap:EquityMethodInvestmentsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_OfficeEquipmentMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:OfficeEquipmentMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_LeaseholdImprovementsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:LeaseholdImprovementsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_LeaseholdImprovementsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">us-gaap:LeaseholdImprovementsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_CostOfSalesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:CostOfSalesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_CostOfSalesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:CostOfSalesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_CostOfSalesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:CostOfSalesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_ResearchAndDevelopmentExpenseMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:ResearchAndDevelopmentExpenseMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_ResearchAndDevelopmentExpenseMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:ResearchAndDevelopmentExpenseMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_ResearchAndDevelopmentExpenseMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:ResearchAndDevelopmentExpenseMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_GeneralAndAdministrativeExpenseMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:GeneralAndAdministrativeExpenseMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_GeneralAndAdministrativeExpenseMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:GeneralAndAdministrativeExpenseMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_GeneralAndAdministrativeExpenseMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:GeneralAndAdministrativeExpenseMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_AcquiredUserDataMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">QTTOY:AcquiredUserDataMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_AcquiredUserDataMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">QTTOY:AcquiredUserDataMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_OnlineAudioVideoContentPlatformMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">QTTOY:OnlineAudioVideoContentPlatformMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_OnlineAudioVideoContentPlatformMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">QTTOY:OnlineAudioVideoContentPlatformMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_ComputerSoftwareIntangibleAssetMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">us-gaap:ComputerSoftwareIntangibleAssetMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_ComputerSoftwareIntangibleAssetMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">us-gaap:ComputerSoftwareIntangibleAssetMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_DevelopedTechnologyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">QTTOY:DevelopedTechnologyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_DevelopedTechnologyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">QTTOY:DevelopedTechnologyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_custom_OnlineAudioVideoContentPlatformMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:BusinessAcquisitionAxis">us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">QTTOY:OnlineAudioVideoContentPlatformMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_OnlineAudioVideoContentPlatformMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">QTTOY:OnlineAudioVideoContentPlatformMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_DevelopedTechnologyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">QTTOY:DevelopedTechnologyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_AcquiredUserDataMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">QTTOY:AcquiredUserDataMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_ResearchAndDevelopmentExpensesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">QTTOY:ResearchAndDevelopmentExpensesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_ResearchAndDevelopmentExpensesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">QTTOY:ResearchAndDevelopmentExpensesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ResearchAndDevelopmentExpensesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">QTTOY:ResearchAndDevelopmentExpensesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_SalesAndMarketingExpensesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">QTTOY:SalesAndMarketingExpensesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_SalesAndMarketingExpensesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">QTTOY:SalesAndMarketingExpensesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_SalesAndMarketingExpensesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">QTTOY:SalesAndMarketingExpensesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-09-012018-09-30">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-09-01</xbrli:startDate>
        <xbrli:endDate>2018-09-30</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-04-04_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:AlibabaInvestmentLimitedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:ConvertibleLoanAgreementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-04-04</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-04-042019-04-04_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:AlibabaInvestmentLimitedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:ConvertibleLoanAgreementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-04-04</xbrli:startDate>
        <xbrli:endDate>2019-04-04</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-012020-03-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-03-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-012020-12-31_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:AlibabaInvestmentLimitedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:ConvertibleLoanAgreementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:AlibabaInvestmentLimitedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:ConvertibleLoanAgreementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:AlibabaInvestmentLimitedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:ConvertibleLoanAgreementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:AlibabaInvestmentLimitedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:ConvertibleLoanAgreementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:AlibabaInvestmentLimitedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:ConvertibleLoanAgreementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:AlibabaInvestmentLimitedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">QTTOY:ConvertibleLoanAgreementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_SupplementalAgreementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:SupplementalAgreementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_SupplementalAgreementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:CounterpartyNameAxis">QTTOY:SupplementalAgreementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2017-07-17">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2017-07-17</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2017-09-01">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2017-09-01</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2017-09-012017-09-01">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2017-09-01</xbrli:startDate>
        <xbrli:endDate>2017-09-01</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-02-28_custom_FoundersMember_custom_TwoThousandAndSeventeenPlanMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">QTTOY:FoundersMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">QTTOY:TwoThousandAndSeventeenPlanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-02-28</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-12-102021-12-10_us-gaap_CommonClassAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-12-10</xbrli:startDate>
        <xbrli:endDate>2021-12-10</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-012019-01-31_custom_EquityIncentivePlanTwoThousandNineteenMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">QTTOY:EquityIncentivePlanTwoThousandNineteenMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-01-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_ShareOptionPlanMember_custom_EmployeesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">QTTOY:ShareOptionPlanMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">QTTOY:EmployeesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_ShareOptionPlanMember_custom_EmployeesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">QTTOY:ShareOptionPlanMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">QTTOY:EmployeesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShareOptionPlanMember_custom_EmployeesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">QTTOY:ShareOptionPlanMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">QTTOY:EmployeesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_ShareOptionPlanMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">QTTOY:ShareOptionPlanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_ShareOptionPlanMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">QTTOY:ShareOptionPlanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShareOptionPlanMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">QTTOY:ShareOptionPlanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_ShareOptionPlanMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">QTTOY:ShareOptionPlanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ShareOptionPlanMember_custom_ShanghaiJifenCultureCommunicationsCompanyLimitedMember_srt_MaximumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">QTTOY:ShareOptionPlanMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="QTTOY:VariableInterestEntitiesByClassificationsOfEntityAxis">QTTOY:ShanghaiJifenCultureCommunicationsCompanyLimitedMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:EmployeeStockOptionMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:EmployeeStockOptionMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember_srt_MinimumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:EmployeeStockOptionMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember_srt_MaximumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:EmployeeStockOptionMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember_srt_MinimumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:EmployeeStockOptionMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember_srt_MaximumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:EmployeeStockOptionMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_us-gaap_EmployeeStockOptionMember_srt_MinimumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:EmployeeStockOptionMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_us-gaap_EmployeeStockOptionMember_srt_MaximumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:EmployeeStockOptionMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_EmployeeStockOptionMember_srt_MinimumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:EmployeeStockOptionMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_us-gaap_EmployeeStockOptionMember_srt_MaximumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:EmployeeStockOptionMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_country_HK_custom_ScenarioOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:StatementScenarioAxis">QTTOY:ScenarioOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_country_HK_srt_MaximumMember_custom_ScenarioOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:StatementScenarioAxis">QTTOY:ScenarioOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_country_HK_custom_ScenarioTwoMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:HK</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:StatementScenarioAxis">QTTOY:ScenarioTwoMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_country_CN_custom_EnterpriseIncomeTaxLawMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:IncomeTaxAuthorityNameAxis">QTTOY:EnterpriseIncomeTaxLawMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_TaxYearTwoThousandAndTwentyThreeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TaxPeriodAxis">QTTOY:TaxYearTwoThousandAndTwentyThreeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_TaxYearTwoThousandAndTwentyFourMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TaxPeriodAxis">QTTOY:TaxYearTwoThousandAndTwentyFourMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_srt_MaximumMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MaximumMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_country_CN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_country_CN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_country_CN">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:StatementGeographicalAxis">country:CN</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_OtherOperatingIncomeExpenseMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:OtherOperatingIncomeExpenseMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_OtherOperatingIncomeExpenseMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:OtherOperatingIncomeExpenseMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_OtherOperatingIncomeExpenseMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">us-gaap:OtherOperatingIncomeExpenseMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-11-012022-11-30">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-11-01</xbrli:startDate>
        <xbrli:endDate>2022-11-30</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_ThirdPartyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis">QTTOY:ThirdPartyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-11-30_custom_FunLiteratureMember_custom_SeriesAConvertibleRedeemablePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-11-30</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-03-31_custom_FunLiteratureMember_custom_SeriesAConvertibleRedeemablePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-03-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_FunLiteratureMember_custom_SeriesAConvertibleRedeemablePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_FunLiteratureMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-09-30_custom_CMCCapitalMember_custom_SeriesBConvertibleRedeemablePreferredSharesMember_custom_FunLiteratureMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">QTTOY:CMCCapitalMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-09-30</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-09-012019-09-30_custom_CMCCapitalMember_custom_SeriesBConvertibleRedeemablePreferredSharesMember_custom_FunLiteratureMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">QTTOY:CMCCapitalMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-09-01</xbrli:startDate>
        <xbrli:endDate>2019-09-30</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_FunLiteratureMember_custom_SeriesBConvertibleRedeemablePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-09-012019-09-30_custom_FunLiteratureMember_custom_SeriesAAndBConvertibleRedeemablePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAAndBConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-09-01</xbrli:startDate>
        <xbrli:endDate>2019-09-30</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_srt_MinimumMember_custom_FunLiteratureMember_custom_SeriesBConvertibleRedeemablePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:RangeAxis">srt:MinimumMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-10-012020-12-31_custom_FunLiteratureMember_custom_SeriesBConvertibleRedeemablePreferredSharesMember_custom_CMCCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">QTTOY:CMCCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-10-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_FunLiteratureMember_custom_SeriesCConvertibleRedeemablePreferredSharesMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:VestingAxis">us-gaap:ShareBasedCompensationAwardTrancheOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_FunLiteratureMember_custom_SeriesCConvertibleRedeemablePreferredSharesMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:VestingAxis">us-gaap:ShareBasedCompensationAwardTrancheTwoMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-012020-12-31_custom_FunLiteratureMember_custom_SeriesCConvertibleRedeemablePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesCConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_FunLiteratureMember_us-gaap_DevelopedTechnologyRightsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">us-gaap:DevelopedTechnologyRightsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_ContentMember_custom_FunLiteratureMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis">QTTOY:ContentMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">QTTOY:FunLiteratureMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_SeriesBConvertibleRedeemablePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-05-31_custom_OverseasSubsidiaryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:OwnershipAxis">QTTOY:OverseasSubsidiaryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-05-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_AdvertisingAndMarketingServiceMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">QTTOY:AdvertisingAndMarketingServiceMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_AdvertisingAndMarketingServiceMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">QTTOY:AdvertisingAndMarketingServiceMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_AdvertisingAndMarketingServiceMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">QTTOY:AdvertisingAndMarketingServiceMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_AdvertisementCostsChargedFromARelatedPartyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:AdvertisementCostsChargedFromARelatedPartyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_AdvertisementCostsChargedFromARelatedPartyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:AdvertisementCostsChargedFromARelatedPartyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_AdvertisementCostsChargedFromARelatedPartyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:AdvertisementCostsChargedFromARelatedPartyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_GamingCostSharingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:GamingCostSharingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_GamingCostSharingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:GamingCostSharingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_GamingCostSharingMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:GamingCostSharingMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_AdvertisingAndPromotionalCostsOthersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:AdvertisingAndPromotionalCostsOthersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_AdvertisingAndPromotionalCostsOthersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:AdvertisingAndPromotionalCostsOthersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_AdvertisingAndPromotionalCostsOthersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:AdvertisingAndPromotionalCostsOthersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_FounderOfTheCompanyMember_custom_AdvertisingAndMarketingServiceMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">QTTOY:FounderOfTheCompanyMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:AdvertisingAndMarketingServiceMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_FounderOfTheCompanyMember_custom_AdvertisingAndMarketingServiceMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">QTTOY:FounderOfTheCompanyMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:AdvertisingAndMarketingServiceMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_AdvertisingAndMarketingServiceMember40570937">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:AdvertisingAndMarketingServiceMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_AdvertisingAndMarketingServiceMember40570953">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:AdvertisingAndMarketingServiceMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_custom_GroupAdvertisementCostsChargedFromARelatedPartyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:GroupAdvertisementCostsChargedFromARelatedPartyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_GroupAdvertisementCostsChargedFromARelatedPartyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:GroupAdvertisementCostsChargedFromARelatedPartyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_custom_GroupAdvertisementCostsChargedFromARelatedPartyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">QTTOY:GroupAdvertisementCostsChargedFromARelatedPartyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_SeriesAConvertibleRedeemablePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_SeriesAConvertibleRedeemablePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_SeriesAConvertibleRedeemablePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesAConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_SeriesBConvertibleRedeemablePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_SeriesBConvertibleRedeemablePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:SeriesBConvertibleRedeemablePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_custom_AmericanDepositarySharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:AmericanDepositarySharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_custom_AmericanDepositarySharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:AmericanDepositarySharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_custom_AmericanDepositarySharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">QTTOY:AmericanDepositarySharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-12-022021-12-02_us-gaap_CommonClassAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-12-02</xbrli:startDate>
        <xbrli:endDate>2021-12-02</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember40572765">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis">us-gaap:EmployeeStockOptionMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember40572781">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis">us-gaap:EmployeeStockOptionMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_EmployeeStockOptionMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis">us-gaap:EmployeeStockOptionMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_custom_AdditionalLitigationSettlementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:LitigationCaseAxis">QTTOY:AdditionalLitigationSettlementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="QTTOY:VariableInterestEntitiesByClassificationsOfEntityAxis">us-gaap:VariableInterestEntityPrimaryBeneficiaryMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2024-05-17_us-gaap_SubsequentEventMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2024-05-17</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2024-09-30_us-gaap_SubsequentEventMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2024-09-30</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_srt_ParentCompanyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_srt_ParentCompanyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2022-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2022-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">us-gaap:CommonClassBMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2023-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-012021-12-31_srt_ParentCompanyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-01</xbrli:startDate>
        <xbrli:endDate>2021-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2022-01-012022-12-31_srt_ParentCompanyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2022-01-01</xbrli:startDate>
        <xbrli:endDate>2022-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2023-01-012023-12-31_srt_ParentCompanyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2023-01-01</xbrli:startDate>
        <xbrli:endDate>2023-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_srt_ParentCompanyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-12-31_srt_ParentCompanyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001733298</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">srt:ParentCompanyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:unit id="USD">
      <xbrli:measure>iso4217:USD</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="Shares">
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="USDPShares">
      <xbrli:divide>
        <xbrli:unitNumerator>
          <xbrli:measure>iso4217:USD</xbrli:measure>
        </xbrli:unitNumerator>
        <xbrli:unitDenominator>
          <xbrli:measure>xbrli:shares</xbrli:measure>
        </xbrli:unitDenominator>
      </xbrli:divide>
    </xbrli:unit>
    <xbrli:unit id="Pure">
      <xbrli:measure>xbrli:pure</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="IDR">
      <xbrli:measure>iso4217:IDR</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="RMB">
      <xbrli:measure>iso4217:CNY</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="RMBPShares">
      <xbrli:divide>
        <xbrli:unitNumerator>
          <xbrli:measure>iso4217:CNY</xbrli:measure>
        </xbrli:unitNumerator>
        <xbrli:unitDenominator>
          <xbrli:measure>xbrli:shares</xbrli:measure>
        </xbrli:unitDenominator>
      </xbrli:divide>
    </xbrli:unit>
    <xbrli:unit id="Plans">
      <xbrli:measure>QTTOY:Plans</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="HKD">
      <xbrli:measure>iso4217:HKD</xbrli:measure>
    </xbrli:unit>
  <ix:relationship fromRefs="Fact002195" toRefs="Footnote002206"/>
  <ix:relationship fromRefs="xdx2ixbrl2196" toRefs="Footnote002206"/>
  <ix:relationship fromRefs="Fact002446" toRefs="Footnote002454"/>
  <ix:relationship fromRefs="xdx2ixbrl2447" toRefs="Footnote002454"/>
  <ix:relationship fromRefs="Fact002967" toRefs="Footnote002989"/>
  <ix:relationship fromRefs="Fact002969" toRefs="Footnote002989"/>
  <ix:relationship fromRefs="Fact002971" toRefs="Footnote002989"/>
  <ix:relationship fromRefs="Fact002982" toRefs="Footnote002989"/>
  <ix:relationship fromRefs="Fact002984" toRefs="Footnote002989"/>
  <ix:relationship fromRefs="Fact002972" toRefs="Footnote003000"/>
  <ix:relationship fromRefs="Fact002973" toRefs="Footnote003000"/>
  <ix:relationship fromRefs="Fact002974" toRefs="Footnote003000"/>
  <ix:relationship fromRefs="Fact002986" toRefs="Footnote003000"/>
  <ix:relationship fromRefs="Fact002988" toRefs="Footnote003000"/>
  <ix:relationship fromRefs="Fact002978" toRefs="Footnote003007"/>
  <ix:relationship fromRefs="Fact002979" toRefs="Footnote003007"/>
  <ix:relationship fromRefs="Fact002980" toRefs="Footnote003007"/>
  </ix:resources>
 </ix:header>
</div>


<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 4pt solid; font-size: 1pt; border-bottom: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt">UNITED
STATES</span></p>

<p style="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt">SECURITIES
AND EXCHANGE COMMISSION</span></p>

<p style="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>WASHINGTON,
D.C. 20549</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt">FORM
<span id="xdx_90E_edei--DocumentType_c20230101__20231231_zCwNTZSrXUs6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000018" name="dei:DocumentType">20-F</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Mark
One)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--DocumentRegistrationStatement_c20230101__20231231_zRRpSLHolgFj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000019" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--DocumentAnnualReport_c20230101__20231231_zmIA4zgZriB5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000020" name="dei:DocumentAnnualReport">&#9746;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the fiscal year ended <span id="xdx_900_edei--DocumentPeriodEndDate_c20230101__20231231_zqi1mHWstbzl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayyearen" id="Fact000021" name="dei:DocumentPeriodEndDate"><span id="xdx_900_edei--CurrentFiscalYearEndDate_c20230101__20231231_z8WsgyrmnJ5f"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:datemonthdayen" id="Fact000022" name="dei:CurrentFiscalYearEndDate">December 31</ix:nonNumeric></span>, <span id="xdx_901_edei--DocumentFiscalYearFocus_c20230101__20231231_z6pe4CXM4LYa"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000023" name="dei:DocumentFiscalYearFocus">2023</ix:nonNumeric></span></ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_edei--DocumentTransitionReport_c20230101__20231231_zmMPikHgAbn4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000024" name="dei:DocumentTransitionReport">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OR</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_edei--DocumentShellCompanyReport_c20230101__20231231_zqwvy28cZqzk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000025" name="dei:DocumentShellCompanyReport">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of event requiring this shell company report ______________</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the transition period from&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
file number <span id="xdx_907_edei--EntityFileNumber_c20230101__20231231_zpias4389pi4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000026" name="dei:EntityFileNumber">001-38644</ix:nonNumeric></span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b></b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_90D_edei--EntityRegistrantName_c20230101__20231231_zURf5EoIiVN"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000027" name="dei:EntityRegistrantName">Qutoutiao
Inc.</ix:nonNumeric></span></b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>(Exact
name of Registrant as specified in its charter)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b><span id="xdx_905_edei--EntityIncorporationStateCountryCode_c20230101__20231231_zg3t2CTZCt2i"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:edgarprovcountryen" id="Fact000028" name="dei:EntityIncorporationStateCountryCode">Cayman
Islands</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>(Exact
name of Registrant as specified in its charter)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b><span id="xdx_90F_edei--EntityAddressAddressLine1_c20230101__20231231_zGWE1iqBLZd"><span id="xdx_906_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zPSRuHaD7pO9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000029" name="dei:EntityAddressAddressLine1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000030" name="dei:EntityAddressAddressLine1">Building
No. 2, Shanghai Pudong Software Park</ix:nonNumeric></ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b><span id="xdx_904_edei--EntityAddressAddressLine2_c20230101__20231231_zbVLtQXWBSP4"><span id="xdx_901_edei--EntityAddressAddressLine2_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zdk1Y40VhoL9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000031" name="dei:EntityAddressAddressLine2"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000032" name="dei:EntityAddressAddressLine2">519
Yi De Road, Pudong New Area</ix:nonNumeric></ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b><span id="xdx_90F_edei--EntityAddressCityOrTown_c20230101__20231231_zQBnPqPbBiYg"><span id="xdx_90E_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zRXT5wvF9WK3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000033" name="dei:EntityAddressCityOrTown"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000034" name="dei:EntityAddressCityOrTown">Shanghai</ix:nonNumeric></ix:nonNumeric></span></span>
<span id="xdx_903_edei--EntityAddressPostalZipCode_c20230101__20231231_zFsH5XiFSQOk"><span id="xdx_903_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zxb8yJ3cmNBi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000035" name="dei:EntityAddressPostalZipCode"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000036" name="dei:EntityAddressPostalZipCode">200124</ix:nonNumeric></ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>People&#8217;s
Republic of <span id="xdx_906_edei--EntityAddressCountry_c20230101__20231231_zk4cSuxdiGkj"><span id="xdx_900_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zrDDYiOLant3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:countrynameen" id="Fact000037" name="dei:EntityAddressCountry"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000038" name="dei:EntityAddressCountry">China</ix:nonNumeric></ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>(Address
of principal executive offices)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z0qe6GNdeWR3"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000039" name="dei:ContactPersonnelName">Mr.
Bing Xu</ix:nonNumeric></span>, Chief Executive Officer and Chief Financial Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Telephone:
<span id="xdx_903_edei--CityAreaCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zzODCpoKq5Ij"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000040" name="dei:CityAreaCode">+86-21</ix:nonNumeric></span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-<span id="xdx_90F_edei--LocalPhoneNumber_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zdRrHK23qLik"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000041" name="dei:LocalPhoneNumber">5889-0398</ix:nonNumeric></span></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Email:
<span id="xdx_90B_edei--ContactPersonnelEmailAddress_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z45VTx6Y8RO2"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000042" name="dei:ContactPersonnelEmailAddress">ir@qutoutiao.net</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>At
the address of the Company set forth above</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(b) of the Act:</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    Symbol(s)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 46%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Name
    of each exchange on which registered</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
registered or to be registered pursuant to Section 12(g) of the Act: </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_edei--Security12gTitle_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zFBb8HZBJMm7"><ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_CommonClassAMember" id="Fact000043" name="dei:Security12gTitle">Class A Ordinary Shares, par value US$0.0001 per share</ix:nonNumeric></span></span></p>

<p style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_edei--Security12gTitle_c20230101__20231231__us-gaap--StatementClassOfStockAxis__dei--AdrMember_zqO6oYw3YFif"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_AdrMember" id="Fact000044" name="dei:Security12gTitle">American Depositary Shares, every two representing five Class A ordinary shares</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<span id="xdx_90D_edei--NoTradingSymbolFlag_dbT_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zEoovBedNREl"><ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_CommonClassAMember" format="ixt:booleantrue" id="Fact000045" name="dei:NoTradingSymbolFlag">Title</ix:nonNumeric></span> of <span id="xdx_90A_edei--NoTradingSymbolFlag_dbT_c20230101__20231231__us-gaap--StatementClassOfStockAxis__dei--AdrMember_zVxPetsaGIy9"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_AdrMember" format="ixt:booleantrue" id="Fact000046" name="dei:NoTradingSymbolFlag">Class</ix:nonNumeric></span>)</span></p>


<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report<b><i>.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><span id="xdx_905_edei--EntityCommonStockSharesOutstanding_iI_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zOoafs8QH5aa"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_CommonClassAMember" id="Fact000047" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">46,920,018</ix:nonFraction></span>
Class A ordinary shares were outstanding as of December 31, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><span id="xdx_907_edei--EntityCommonStockSharesOutstanding_iI_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zPvGzQZbT274"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_CommonClassBMember" id="Fact000048" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">32,937,193</ix:nonFraction></span>
Class B ordinary shares were outstanding as of December 31, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. &#9744; Yes
&#9746; <span id="xdx_90E_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_z5CpjuxnwJc2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000049" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. &#9744; Yes &#9746; <span id="xdx_904_edei--EntityVoluntaryFilers_c20230101__20231231_zy63tXboQvde"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000050" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. &#9746; <span id="xdx_907_edei--EntityCurrentReportingStatus_c20230101__20231231_zNUGL5rZScD7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000051" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9744; No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files). &#9746; <span id="xdx_906_edei--EntityInteractiveDataCurrent_c20230101__20231231_zMgyNCuiZ3Pb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000052" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9744; No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_edei--EntityFilerCategory_c20230101__20231231_zEtaov1bqtxa"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000053" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--EntityEmergingGrowthCompany_c20230101__20231231_zLfhhi2Ocxw7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000054" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 13(a) of the Exchange Act &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;
The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_90A_edei--IcfrAuditorAttestationFlag_c20230101__20231231_zNAinznzjdJ2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000055" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_90D_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zoEeB6Mx6VGa"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000056" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentivebased compensation
received by any of the registrant&#8217;s executive offi cers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registration has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">U.S.
GAAP &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 55%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><span id="xdx_908_edei--DocumentAccountingStandard_c20230101__20231231_zCASwqnAni25"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000057" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric></span> as issued</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">by
    the International Accounting Standards Board &#9744;</span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Other
    &#9744;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which consolidated financial statement
item the registrant has elected to follow &#9744; Item 17 &#9744; Item 18</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities
Exchange Act of 1934) &#9744; Yes <span id="xdx_90C_edei--EntityShellCompany_dbF_c20230101__20231231_z1nXLTke6RZ8"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000058" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span> No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court &#9744; Yes &#9744; No</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="border-top: Black 1.5pt solid; font-size: 1pt; border-bottom: Black 4pt solid">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE
OF CONTENTS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-transform: none">&#160;</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_001">PART I</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_002">ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">3</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_003">ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#nd_004">ITEM 3. KEY INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#aj_001">ITEM 4. INFORMATION ON THE COMPANY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">70</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 4A. UNRESOLVED STAFF COMMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">108</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">108</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">133</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 8. FINANCIAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">134</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 9. THE OFFER AND LISTING</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">136</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 10. ADDITIONAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">136</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">144</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">145</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#sL_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART II</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">146</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">146</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#sL_012">ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">147</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_013"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 15. CONTROLS AND PROCEDURES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">147</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_015"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16. [RESERVED]</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">148</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_016"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">148</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_017"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16B. CODE OF ETHICS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">148</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_018"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">148</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_019"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">149</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_020"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">149</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_021"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">149</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_022"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16G. CORPORATE GOVERNANCE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_023"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16H. MINE SAFETY DISCLOSURE</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">150</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_024"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">150</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_025"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16J. INSIDER TRADING POLICIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">150</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_026"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16K. CYBERSECURITY</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">150</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><a href="#sL_027"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART III</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">150</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_028"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 17. FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">150</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_029"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 18. FINANCIAL STATEMENTS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">150</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; vertical-align: top"><a href="#sL_030"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 19. EXHIBITS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">151</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-top: 0pt; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><table cellpadding="0" cellspacing="0" style="width: 100%"><tr><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONVENTIONS
THAT APPLY TO THIS ANNUAL REPORT ON FORM 20-F</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
where the context otherwise requires, references in this annual report to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;installed
    users&#8221; are to the aggregate number of unique mobile devices that have downloaded and launched the Group&#8217;s relevant mobile
    application at least once;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;ADSs&#8221;
    are to American depositary shares, with every four ADSs representing one Class A ordinary share, and &#8220;ADRs&#8221; are to American
    depositary receipts that evidence ADSs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;CAGR&#8221;
    are to compound annual growth rate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;China&#8221;
    and the &#8220;PRC&#8221; are to the People&#8217;s Republic of China, excluding, for the purposes of this annual report only, Taiwan,
    the Hong Kong Special Administrative Region and the Macao Special Administrative Region;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;DAUs&#8221;
    are to the number of unique mobile devices that accessed the Group&#8217;s relevant mobile application on a given day. &#8220;Combined
    average DAUs&#8221; for a particular period is the average of the DAUs for all of the Group&#8217;s mobile applications on each day
    during that period;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;the
    Group&#8221; are to Qutoutiao Inc., the Group VIEs and their respective subsidiaries;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Group
    VIEs&#8221; are to the variable interest entities, or VIEs, that are controlled by us through contractual arrangements and are consolidated
    into the Group&#8217;s consolidated financial statements in accordance with U.S. GAAP;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Key
    WFOEs&#8221; are to material wholly foreign-owned entities of Qutoutiao Inc., namely Shanghai Quyun Network Technology Co., Ltd.
    and Shanghai Zhicao Information Technology Co., Ltd.;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Key
    VIEs&#8221; are to material variable interest entities of Qutoutiao Inc., namely Shanghai Jifen Culture Communications Co., Ltd.,
    Shanghai Big Rhinoceros Horn Information Technology Co., Ltd., Beijing Churun Internet Technology Co., Ltd. and Shanghai Ququanquan
    Information Technology Co., Ltd.;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;MAUs&#8221;
    are to the number of unique mobile devices that accessed the Group&#8217;s relevant mobile application in a given month. &#8220;Combined
    average MAUs&#8221; for a particular period is the average of the MAUs for all of the Group&#8217;s mobile applications in each month
    during that period;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;oCPC&#8221;
    are to optimized cost-per-click as basis for charging the Group&#8217;s advertising services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;oCPM&#8221;
    are to optimized cost-per-thousand-impressions as basis for charging the Group&#8217;s advertising services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Qutoutiao,&#8221;
    &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our company&#8221; and &#8220;our&#8221; are to Qutoutiao Inc., its subsidiaries, and,
    in the context of describing its operations and consolidated financial information, the Group VIEs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;R&amp;D&#8221;
    are to research and development;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;registered
    users&#8221; are to users that have registered accounts on the Group&#8217;s relevant mobile application;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;RMB&#8221;
    or &#8220;Renminbi&#8221; are to the legal currency of China;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;lower-tier
    cities&#8221; are to cities in China that are not tier-1 and tier-2 cities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;tier-1
    and tier-2 cities&#8221; refer to (i) tier-1 cities in China, which are Beijing, Shanghai, Guangzhou and Shenzhen and (ii) tier-2
    cities in China, which are Hangzhou, Nanjing, Jinan, Chongqing, Qingdao, Dalian, Ningbo, Xiamen, Tianjin, Chengdu, Wuhan, Harbin,
    Shenyang, Xi&#8217;an, Changchun, Changsha, Fuzhou, Zhengzhou, Shijiazhuang, Suzhou, Foshan, Dongguan, Wuxi, Yantai, Taiyuan, Hefei,
    Kunming, Nanchang, Nanning, Tangshan, Wenzhou and Zibo; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;US$,&#8221;
    &#8220;U.S. dollars,&#8221; or &#8220;dollars&#8221; are to the legal currency of the United States.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 10, 2021, we effected a change of the ratio of our ADSs to Class A ordinary shares from the then ADS ratio of four (4) ADSs
to one (1) Class A ordinary share to a new ADS ratio of two (2) ADS representing five (5) Class A ordinary shares. Unless otherwise indicated,
ADSs and per ADS amount in this annual report have been retroactively adjusted to reflect the change in ratio for all periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
specifically indicated otherwise or unless the context otherwise requires, all references to our ordinary shares exclude ordinary shares
issuable upon the exercise of outstanding options with respect to our ordinary shares under our share incentive plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report contains translations between Renminbi and U.S. dollars solely for the convenience of the reader. The translations from
Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this annual report were made at a rate of RMB7.0999 to US$1.00, the exchange
rate set forth in the H.10 statistical release of the Federal Reserve Board on December 29, 2023. We make no representation that the
Renminbi or U.S. dollar amounts referred to in this annual report could have been or could be converted into U.S. dollars or Renminbi,
as the case may be, at any particular rate or at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the context indicates otherwise, all share and per share data in this annual report have given effect to a share split in September 2017
in which each one of the previously issued ordinary shares was split into 10,000 ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report on Form 20-F includes the Group&#8217;s audited consolidated financial statements for the years ended December 31, 2021,
2022 and 2023, and as of December 31, 2022 and December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORWARD-LOOKING
INFORMATION</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report on Form 20-F contains statements of a forward-looking nature. All statements other than statements of historical facts
are forward-looking statements. These forward-looking statements are made under the &#8220;safe harbor&#8221; provision under Section
21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and as defined in the Private Securities Litigation Reform
Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that may cause the Group&#8217;s actual
results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. In
some cases, these forward-looking statements can be identified by words or phrases such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221;
&#8220;anticipate,&#8221; &#8220;aim,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221;
&#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;is/are likely to&#8221; or other similar expressions. These forward-looking statements
relate to, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Group&#8217;s goal and strategies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Group&#8217;s ability to maintain and strengthen its position as a leader amongst mobile content platform companies in China&#8217;s
    mobile content industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Group&#8217;s expansion plans;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Group&#8217;s ability to monetize through advertising and other products and services that it plans to introduce;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Group&#8217;s future business development, financial condition and results of operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
    laws, regulations, and policies relating to the Internet and Internet content providers; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    economic and business conditions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have based these forward-looking statements largely on our current expectations and projections about future events and financial trends
that we believe may affect the Group&#8217;s financial condition, results of operations, business strategy and financial needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read these statements in conjunction with the risks disclosed in &#8220;Item 3. Key Information &#8212; D. Risk Factors&#8221;
of this annual report and other risks outlined in our other filings with the Securities and Exchange Commission, or the SEC. Moreover,
the Group operates in an emerging and evolving environment. New risks may emerge from time to time, and it is not possible for our management
to predict all risks, nor can we assess the impact of such risks on the Group&#8217;s business or the extent to which any risk, or combination
of risks, may cause actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements
made in this annual report relate only to events or information as of the date on which the statements are made in this annual report.
Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after
the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this annual report and
the documents that we have referred to in this annual report, completely and with the understanding that the Group&#8217;s actual future
results may be materially different from what we expect.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="nd_001"></span>PART
I</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="nd_002"></span>ITEM 1.</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="nd_003"></span>ITEM 2.</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OFFER STATISTICS AND EXPECTED TIMETABLE</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="nd_004"></span>ITEM 3.</span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KEY INFORMATION</span></td></tr>
</table>


<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Corporate Structure and Contractual Arrangements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qutoutiao
Inc. is not a Chinese operating company but a holding company incorporated in the Cayman Islands as an exempted company with limited
liability, with operations primarily conducted (i) through contractual arrangements with certain variable interest entities, or the Group
VIEs, in China and (ii) by our subsidiaries in China. Qutoutiao Inc. does not own equity interests in the Group VIEs, and does not conduct
business operations directly. PRC laws and regulations impose certain restrictions or prohibitions on foreign ownership of companies
that engage in certain value-added telecommunication services, internet audio-video program services and certain other businesses. Therefore,
we operate such businesses in China through the Group VIEs and their subsidiaries, and rely on contractual arrangements among our PRC
subsidiaries, the Group VIEs and their respective shareholders to control the business operations of the Group VIEs. Investors in our
ADSs do not hold equity interests in the Group&#8217;s operating entities in China, but instead hold equity interests in Qutoutiao Inc.,
a Cayman Islands holding company. See &#8220;Item 4. Information on the Company &#8212; D. Organizational Structure&#8221; for a diagram
illustrating our corporate structure. As used in this annual report, &#8220;Qutoutiao,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our
company&#8221; or &#8220;our&#8221; refers to Qutoutiao Inc., its subsidiaries, and, in the context of describing its operations and
consolidated financial information, the Group VIEs; &#8220;the Group&#8221; refers to Qutoutiao Inc., the Group VIEs and their respective
subsidiaries; and &#8220;the Group VIEs&#8221; refer to the variable interest entities that conduct our business operations in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contractual arrangements among our PRC subsidiaries, the Group VIEs and their respective shareholders collectively enable us to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise
    effective control over the Group VIEs and their subsidiaries;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">receive
    substantially all the economic benefits of the Group VIEs; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
    an exclusive option to purchase all or part of the equity interests and assets of the Group VIEs when and to the extent permitted
    by PRC law.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the contractual arrangements, Qutoutiao Inc. and certain of its subsidiaries are considered the primary beneficiaries of
the Group VIEs for accounting purposes, and we have consolidated the financial results of the Group VIEs in the Group&#8217;s consolidated
financial statements. For more details on the contractual arrangements, see &#8220;Item 4. Information on the Company &#8212; D. Organizational
Structure &#8212; Contractual Arrangements among Our Key WFOEs, the Key VIEs and Their Respective Shareholders.&#8221; Terms contained
in each set of contractual arrangements with the Group VIEs are substantially similar.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to risks associated with our contractual arrangements with the Group VIEs and their shareholders. Our Cayman Islands holding
company and its investors may never hold equity interests in the Group VIEs. The contractual arrangements may be less effective than
equity ownership in providing us with control over the Group VIEs and we may incur substantial costs to enforce the terms of the arrangements.
If the Group VIEs or their shareholders fail to perform their respective obligations under these contractual arrangements, our ability,
as a Cayman Islands holding company, to enforce these contractual arrangements may be limited. The contractual arrangements have not
been tested in a court of law in China. There are very few precedents and little formal guidance as to how contractual arrangements in
the context of a variable interest entity should be interpreted or enforced under PRC law. In the event we are unable to enforce these
contractual arrangements, or if we suffer significant delay or other obstacles in the process of enforcing these contractual arrangements,
we may not be able to exert effective control over the Group VIEs, and our ability to conduct the Group&#8217;s business and the Group&#8217;s
results of operations and financial condition may be materially and adversely affected. See &#8220;&#8212; D. Risk Factors &#8212; Risks
Relating to Our Corporate Structure &#8212; We rely on contractual arrangements with the Group VIEs and their respective shareholders
to operate the Group&#8217;s business, which may be less effective than equity ownership in providing operational control and otherwise
materially and adversely affect the Group&#8217;s business&#8221; and &#8220;&#8212; The shareholders of the Group VIEs may have potential
conflicts of interest with us, which may materially and adversely affect the Group&#8217;s business, results of operations and financial
condition.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are also substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules
with regard to our corporate structure and the contractual arrangements with the Group VIEs and their shareholders. If Chinese regulatory
authorities disallow such structure and arrangements, it would have a material effect on our operations and cause the value of our ADSs
to significantly decline or become worthless. See &#8220;&#8212; D. Risk Factors &#8212; Risks Relating to Our Corporate Structure &#8212;
If the PRC government deems that the contractual arrangements in relation to the Group VIEs do not comply with PRC regulatory restrictions
on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the
future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. In addition, our ADSs may
significantly decline in value or become worthless if we are unable to assert our contractual control over the assets of the Group VIEs&#8221;
and &#8220;&#8212; Substantial uncertainties exist with respect to whether the controlling of PRC onshore variable interest entities
by foreign investors via contractual arrangements will be recognized as &#8216;foreign investment&#8217; and how it may impact the viability
of the Group&#8217;s current corporate structure and operations.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group also faces various legal and operational risks and uncertainties associated with being based in or having its operations primarily
in China and the country&#8217;s complex and evolving laws and regulations. For example, the Group faces risks associated with regulatory
approvals on offerings conducted overseas by and foreign investment in China-based issuers, the use of the Group VIEs, anti-monopoly
regulatory actions, and oversight on cybersecurity and data privacy, which may impact the Group&#8217;s ability to conduct certain businesses,
accept foreign investments, or list on a U.S. or other foreign exchange outside of China. These risks could result in a material adverse
change in the Group&#8217;s operations and the value of our ADSs, significantly limit or completely hinder our ability to offer or continue
to offer securities to investors, or cause the value of such securities to significantly decline or become worthless. See &#8220;&#8212;
D. Risks Factors &#8212; Risks Relating to Doing Business in China.&#8221;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holding
Foreign Companies Accountable Act</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Holding Foreign Companies Accountable Act, or the HFCAA, was enacted in December 2020 and amended pursuant to the Consolidated Appropriations
Act, 2023 on December 29, 2022, and may affect the trading of our ADSs in the over-the-counter, or OTC, trading market in the United
States. Pursuant to the HFCAA, if the SEC determines that we are an issuer, or a covered issuer, that has filed audit reports issued
by a registered public accounting firm that has not been subject to inspection for the U.S. Public Company Accounting Oversight Board,
or the PCAOB, for two consecutive years, the SEC shall prohibit our ADSs from being traded on a national securities exchange or in the
OTC trading market in the United States. In December 2021, the PCAOB determined that it is unable to inspect or investigate completely
registered public accounting firms headquartered in mainland China and Hong Kong, including our auditor as an independent registered
public accounting firm. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate
PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB Board vacated its
previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered
in mainland China and Hong Kong. On November 30, 2023, the PCAOB announced that it had completed its inspections on registered public
accounting firms headquartered in mainland China and Hong Kong for 2023 with the complete access required under the HFCAA. However, whether
the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in
mainland China and Hong Kong is subject to uncertainties and depends on a number of factors out of our and our auditor&#8217;s control.
If the PCAOB is unable to inspect and investigate completely registered public accounting firms located in China and we fail to retain
another registered public accounting firm that the PCAOB is able to inspect and investigate completely in 2024 and beyond, or if we otherwise
fail to meet the PCAOB&#8217;s requirements, our ADSs may be prohibited from trading on the OTC under the HFCAA.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permissions
and Approvals</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, the Group has obtained all material permissions and approvals that are, or may be, required for the
Group&#8217;s main operations in China, except as disclosed in &#8220;&#8212; D. Risk Factors &#8212; Risk Relating to Our Business and
Industry &#8212; The Group&#8217;s inability to fully comply with Audio-visual Program Provisions may expose it to administrative sanctions,
which would materially and adversely affect the Group&#8217;s business, results of operations and financial condition&#8221; and &#8220;&#8212;
The Group may be adversely affected by the complexity, uncertainties and changes in PRC regulation of Internet businesses and companies,
including limitations on its ability to own key assets such as its mobile applications.&#8221; No material permission or approval for
the Group has been denied by relevant authorities in China. See &#8220;Item 4. Information on the Company &#8212; C. Regulations &#8212;
Permissions and Licenses Requirements&#8221; for more details.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we, our PRC subsidiaries and the Group VIEs may be required to obtain permissions from the China Securities Regulatory Commission,
or the CSRC, and may be required to go through cybersecurity review by the Cyberspace Administration of China, or the CAC, in connection
with any future offering and listing in an overseas market. See &#8220;&#8212; D. Risks Factors &#8212; Risks Relating to Doing Business
in China &#8212; The approval of and the filing with the China Securities Regulatory Commission, or the CSRC, or other PRC government
authorities may be required in connection with our future offshore offerings under PRC law, which may hinder our ability to continue
to offer securities to investors offshore; in addition, the regulation of the CSRC or other PRC regulatory agencies establish complex
procedures for acquisitions conducted by foreign investors that could make it more difficult for us to grow through acquisitions&#8221;
and &#8220;&#8212; Risks Relating to Our Industry and Business &#8212; We may be subject to cybersecurity review by regulatory authorities
of the PRC in the future.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government
authorities, we may be required to obtain additional licenses, permits, filings or approvals for the functions and services of our platform
in the future, and may not be able to maintain or renew our current licenses, permits, filings or approvals. In addition, rules and regulations
in China can change quickly with little advance notice. Uncertainties due to evolving laws and regulations could impede the ability of
a China-based issuer, such as us, to obtain or maintain permits or licenses required to conduct business in China. In the absence of
required permits or licenses, governmental authorities could impose material sanctions or penalties on us. See &#8220;&#8212; D. Risks
Factors &#8212; Risks Relating to Doing Business in China &#8212; Changes in the political and economic policies of the PRC government
may materially and adversely affect the Group&#8217;s business, results of operations and financial condition and may result in the Group&#8217;s
inability to sustain our growth and expansion strategies. The PRC government may intervene or influence our operations at any time, which
could result in a material change in the Group&#8217;s operations and/or the value of our ADSs. Any actions by the Chinese government
to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers could
significantly limit or completely hinder the Group&#8217;s ability to offer or continue to offer securities to investors and cause the
value of such securities to significantly decline or become worthless&#8221; and &#8220;&#8212; There are uncertainties regarding the
interpretation and enforcement of PRC laws, rules and regulations. In addition, rules and regulations in China can change quickly with
little advance notice.&#8221;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
Transfers Through Our Organization</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qutoutiao
Inc. is a holding company with no material operations of its own. We conduct our operations primarily (i) through contractual arrangements
with the Group VIEs in China and (ii) by our subsidiaries in China. As a result, Qutoutiao Inc.&#8217;s ability to pay dividends depends
upon dividends paid by our PRC subsidiaries and remittances from the Group VIEs. If our PRC subsidiaries or the Group VIEs incur debt
on their own in the future, the instruments governing their debt may restrict their ability to pay dividends or make other distributions
or remittances to us. In addition, current PRC regulations permit our PRC subsidiaries to pay dividends to their respective shareholders
only out of their retained earnings, if any, determined in accordance with PRC accounting standards and regulations. Furthermore, each
of our PRC subsidiaries and the Group VIEs is required to set aside at least 10% of its net income each year to fund certain statutory
reserves until the cumulative amount of such reserves reaches 50% of its registered capital. These reserves, together with the registered
capital, are not distributable as cash dividends. For more details, see &#8220;&#8212; D. Risks Factors &#8212; Risks Relating to Doing
Business in China &#8212; We rely to a significant extent on dividends and other distributions on equity paid by our principal operating
subsidiaries and the Group VIEs to fund offshore cash and financing requirements. Any limitation on the ability of our PRC operating
subsidiaries or the Group VIEs to make payments to us could materially and adversely affect our ability to conduct the Group&#8217;s
business.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth in the table below is a summary of cash transfers that have occurred between our subsidiaries and the Group VIEs for the years
ended December 31, 2021, 2022 and 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">Year Ended December 31,</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-style: normal; vertical-align: bottom">&#160;</td>
    <td colspan="10" style="text-align: center; font-style: normal; vertical-align: bottom"><span style="font: normal 10pt Times New Roman, Times, Serif">(</span><span style="font: normal 10pt Times New Roman, Times, Serif"><b>RMB in thousands</b><span style="font-weight: normal">)</span></span></td><td style="text-align: center; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%; font-weight: normal; font-style: normal; text-align: left">Cash paid by the Group VIEs to our subsidiaries under service agreements</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 14%; font-weight: normal; font-style: normal; text-align: right">(756,962</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">)</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 14%; font-weight: normal; font-style: normal; text-align: right">(376,184</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">)</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 14%; font-weight: normal; font-style: normal; text-align: right">(571,434</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash received by the Group VIEs from our subsidiaries under service agreements</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">188,798</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">236,903</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">637,646</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash received by the Group VIEs from our subsidiaries for intra-Group financing</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">137,515</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">606,146</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">66,034</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021, 2022 and 2023, no subsidiaries or Group VIEs paid dividends or made other distributions to the Cayman
Islands holding company, and no dividends or distributions were paid or made to U.S. investors. For the years ended December 31, 2021,
2022 and 2023, no assets were transferred between our subsidiaries and the Group VIEs other than the cash transfers set forth in the
table above. We do not have any present plan to pay any dividends on our shares in the foreseeable future. We intend to retain most,
if not all, of our available funds and any future earnings to operate and expand our business. See &#8220;Item 8. Financial Information
&#8212; A. Consolidated Statements and Other Financial Information &#8212; Dividend Policy.&#8221; However, if our PRC subsidiaries or
Group VIEs declare and distribute profits to us, such payments will be subject to withholding tax, which will increase our tax liability
and reduce the amount of cash available to us. For PRC and United States federal income tax considerations in connection with an investment
in our ADSs, see &#8220;Item 10. Additional Information &#8212; E. Taxation.&#8221; We plan to continue to determine the amount of service
fee and payment method with the Group VIEs and their shareholders through bona fide negotiation, and settle fees under the contractual
arrangements accordingly in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our PRC subsidiaries, the Group VIEs and their subsidiaries generate their revenue primarily in Renminbi, which is not freely
convertible into other currencies. As a result, any restriction on currency exchange may limit the ability of our PRC subsidiaries to
pay dividends to us or our ability to pay dividends in foreign currencies to our investors. For more details, see &#8220;Item 3. Key
Information &#8212; D. Risk Factors &#8212; Risks Relating to Doing Business in China &#8212; We are subject to restrictions on currency
exchange.&#8221;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Information Related to the Group VIEs</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not own any equity interest in the Group VIEs that are consolidated in the Group&#8217;s financial statements. The Group consolidates
the results of the Group VIEs and their subsidiaries under U.S. GAAP through our contractual arrangements with the Group VIEs and their
respective shareholders. For more details on such contractual arrangements, see &#8220;Item 4. &#8212; Information on the Company &#8212;
D. Organizational Structure &#8212; Contractual Arrangements among Our Key WFOEs, the Key VIEs and Their Respective Shareholders.&#8221;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed
Consolidated Schedule of Results of Operation</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the Group&#8217;s condensed consolidated schedules of results of operations for our holding company, Qutoutiao
Inc., our wholly foreign-owned entities that are the primary beneficiaries of the Group VIEs under U.S. GAAP, or the Primary Beneficiaries
of the Group VIEs, our other subsidiaries that are not the Primary Beneficiaries of the Group VIEs, or Other Subsidiaries, and the Group
VIEs and their subsidiaries that the Group consolidates for the periods presented:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="22" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">For the Year Ended December 31, 2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Qutoutiao&#160;Inc.</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Other</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">subsidiaries</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Primary</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">Beneficiaries</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">of the</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">Group VIEs</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Group VIEs</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">and their</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">subsidiaries</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Eliminating</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">adjustments</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Consolidated</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">totals</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td>
    <td colspan="22" style="vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">(RMB in thousands)</td><td style="text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal">Revenues:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 34%; font-weight: normal; font-style: normal; text-align: left">Third-party revenues</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">225</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">2,990</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">4,336,388</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">4,339,603</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; padding-bottom: 1.5pt"><span style="font: normal 10pt Times New Roman, Times, Serif">Intra-Group revenues<sup>(2)</sup></span></td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">970,661</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">188,298</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(1,158,959</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; font-weight: normal; font-style: normal; text-align: left">Total revenues</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">225</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">973,651</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">4,524,686</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(1,158,959</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">4,339,603</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal">Cost of revenues:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Third-party cost of revenues</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(325</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(303,600</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(867,701</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(1,171,626</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; padding-bottom: 1.5pt"><span style="font: normal 10pt Times New Roman, Times, Serif">Intra-Group cost of revenues<sup>(2)</sup></span></td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(18,959</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">18,959</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; font-weight: normal; font-style: normal; text-align: left">Total cost of revenues</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(325</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(303,600</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(886,660</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">18,959</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(1,171,626</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Gross profit</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(100</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">670,051</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">3,638,026</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(1,140,000</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">3,167,977</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Operating expenses:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Third-party operating expenses</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(208,594</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(12,210</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(379,130</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(4,067,548</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">200,184</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(4,467,298</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt"><span style="font: normal 10pt Times New Roman, Times, Serif">Intra-Group operating expenses<sup>(2)</sup></span></td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(188,298</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(951,702</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">1,140,000</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Total operating expenses</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(208,594</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(12,210</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(567,428</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(5,019,250</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">1,340,184</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(4,467,298</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Other operating income/(expense)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">87,439</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">18,659</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">106,098</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left">Loss from Operations</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(208,594</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(12,310</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">190,062</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(1,362,565</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">200,184</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(1,193,223</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Non-operating income/(expense)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(58,313</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(16,944</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">12,267</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">22,282</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(40,708</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left">Loss before income tax expense</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(266,907</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(29,254</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">202,329</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(1,340,283</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">200,184</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(1,233,931</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Income tax benefits/expense</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(1</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(2,918</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(131</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(3,050</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif">Loss from subsidiaries and VIEs<sup>(1)</sup></span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(972,710</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(1,144,198</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(1,343,609</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">3,460,517</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Equity in loss of affiliate companies</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(3,195</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(3,195</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 1.5pt">Net Loss</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(1,239,617</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(1,173,453</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(1,144,198</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(1,343,609</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">3,660,701</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(1,240,176</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Less: Net loss attributable to the noncontrolling interest shareholders</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">559</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">559</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 1.5pt">Net loss attributable to Qutoutiao Inc.</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(1,239,617</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(1,172,894</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(1,144,198</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(1,343,609</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">3,660,701</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(1,239,617</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Accretion to convertible redeemable preferred shares redemption value</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(108,896</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(108,896</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 2.5pt">Net loss attributable to Qutoutiao Inc.&#8217;s ordinary shareholders</td><td style="font-weight: normal; font-style: normal; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">(1,348,513</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">(1,172,894</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">(1,144,198</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">(1,343,609</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">3,660,701</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">(1,348,513</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="22" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">For the Year Ended December 31, 2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">Qutoutiao&#160;Inc.</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Other</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">subsidiaries</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Primary</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">Beneficiaries</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">of the</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">Group VIEs</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Group VIEs</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">and their</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">subsidiaries</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Eliminating</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">adjustments</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Consolidated</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">totals</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td>
    <td colspan="22" style="vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">(RMB in thousands)</td><td style="text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal">Revenues:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 34%; font-weight: normal; font-style: normal; text-align: left">Third-party revenues</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">297</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">254,407</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">828,341</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">1,083,045</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; padding-bottom: 1.5pt"><span style="font: normal 10pt Times New Roman, Times, Serif">Intra-Group revenues<sup>(2)</sup></span></td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">750,372</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">579,967</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,330,339</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; font-weight: normal; font-style: normal; text-align: left">Total revenues</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">297</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,004,779</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,408,308</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,330,339</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,083,045</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal">Cost of revenues:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Third-party cost of revenues</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(14</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(115,170</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(446,189</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,234</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(562,607</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; padding-bottom: 1.5pt"><span style="font: normal 10pt Times New Roman, Times, Serif">Intra-Group cost of revenues<sup>(2)</sup></span></td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(523,625</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(376,184</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">899,809</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt; font-weight: normal; font-style: normal; text-align: left">Total cost of revenues</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(14</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(638,795</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(822,373</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">898,575</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(562,607</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Gross profit</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">283</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">365,984</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">585,935</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(431,764</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">520,438</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Operating expenses:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Third-party operating expenses</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(77,185</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,277</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(301,059</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(572,365</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">47,567</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(900,765</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt"><span style="font: normal 10pt Times New Roman, Times, Serif">Intra-Group operating expenses<sup>(2)</sup></span></td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(384,197</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">384,197</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 20pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Total operating expenses</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(77,185</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,277</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(301,059</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(956,562</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">431,764</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(900,765</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Other operating income/(expense)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">52,676</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,153</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">61,829</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left">Loss from Operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(77,185</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,560</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">117,601</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(361,474</td><td style="text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(318,498</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Non-operating income/(expense)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(468,035</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(49,754</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(68,801</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,311</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(595,901</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left">Loss before income tax expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(545,220</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(47,194</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">48,800</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(370,785</td><td style="text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(914,399</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Income tax benefits/expense</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(15</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,117</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(54</td><td style="text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,048</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif">Loss from subsidiaries and VIEs<sup>(1)</sup></span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(369,547</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(322,338</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(372,255</td><td style="text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,064,140</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Equity in loss of affiliate companies</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,416</td><td style="text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,416</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 1.5pt">Net Loss</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(914,767</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(369,547</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(322,338</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(372,255</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,064,140</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(914,767</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Less: Net loss attributable to the noncontrolling interest shareholders</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 1.5pt">Net loss attributable to Qutoutiao Inc.</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(914,767</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(369,547</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(322,338</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(372,255</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,064,140</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(914,767</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Accretion to convertible redeemable preferred shares redemption value</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(124,677</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(124,677</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left; padding-bottom: 2.5pt">Net loss attributable to Qutoutiao Inc.&#8217;s ordinary shareholders</td><td style="font-weight: normal; font-style: normal; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">(914,767</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(494,224</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(322,338</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(372,255</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,064,140</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,039,444</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>

<!-- Field: Rule-Page --><div style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in"><div style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></div></div><!-- Field: /Rule-Page -->


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="22" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Qutoutiao&#160;Inc.</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>subsidiaries</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Primary</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Beneficiaries</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of the</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Group VIEs</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Group VIEs</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and their</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>subsidiaries</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eliminating</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>adjustments</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>totals</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="22" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Revenues:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 34%; text-align: left; padding-left: 10pt">Third-party revenues</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">16</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">71,811</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">673,730</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">0</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">745,557</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intra-Group revenues<sup>(2)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">133,358</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">637,646</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(771,004</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Total revenues</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">205,169</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,311,376</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(771,004</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">745,557</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Cost of revenues:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Third-party cost of revenues</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(32</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(46,576</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(365,857</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,448</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(415,913</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intra-Group cost of revenues<sup>(2)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(51,201</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(571,434</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">622,635</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Total cost of revenues</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(32</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(97,777</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(937,291</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">619,187</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(415,913</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Gross profit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(16</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">107,392</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">374,085</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(151,817</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">329,644</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Operating expenses:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Third-party operating expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(47,078</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,119</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(68,290</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(248,310</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,652</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(351,145</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intra-Group operating expenses<sup>(2)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(140,418</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">140,418</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt">Total operating expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(47,078</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,119</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(68,290</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(388,728</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">157,070</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(351,145</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other operating income/(expense)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,370</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,237</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19,607</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Income/(Loss) from Operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(47,078</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,135</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">54,472</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(10,406</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,253</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,894</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Non-operating income/(expense)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(184,433</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">192</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,190</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">859</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,253</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(185,445</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Loss before income tax expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(231,511</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,943</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">57,662</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(9,547</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(187,339</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Income tax benefits/expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,614</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">412</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,026</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income from subsidiaries and VIEs<sup>(1)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">46,198</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,141</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(9,135</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(87,204</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Equity in loss of affiliate companies</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net Income/(Loss)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(185,313</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">46,198</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">50,141</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,135</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(87,204</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(185,313</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Less: Net loss attributable to the noncontrolling interest shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net income/(loss) attributable to Qutoutiao Inc.</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(185,313</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">46,198</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">50,141</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,135</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(87,204</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(185,313</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Accretion to convertible redeemable preferred shares redemption value</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(143,976</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(143,976</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net income/(loss) attributable to Qutoutiao Inc.&#8217;s ordinary shareholders</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(185,313</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(97,778</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">50,141</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(9,135</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(87,204</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(329,289</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Notes:</i></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    the elimination of investments among Qutoutiao Inc., the Primary Beneficiaries of the Group VIEs, the Other Subsidiaries, and the
    Group VIEs and their subsidiaries that the Group consolidates. Share-based compensation expenses are recorded in Qutoutiao Inc.,
    which issued these equity awards, and are also pushed down to the VIEs and subsidiaries. The expenses pushed down to the VIEs and
    subsidiaries are eliminated upon consolidation to avoid duplication.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    the elimination of the intercompany service charge at the consolidation level.</span></td></tr>
  </table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed
Consolidated Schedule of Balance Sheets</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the Group&#8217;s condensed consolidated schedule of financial position for Qutoutiao Inc., the Primary Beneficiaries
of the Group VIEs, our Other Subsidiaries, and the Group VIEs and their subsidiaries that the Group consolidates as of the dates presented:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="22" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">As of December 31, 2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">Qutoutiao&#160;Inc.</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Other</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">subsidiaries</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Primary</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">Beneficiaries</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">of the</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">Group VIEs</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Group VIEs</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">and their</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">subsidiaries</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Eliminating</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">adjustments</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Consolidated</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">totals</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td>
    <td colspan="22" style="vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">(RMB in thousands)</td><td style="text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal">ASSETS</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Current assets:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; width: 34%; font-weight: normal; font-style: normal; text-align: left">Cash and cash equivalents</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">50,989</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">34,984</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">4,681</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">32,147</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">122,801</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Restricted cash</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">216</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">7,384</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">7,600</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Short-term investments</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">20,000</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">6,402</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">26,402</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Accounts receivable, net</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">133</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">6,753</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">110,523</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">117,409</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Amount due from related parties</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">788</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">48,284</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(270</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">48,802</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Prepaid and other current assets</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">2,935</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">2,005</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">58,303</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">95,568</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">158,811</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt"><span style="font: normal 10pt Times New Roman, Times, Serif">Intra-Group receivables due from the Company&#8217;s subsidiaries<sup>(1)</sup></span></td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">3,698,706</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">426,911</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">5,752,591</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">470,966</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(10,349,174</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Total current assets</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">3,752,630</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">464,033</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">5,843,332</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">771,274</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(10,349,444</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">481,825</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Noncurrent assets:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Property and equipment, net</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">11</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">5,002</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">5,013</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Right-of-use assets, net</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">21,879</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">21,879</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Intangible assets</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">56,075</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">6,574</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">62,649</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal">Goodwill</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">7,268</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">7,268</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Long-term Investments</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Other non-current assets</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">1,476</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">1,426</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">2,902</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Total noncurrent assets</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">1,476</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">63,354</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">34,881</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">99,711</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Total assets</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">3,754,106</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">464,033</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">5,906,686</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">806,155</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(10,349,444</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">581,536</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal">LIABILITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Current liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Accounts payable</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">64,444</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">330,550</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">394,994</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Amount due to related parties</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">862</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(270</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">592</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Registered users&#8217; loyalty payable</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">29,773</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">29,773</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Advance from advertising customers and deferred revenue</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">36,743</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">11,963</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">48,706</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Salary and welfare payable</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">82</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">31,431</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">28,048</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">59,561</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Tax payable</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">10,890</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">29,584</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">40,474</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Lease liabilities, current</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">15,083</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">15,083</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Accrued liabilities related to users&#8217; loyalty program</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">64,589</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">64,589</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Accrued liabilities and other current liabilities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">978</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">2,313</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">31,033</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">301,713</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">225</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">336,262</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Convertible Loan&#8212;current</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">1,746,188</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">1,746,188</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt"><span style="font: normal 10pt Times New Roman, Times, Serif">Intra-Group payables due to the Company&#8217;s subsidiaries<sup>(1)</sup></span></td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">181,598</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">3,710,864</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">928,758</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">5,644,725</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(10,465,945</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Total current liabilities</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">1,928,764</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">3,713,259</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">1,104,161</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">6,456,028</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(10,465,990</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">2,736,222</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Lease liabilities, non-current</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">7,599</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">7,599</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Deferred tax liabilities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">14,019</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">14,019</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt"><span style="font: normal 10pt Times New Roman, Times, Serif">Deficit
    of investment in subsidiaries and VIEs<sup>(2)</sup></span></td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">5,416,081</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">868,966</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">5,657,472</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(11,942,519</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Total long-term liabilities</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">5,416,081</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">868,966</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">5,671,491</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">7,599</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(11,942,519</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">21,618</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="font-weight: normal; font-style: normal; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">7,344,845</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">4,582,225</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">6,775,652</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">6,463,627</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">(22,408,509</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">2,757,840</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Commitments and contingencies</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: left">Mezzanine equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Redeemable non-controlling interests</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">1,414,435</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">1,414,435</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: left">SHAREHOLDERS&#8217; deficit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Total Qutoutiao Inc. shareholders&#8217; deficit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,590,739</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,532,627</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(868,966</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,657,472</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,059,065</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(3,590,739</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Noncontrolling interest</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt"><span style="font: normal 10pt Times New Roman, Times, Serif">Total shareholders&#8217; deficit<sup>(2)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,590,739</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,532,627</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(868,966</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,657,472</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,059,065</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(3,590,739</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Total liabilities and shareholders&#8217; deficit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,754,106</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">464,033</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,906,686</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">806,155</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,349,444</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">581,536</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="22" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Qutoutiao&#160;Inc.</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>subsidiaries</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Primary</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Beneficiaries</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of the</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Group VIEs</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Group VIEs</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>and their</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>subsidiaries</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Eliminating</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>adjustments</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>totals</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="22" style="font-weight: bold; text-align: center">(RMB in thousands)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">ASSETS</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Current assets:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 34%; text-align: left; padding-left: 10pt">Cash and cash equivalents</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">43,409</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">6,606</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">1,043</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">23,590</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">74,648</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Restricted cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17,008</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17,058</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Short-term investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Accounts receivable, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">151</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">276</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">73,143</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">73,570</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Amount due from related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">790</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45,182</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(185</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45,787</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Prepaid and other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,436</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37,250</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">91,422</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(195</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">137,933</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intra-Group
receivables due from the Company&#8217;s subsidiaries<sup>(1)</sup></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,783,399</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">735,153</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,227,827</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">320,387</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,066,766</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Total current assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,836,244</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">741,931</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,267,236</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">570,732</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,067,146</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">348,996</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Noncurrent assets:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Property and equipment, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">493</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">504</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Right-of-use assets, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,633</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,633</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Intangible assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">46,461</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,883</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50,344</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Goodwill</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,268</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,268</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Long-term Investments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Other non-current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">666</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">666</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Total noncurrent assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">53,740</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,675</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">64,415</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,836,244</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">741,931</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,320,976</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">581,407</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(10,067,146</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">413,411</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold">LIABILITIES</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Current liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">29,580</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">349,993</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">379,573</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Amount due to related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">258</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">81</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(185</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">154</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Registered users&#8217; loyalty payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13,863</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13,863</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Advance from advertising customers and deferred revenue</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">44,259</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,351</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">56,610</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Salary and welfare payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">84</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21,598</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,784</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">37,466</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Tax payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,860</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">36,588</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">40,483</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Lease liabilities, current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,407</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,407</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Accrued liabilities related to users&#8217; loyalty program</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33,489</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33,489</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Accrued liabilities and other current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">707</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">23,003</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">220,104</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">29</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">243,843</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Convertible Loan&#8212;current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,944,834</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,944,834</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intra-Group
    payables due to the Company&#8217;s subsidiaries<sup>(1)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">230,306</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,049,389</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">339,019</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,560,180</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,178,894</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Total current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,175,140</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,050,180</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">461,577</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,244,840</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,179,050</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,752,687</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Lease liabilities, non-current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,366</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,366</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Deferred tax liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,616</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,616</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deficit
of investment in subsidiaries and VIEs<sup>(2)</sup></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,598,492</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">819,016</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,666,799</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(12,084,307</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Total long-term liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,598,492</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">819,016</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,678,415</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,366</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(12,084,307</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">14,982</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,773,632</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,869,196</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,139,992</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">6,248,206</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">(22,263,357</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,767,669</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Commitments and contingencies</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Mezzanine equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Redeemable non-controlling interests</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,583,130</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,583,130</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">SHAREHOLDERS&#8217; deficit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total Qutoutiao Inc. shareholders&#8217; deficit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,937,388</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,710,395</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(819,016</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,666,799</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,196,210</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,937,388</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Noncontrolling interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total shareholders&#8217; deficit<sup>(2)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,937,388</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,710,395</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(819,016</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,666,799</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,196,210</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,937,388</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Total liabilities and shareholders&#8217; deficit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,836,244</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">741,931</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,320,976</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">581,407</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,067,147</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">413,411</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Notes:</i></span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    the elimination of intercompany balances among Qutoutiao Inc., the Primary Beneficiaries of the Group VIEs, the Other Subsidiaries,
    and the Group VIEs and their subsidiaries that we consolidate. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    the elimination of investments among Qutoutiao Inc., the Primary Beneficiaries of the Group VIEs, the Other Subsidiaries, and the
    Group VIEs and their subsidiaries that the Group consolidates. Share-based compensation expenses are recorded in Qutoutiao Inc.,
    which issued these equity awards, and are also pushed down to the VIEs and subsidiaries. The expenses pushed down to the VIEs and
    subsidiaries are eliminated upon consolidation to avoid duplication.</span></td></tr>
  </table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed
Consolidated Schedule of Cash Flows</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents our condensed consolidated schedules of cash flows for Qutoutiao Inc., the Primary Beneficiaries of the Group
VIEs, our Other Subsidiaries, and the Group VIEs and their subsidiaries that the Group consolidates for the periods presented:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="22" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">For the Year Ended December 31, 2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">Qutoutiao&#160;Inc.</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Other</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">subsidiaries</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Primary</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">Beneficiaries</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">of the</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">Group VIEs</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Group VIEs</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">and their</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">subsidiaries</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Eliminating</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">adjustments</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Consolidated</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">totals</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: bottom; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td>
    <td colspan="22" style="vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">(RMB in thousands)</td><td style="text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash flows from operating activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 34%; font-weight: normal; font-style: normal; text-align: left">Net cash provided by/(used in) transactions with external parties</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">(14,807</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">)</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">67,637</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">(709,141</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">)</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">377,189</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">(279,122</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Net cash provided by/(used in) transactions with intra-Group entities</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">568,164</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(568,164</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: left">Net cash provided by/(used in) operating activities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(14,807</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">67,637</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(140,977</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(190,975</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(279,122</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash flows from investing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Net cash provided by/(used in) transactions with external parties</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(84,723</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">97,197</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">63,047</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">75,521</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash used in capital contribution to intra-Group entities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(198,086</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">198,086</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash used in providing borrowings to intra-Group entities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(137,515</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">137,515</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Cash provided by repayment of borrowings from intra-Group entities</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">32,506</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(32,506</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: left">Net cash provided by/(used in) investing activities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">32,506</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(282,809</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(40,318</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">63,047</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">303,095</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">75,521</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash flows from financing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Net cash provided by/(used in) transactions with external parties</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(13,050</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(53,044</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(66,094</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash provided by capital contribution from intra-Group entities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">198,086</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(198,086</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash provided by borrowings from intra-Group entities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">137,515</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(137,515</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Cash used in repayment of borrowings to intra-Group entities</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">(32,506</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">32,506</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: left">Net cash provided by/(used in) financing activities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(45,556</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">198,086</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">84,471</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(303,095</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(66,094</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="22" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">For the Year Ended December 31, 2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">Qutoutiao&#160;Inc.</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Other</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">subsidiaries</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Primary</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">Beneficiaries</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">of the</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">Group VIEs</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Group VIEs</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">and their</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">subsidiaries</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Eliminating</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">adjustments</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Consolidated</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">totals</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td>
    <td colspan="22" style="vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">(RMB in thousands)</td><td style="text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash flows from operating activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 34%; font-weight: normal; font-style: normal; text-align: left">Net cash provided by/(used in) transactions with external parties</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">(39,578</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">(3,089</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">227,053</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">(628,183</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">(443,797</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Net cash provided by/(used in) transactions with intra-Group entities</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(606,146</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">606,146</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: left">Net cash provided by/(used in) operating activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(39,578</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,089</td><td style="text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(379,093</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(22,037</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(443,797</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash flows from investing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Net cash provided by/(used in) transactions with external parties</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">99,630</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">139,300</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,625</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">267,555</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Cash used in capital contribution to intra-Group entities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">68,089</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(101,304</td><td style="text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">33,215</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Cash used in providing borrowings to intra-Group entities</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left">Net cash provided by/(used in) investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">68,089</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,674</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">139,300</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,625</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">33,215</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">267,555</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash flows from financing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Net cash provided by/(used in) transactions with external parties</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(20,000</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(20,000</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Cash provided by capital contribution from intra-Group entities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(68,089</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">101,304</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(33,215</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Cash provided by borrowings from intra-Group entities</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: left">Net cash provided by/(used in) financing activities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(68,089</td><td style="text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">81,304</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(33,215</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(20,000</td><td style="text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="22" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">For the Year Ended December 31, 2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">Qutoutiao&#160;Inc.</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Other</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">subsidiaries</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Primary</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">Beneficiaries</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">of the</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">Group VIEs</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Group VIEs</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">and their</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">subsidiaries</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Eliminating</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">adjustments</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Consolidated</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">totals</p></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center; vertical-align: bottom">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td>
    <td colspan="22" style="vertical-align: bottom; font-weight: bold; font-style: normal; text-align: center">(RMB in thousands)</td><td style="text-align: center; font-weight: bold; font-style: normal; vertical-align: bottom">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash flows from operating activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 34%; font-weight: normal; font-style: normal; text-align: left">Net cash provided by/(used in) transactions with external parties</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">(31,937</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">(4,541</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">28,935</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">(58,155</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 7%; font-weight: normal; font-style: normal; text-align: right">(65,698</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Net cash provided by/(used in) transactions with intra-Group entities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: left">Net cash provided by/(used in) operating activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(31,937</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,541</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28,935</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(58,155</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(65,698</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash flows from investing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Net cash provided by/(used in) transactions with external parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33,295</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(6,812</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">26,483</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Cash used in capital contribution to intra-Group entities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">23,535</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">66,034</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(89,569</td><td style="text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Cash used in providing borrowings to intra-Group entities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">-</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left">Net cash provided by/(used in) investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">23,535</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">33,295</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">59,222</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(89,569</td><td style="text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">26,483</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash flows from financing activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Net cash provided by/(used in) transactions with external parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Cash provided by capital contribution from intra-Group entities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(23,535</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(66,034</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">89,569</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">Cash provided by borrowings from intra-Group entities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: left">Net cash provided by/(used in) financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(23,535</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(66,034</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">89,569</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Reserved]</span></td></tr>
  </table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Capitalization
    and Indebtedness</span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Reasons
    for the Offer and Use of Proceeds</span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Risk
    Factors</span></span></td></tr>
  </table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary
of Risk Factors</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in our ADSs is subject to a number of risks, including risks relating to our industry and business, risks relating to the
Group&#8217;s corporate structure, risks relating to doing business in China and risks relating to the ADSs. The following summarizes
some, but not all, of these risks. Please carefully consider all of the information discussed in &#8220;Item 3. Key Information &#8212;
D. Risk Factors&#8221; in this annual report for a more thorough description of these and other risks.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Relating to Our Industry and Business</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Group has a limited operating history, which makes it difficult to evaluate its business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Group fails to acquire new users or retain existing users, or if user engagement on the Group&#8217;s platform declines, its
    business, results of operations and financial condition may be materially and adversely affected.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    is substantial doubt as to our ability to continue as a going concern.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    require a significant amount of cash to fund our operations as well as to meet our Convertible Loan obligations. If we cannot obtain
    additional financing and liquidity, our business, financial condition and results of operation will be materially and adversely affected.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Group has incurred net losses in the past and may continue to incur losses in the future.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Group&#8217;s inability to fully comply with Audio-visual Program Provisions may expose it to administrative sanctions, which would
    materially and adversely affect the Group&#8217;s business, results of operations and financial condition.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Group does not continue to increase the strength of its brand, the Group may not be able to maintain current or attract new users
    and customers for its products and services.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    catastrophe, including natural catastrophes and outbreaks of health pandemics and other extraordinary events, could disrupt the Group&#8217;s
    business operation. For example, the COVID-19 pandemic may have a material adverse effect on the Group&#8217;s business, results
    of operations and financial condition, as well as the trading price of the ADSs.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Group is unable to compete effectively in the industry it operates, the Group&#8217;s business, results of operations and financial
    condition may be materially and adversely affected.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Group generates a substantial majority of its revenues from advertising and marketing. A decline in the Group&#8217;s advertising
    and marketing revenues could harm its business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Group may be adversely affected by the complexity, uncertainties and changes in PRC regulation of Internet businesses and companies,
    including limitations on its ability to own key assets such as its mobile applications.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Privacy
    concerns relating to the Group&#8217;s products and services and the use of user information could damage its reputation, deter current
    and potential users and customers from using the Group&#8217;s mobile applications and negatively impact its business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may be subject to cybersecurity review by regulatory authorities of the PRC in the future.</span></td></tr>
  </table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Relating to Our Corporate Structure</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    rely on contractual arrangements with the Group VIEs and their respective shareholders to operate the Group&#8217;s business, which
    may be less effective than equity ownership in providing operational control and otherwise materially and adversely affect the Group&#8217;s
    business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    shareholders of the Group VIEs may have potential conflicts of interest with us, which may materially and adversely affect the Group&#8217;s
    business, results of operations and financial condition.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the PRC government deems that the contractual arrangements in relation to the Group VIEs do not comply with PRC regulatory restrictions
    on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in
    the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. In addition, our
    ADSs may significantly decline in value or become worthless if we are unable to assert our contractual control over the assets of
    the Group VIEs.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantial
    uncertainties exist with respect to whether the controlling of PRC onshore variable interest entities by foreign investors via contractual
    arrangements will be recognized as &#8220;foreign investment&#8221; and how it may impact the viability of the Group&#8217;s current
    corporate structure and operations.</span></td></tr>
  </table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Relating to Doing Business in China</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
    in the political and economic policies of the PRC government may materially and adversely affect the Group&#8217;s business, results
    of operations and financial condition and may result in the Group&#8217;s inability to sustain our growth and expansion strategies.
    The PRC government may intervene or influence our operations at any time, which could result in a material change in the Group&#8217;s
    operations and/or the value of our ADSs. Any actions by the Chinese government to exert more oversight and control over offerings
    that are conducted overseas and/or foreign investment in China-based issuers could significantly limit or completely hinder the Group&#8217;s
    ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or
    become worthless.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations. In addition, rules and regulations
    in China can change quickly with little advance notice.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    approval of and the filing with the China Securities Regulatory Commission, or the CSRC, or other PRC government authorities may
    be required in connection with our future offshore offerings under PRC law, which may hinder our ability to continue to offer securities
    to investors offshore; in addition, the regulation of the CSRC or other PRC regulatory agencies establish complex procedures for
    acquisitions conducted by foreign investors that could make it more difficult for us to grow through acquisitions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
    regulations relating to investments in offshore companies by PRC residents may subject our PRC-resident beneficial owners or our
    PRC subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiaries or limit our PRC subsidiaries&#8217;
    ability to increase their registered capital or distribute profits.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    rely to a significant extent on dividends and other distributions on equity paid by our principal operating subsidiaries and the
    Group VIEs to fund offshore cash and financing requirements. Any limitation on the ability of our PRC operating subsidiaries or the
    Group VIEs to make payments to us could materially and adversely affect our ability to conduct the Group&#8217;s business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are subject to restrictions on currency exchange.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    audit report included in this annual report is prepared by an auditor which the U.S. Public Company Accounting Oversight Board was
    unable to inspect and investigate completely before 2022 and, as such, our investors have been deprived of the benefits of such inspections
    in the past, and may be deprived of the benefits of such inspections in the future.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    ADSs will be prohibited from trading on the OTC in the United States under the Holding Foreign Companies Accountable Act, as amended,
    or the HFCAA if the PCAOB is unable to inspect or fully investigate auditors located in China at any point in the future.</span></td></tr>
  </table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Relating to the ADSs</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    trading price of the ADSs may be volatile, which could result in substantial losses to you.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    delisting of our ADSs from Nasdaq may continue to have a material adverse effect on the trading and price of our ADSs, and we cannot
    assure you that our ADSs will be relisted, or that once relisted, they will remain listed.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    are no independent directors on our board, which may create a potential conflict of interest.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
    we do not expect to pay cash dividends in the foreseeable future, you may not receive any return on your investment unless you sell
    your Class A ordinary shares or ADSs for a price greater than that which you paid for them.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
    right to participate in any future rights offerings may be limited, which may cause dilution to your holdings.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    dual-class structure of our ordinary shares may adversely affect the trading market for the ADSs.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
    may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
    we are incorporated under Cayman Islands law.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Relating to Our Industry and Business</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has a limited operating history, which makes it difficult to evaluate its business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group launched <i>Qutoutiao</i> in June 2016 and Midu Novels in May 2018, and further introduced Midu Lite in May 2019. The Group has
experienced rapid growth in terms of installed users, MAUs, DAUs and revenues from 2016 to 2020, but declines in terms of these operating
metrics and revenues in 2021, 2022 and 2023. As our operating history has suggested, the Group&#8217;s historical development trend may
not be indicative of its future performance, and we cannot assure you that the level of growth we had prior to 2020 will be sustainable
or achievable at all in the future. The Group&#8217;s growth prospects should be considered in light of the risks and uncertainties that
companies with a limited operating history in our industry may encounter, including, among others, risks and uncertainties regarding
our ability to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">retain
    existing users on, and attract new users to, the Group&#8217;s platform;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">present
    real-time customized feeds to users based on their profiles, behaviors and social relationships;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintain
    the effectiveness of the Group&#8217;s user loyalty programs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintain
    stable relationships with the Group&#8217;s content providers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">develop
    and implement successful monetization measures;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">convince
    advertising customers of the benefits of the Group&#8217;s advertising and marketing services compared to alternative forms of marketing;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increase
    brand awareness through marketing and promotional activities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upgrade
    existing technology and infrastructure and develop new technologies to support increasing user traffic, improve user experience,
    expand functionality and ensure system stability;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">successfully
    compete with other companies that are currently in, or may in the future enter, our industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">attract,
    retain and motivate talented employees;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adapt
    to the evolving regulatory environment; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">defend
    the Group against litigation, regulatory, intellectual property, privacy or other claims.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of these endeavors involve risks and will require significant capital expenditures and allocation of valuable management and employee
resources. We cannot assure you that we will be able to effectively manage the Group&#8217;s growth or implement our business strategies
effectively. If the market for the Group&#8217;s platform does not develop as we expect or if we fail to address the needs of this dynamic
market, the Group&#8217;s business, results of operations and financial condition will be materially and adversely affected.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Group fails to acquire new users or retain existing users, or if user engagement on the Group&#8217;s platform declines, its business,
results of operations and financial condition may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
size of the Group&#8217;s user base and the level of user engagement are critical to its success. The Group&#8217;s mobile applications
had approximately 8.5 million combined average MAUs, approximately 2.9 million combined average DAUs and average daily time spent per
DAU of approximately 41.8 minutes in the three months ended December 31, 2023. The Group&#8217;s business has been and will continue
to be significantly affected by its ability in growing the number of active users and increasing their overall level of engagement on
the Group&#8217;s platform. The size of the Group&#8217;s user base and the level of user engagement faced downward pressures in 2021
and 2022 due to the change of the operating strategies we adopted as we faced uncertainties in the advertising market, the tightening
regulatory environment in internet and technology sector in China and the negative impacts of the COVID-19 pandemic on China&#8217;s
macro-economic environment, and continued to face downward pressures in 2023 due to macroeconomic downturn and customer advertising budget
constraints. We could also see user base decreases for certain future periods of time if we further adjust or change our strategy. To
the extent the Group&#8217;s user growth rate slows or its user base decreases, the Group&#8217;s success will become increasingly dependent
on our ability to increase user engagement with the Group&#8217;s platform. The Group has implemented user account systems and loyalty
programs to, among other things, help it cost-effectively acquire new users and develop an engaged and loyal user base. However, although
such user account systems and loyalty programs have contributed significantly to the growth in the Group&#8217;s installed users and
high user engagement in the past, there can be no assurance that such systems and programs will continue to function effectively. Additionally,
the Group&#8217;s acquisition cost per user may increase as it implements new marketing initiatives, such as placing advertisements in
app stores. The Group&#8217;s user engagement efforts, including by increasing the number of content providers, expanding the breadth
and quality of content, including video and user generated content, on its platform, diversifying into new content formats and strengthening
its content recommendation capabilities, may also not achieve expected results. Users may no longer perceive content and other products
and services on the Group&#8217;s platform to be entertaining and relevant, and it may not be able to attract users or increase their
usage frequency of its platform. If we fail to execute any such new initiatives successfully or in a cost-effective manner, the Group&#8217;s
business, results of operations and financial condition would be materially and adversely affected. If the Group is unable to grow its
user base or the level of user engagement, or if the number of users or their level of engagement declines, this could result in its
platform being less attractive to potential new users and thus advertising customers, which would have a material and adverse impact
on the Group&#8217;s business, results of operations and financial condition.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chinese government may prevent the Group from distributing content that it believes is noncompliant and the Group may be subject to penalties
for such content or the Group may have to interrupt or suspend the operation of the Group&#8217;s platform to comply with these regulatory
requirements from time to time, which may materially and adversely affect the Group&#8217;s results of operation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China
has enacted regulations governing Internet access and the distribution of news and other information. In the past, the Chinese government
has stopped the distribution of information over the Internet or through mobile Internet devices that it believes violates Chinese law,
including content that it believes is obscene, defamatory, misleading or inappropriately satirical, incites violence, endangers the national
security, concerns politically sensitive topics, or contravenes the national interest. In the past, new downloads of certain mobile content
aggregator applications and mobile news applications were temporarily blocked and suspended for different lengths of time, ranging from
a few days to weeks, following the publication of content considered to be noncompliant. In July 2018, PRC governmental and regulatory
authorities responsible for &#8220;eradicating pornography and illegal publications&#8221; announced new coordinated efforts to regulate
and control the nascent online short video sector, including citations against 19 online short video platforms which allegedly had disregarded
repeated warnings not to distribute content deemed by the authorities as obscene, misleading, pornographic, violent, infringing, sensationalist,
deviant from socialist core values, harmful to younger viewers, or otherwise unlawful or detrimental.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Of
these 19 platforms, 15 had their applications removed from app stores and new downloads blocked; among these 15 platforms, three also
had their operations suspended by relevant authorities. Any such future suspension in operations or downloads of the Group&#8217;s mobile
applications for this or other reasons may negatively affect the Group&#8217;s relationships with users and advertisers, and adversely
affect the Group&#8217;s business and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we strive to comply with applicable regulatory requirements and other obligations we may have with respect to the Group&#8217;s operation,
the failure or perceived failure to comply may result, and in some cases has resulted, in inquiries and other proceedings or actions
against us by government agencies or others, as well as negative publicity and damage to our reputation and brand, any of which could
cause the Group to lose users and customers and may materially and adversely affect the Group&#8217;s business, results of operations
and financial condition. For example, in order to comply with regulatory requirements, the Group undertook product upgrades and temporarily
suspended content updates and certain commercial activities on Midu Novels from July 16 to October 15, 2019. Midu Novels has resumed
regular content updates and commercial activities since October 16, 2019. We have endeavored to use the Group&#8217;s technologies, employees
and other resources in a manner that complies with applicable regulatory requirements, and as such, we believe that the likelihood of
us receiving material administrative penalties is low. However, there can be no assurance that similar suspensions relating to the Group&#8217;s
mobile applications will not recur in the future, or that such incidents will not result in loss of users or advertisers, decrease in
revenues or reputational damage to us, or have an adverse effect on the Group&#8217;s business and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chinese government may continue to implement stricter standards for compliant content, and increase enforcement against content considered
to be noncompliant. In addition, certain news items, such as news relating to national security, may not be published without permission
from the Chinese government. If the Chinese government were to take any action to limit or prohibit the distribution of information through
the Group&#8217;s mobile applications, or to limit or regulate any current or future content or services available to users on the Group&#8217;s
platform, the Group&#8217;s business could be significantly harmed. Although we have adopted internal procedures to monitor the content
displayed on the Group&#8217;s platform, due to the significant amount of content, including user generated content, we may not be able
to identify all the content that may violate relevant laws and regulations, whether or not due to our fault or oversight in content monitoring.
Failure to identify and prevent inappropriate or illegal content from being displayed on the Group&#8217;s platform may subject us to
penalties, including suspension of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
as the interpretation of noncompliant content is vague and subjective in many cases, and the definition of noncompliant content may be
subject to constant changes, it is not always possible to determine or predict what content might be considered noncompliant under existing
restrictions, or what restrictions might be imposed in the future. Chinese government authorities may also prohibit the marketing of
other types of wireless value-added services and contents through mobile applications, which could materially and adversely affect the
Group&#8217;s business, results of operations and financial condition.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is substantial doubt as to our ability to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following factors raise substantial doubt about our ability to continue as a going concern:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the years ended December 31, 2021, 2022 and 2023, we incurred net losses of RMB1,240.2 million, RMB914.8 million and RMB185.3 million (US$26.1 million), respectively.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the years ended December 31, 2021, 2022 and 2023, we had net cash used in operating activities of RMB279.1 million, RMB443.8 million
    and RMB65.7 million (US$9.3 million), respectively.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31, 2023, we had an accumulated deficit of RMB8,724.5 million (US$1,228.8 million) and a deficit in working capital
of RMB458.9 million (US$64.6 million).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31, 2023, we had cash, cash equivalents, restricted cash and short-term investments of RMB91.7 million (US$12.9 million).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, as discussed in Note 13 and Note 25 to the consolidated financial statements, the Group has a convertible loan
from Alibaba, or the Convertible Loan, of approximately RMB1.94 billion (US$274.6 million), including principal of US$171.1 million and
unpaid interest that was expected to be matured within one year from the date of the issuance of the consolidated financial statements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to continue as a going concern is dependent upon our continued operations, which in turn is dependent on our ability to adjust
the pace of the operation expansion, control operating costs and expenses to reduce the cash used in operating cash flows, pursue financing
arrangements, including the renewal of the Convertible Loan with the creditor, and obtain additional funds from sale of our assets, which
in turn, are subject to various risks discussed herein including, among others, risks relating to our ability to maintain and improve
our liquidity and financial position. See &#8220;&#8212; We require a significant amount of cash to fund our operations as well as to
meet our Convertible Loan obligations. If we cannot obtain additional financing and liquidity, our business, financial condition and
results of operation will be materially and adversely affected.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audited consolidated financial statements included in this annual report on Form 20-F were prepared on the basis of our continuing as
a going concern. Facts and circumstances including accumulated and recurring losses from operations, net cash used in operating activities,
negative working capital and uncertainties on the repayment of the Convertible Loan raise substantial doubt about our ability to continue
as a going concern. Likewise, the report of our independent registered public accounting firm includes a qualification that there is
substantial doubt about our ability to continue as a going concern. The audited financial statements do not include any adjustments that
might result from the outcome of these uncertainties. If we become unable to continue as a going concern, we may have to liquidate our
assets, and the value we receive for our assets in liquidation or dissolution could be significantly lower than the values reflected
in our audited consolidated financial statements. Our lack of cash resources and our potential inability to continue as a going concern
may materially and adversely affect the price of our ADSs and our ability to continue our operations.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
require a significant amount of cash to fund our operations as well as to meet our Convertible Loan obligations. If we cannot obtain
additional financing and liquidity, our business, financial condition and results of operation will be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
require a significant amount of cash to fund our operations. The Group had negative cash flow from operating activities of RMB279.1 million,
RMB443.8 million and RMB65.7 million (US$9.3 million) for the years ended December 31, 2021, 2022 and 2023, respectively. Our ability
to increase or maintain our user base, net revenues and gross profit will depend to a significant degree on our ability to obtain a sufficient
amount of additional cash and liquidity to fund our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 21; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also require a significant amount of cash to meet our Convertible Loan obligations. We have a Convertible Loan of US$171.1 million advanced
by Alibaba with an original maturity date of April 4, 2022. We and Alibaba entered into several supplemental agreements to the original
convertible loan agreement, pursuant to which the maturity date of the Convertible Loan has been extended to April 30, 2025. The interest
rate of the Convertible Loan has also been amended from an original compound rate of 3% per annum to a compound rate of 9% per annum
plus a simple rate of 3% per annum, calculated from the original loan drawdown date of April 4, 2019. The total amount of the principal
and accumulated interest payable of the Convertible Loan, including the incremental interest related to the increase in interest rate
under the supplemental agreements, will amount to approximately US$312.7 million (RMB2,214.6 million) as of April 30, 2025. See &#8220;Item
5. Operating and Financial Review and Prospects &#8212; B. Liquidity and Capital Resources&#8221; for further details. We cannot assure
you that we will be able to further extend the maturity date of the principal and accrued and unpaid interest of the Convertible Loan
or repay the principal and accrued and unpaid interest of the Convertible Loan as they become due. Given the significance of the amount
repayable upon maturity, the maturity of the Convertible Loan will have a significant impact on our liquidity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the investors of Fun Literature Limited, our subsidiary that is the holding company of the entities that operate Midu
Novels, have the right to require Fun Literature Limited to repurchase all of their preferred shares and the right to sell all of
their preferred shares to Qutoutiao Inc. upon occurrence of certain triggering events, including, among others, failure of Fun
Literature Limited to complete a qualified IPO by the end of 2024, material breach of representations, warranties and covenants
under the transactions documents, and willful or fraudulent misconduct of any entity within the Group that results in a material
adverse effect of the Group&#8217;s business. In addition, the investors of Fun Literature Limited may also require us to purchase
their shares upon a sale of the shares of Fun Literature Limited that we hold or upon change of control resulting from such sale. If
such right to repurchase or sell is triggered, we cannot assure you that we will have sufficient funds to pay the purchase price of
the preferred shares. The obligation to make such payment will place additional significant burden on our liquidity and cash
position, and we may not have sufficient cash to fund our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can also be no assurance that new financings, additional funds from sale of our assets or other transactions will be available to us
on commercially acceptable terms, or at all. In addition, the potential worsening global economic conditions may adversely impact our
ability to secure additional financing. If we are unable to generate sufficient cash in the future or obtain sufficient financing in
a timely manner or on commercially acceptable terms or at all, our business, financial condition and results of operations will be materially
and adversely affected and you may lose the entire value of your investment in our ADSs.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has incurred net losses in the past and may continue to incur losses in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group incurred net losses of RMB1,240.2 million, RMB914.8 million and RMB185.3 million (US$26.1 million) for the years ended December
31, 2021, 2022 and 2023, respectively. If we are unable to generate adequate revenues and to manage our cost and expenses, we may continue
to incur significant losses in the future and may not be able to achieve profitability. In addition, we may continue to incur losses
in the future due to a number of reasons, many of which are beyond our control, including tightening advertising budget of the Group&#8217;s
advertising customers, declining demand for the Group&#8217;s products and services, increasing competition, emergence of alternative
business models, changes in regulations and government policies, changes in general economic conditions, COVID-19 as well as other risks
described in this annual report.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s inability to fully comply with Audio-visual Program Provisions may expose it to administrative sanctions, which would materially
and adversely affect the Group&#8217;s business, results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Administrative Provisions on Internet Audio-visual Program Service, or the Audio-visual Program Provisions, which was issued by
the National Radio and Television Administration of the PRC, or the NRTA (previously known as the State Administration of Radio and Television,
or the SART, the General Administration of Press and Publication, or the GAPPRFT and the State Administration of Radio, Film and Television,
or the SARFT) and MIIT on December 20, 2007 and came into effect on January 31, 2008 and was amended on August 28, 2015, online transmission
of audio and video programs requires an Internet audio-visual program transmission license and online audio-visual service providers
must be either wholly state-owned or state-controlled. In a press conference jointly held by NRTA and MIIT to answer questions with respect
to the Audio-visual Program Provisions in February 2008, NRTA and MIIT clarified that online audio-visual service providers that had
already been operating lawfully prior to the issuance of the Audio-visual Program Provisions may re-register and continue to operate
without becoming state-owned or controlled, provided that such providers have not engaged in any unlawful activities. This exemption
will not be granted to online audio/video service providers established after the Audio-visual Program Provisions were issued. See &#8220;Item
4. Information on the Company &#8212; C. Regulations &#8212; Regulation on Online Transmission of Audio-visual Programs.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Group has been taking measures to ensure compliance, it may not be able to fully comply with Audio-visual Program Provisions. As
a result, the Group may face, according to Audio-visual Program Provisions, administrative sanctions, including receiving a warning and
being ordered to pay a fine of not more than RMB30,000. In the case of severe contravention, the Group may be ordered to cease transmission
of audio and video programs, be subject to a penalty equal to one to two times the Group&#8217;s total investment in the affected business
and the devices it used for such operation may be confiscated. Furthermore, according to the Audio-visual Program Provisions, the telecommunications
administrative authorities may, based on written opinions of the competent department of radio, film and television, and in accordance
with the relevant laws and regulations on supervision of telecommunications and Internet, close the Group&#8217;s platform, revoke its
permit(s) or cancel its record-filing, and order the relevant network operation entity which provides us signal access services to stop
such provision of services. Such penalties would materially and adversely affect the Group&#8217;s business, results of operations and
financial condition.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Group fails to maintain its Internet news information services license, it may be exposed to administrative sanctions, including
an order to cease its Internet information services that provide news or to cease the Internet access services provided by third parties
to the Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government regulates the Internet industry extensively, including foreign ownership of, and the licensing requirements pertaining
to, companies in the Internet industry. A number of regulatory agencies, including the Ministry of Culture, or the MOC, the Ministry
of Industry and Information Technology, or MIIT, the Cyberspace Administration of China, or the CAC, the NRTA (previously known as the
SART, GAPPRFT and SARFT), the State Council Information Office, or the SCIO, and other governmental authorities, jointly regulate all
major aspects of the Internet industry. Operators are required to obtain various government approvals and licenses prior to providing
the relevant Internet information services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s platform primarily focuses on light entertainment content. Nonetheless, certain content related to current affairs, finance,
society and economy provided on the Group&#8217;s <i>Qutoutiao</i> mobile application may be deemed to be news content. According to
the Provisions for the Administration of Internet News Information Services issued by the CAC on May 2, 2017 that became effective on
June 1, 2017, an Internet news information services license shall be obtained for a provider of Internet news information services to
the public in a variety of ways, including through the offering of platforms for the dissemination of Internet news.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
Jifen Culture Communications Co., Ltd., or Shanghai Jifen, one of the Group VIEs, obtained an Internet news information services license
from the CAC in July 2019 and had it renewed in July 2022. However, if the Group fails to maintain such license, it may be ordered to
cease disseminating news and impose a fine on the Group of not less than RMB10,000 but not more than RMB30,000. In the event the Group
was ordered to cease disseminating news, its business, results of operations and financial condition could be materially and adversely
affected.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Group does not continue to increase the strength of its brand, the Group may not be able to maintain current or attract new users
and customers for its products and services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s operational and financial performance is highly dependent on the strength of our brand. We believe the Group enjoys lower
user acquisition cost compared to acquiring users through other means. The Group&#8217;s platform&#8217;s innovative user account systems
and gamified loyalty programs enable it to focus its resources on directly connecting with new users. In order to further expand the
Group&#8217;s user base, it may need to substantially increase its marketing expenditures to enhance brand awareness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, negative coverage in the media of our company could threaten the perception of our brand, and we cannot assure you that we
will be able to defuse negative press coverage about our company to the satisfaction of our investors, users, advertising customers and
content providers. If we are unable to defuse negative press coverage about our company, our brand may suffer in the marketplace, the
Group&#8217;s operational and financial performance may be negatively impacted and the price of the ADSs may decline.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negative
publicity about the Group, the Group&#8217;s services, operations and our management has adversely affected and may adversely affect
our reputation and business in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have from time to time received negative publicity, including negative Internet and blog postings about us, the Group&#8217;s services,
operations and our management. For example, a short seller published a report on December 10, 2019 with certain negative opinions on
the Group, such as the Group&#8217;s related party transactions, the Group&#8217;s products, the Group&#8217;s financial conditions and
the Group&#8217;s acquisition decision, which could have a negative impact on our reputation, despite the fact that the short seller&#8217;s
claims were based on factual errors and misunderstanding of business and accounting rules, which we subsequently explained in a detailed
public response. On January 18, 2020, the same short seller published another report on us, containing mostly the same negative opinions
regarding us, and we reported in detail the unfounded allegations in this report to the then audit committee of our board of directors.
On July 16, 2020, China Central Television, or CCTV, reported in its Annual Consumer Rights Show that certain advertisements placed by
third-party advertising agents on <i>Qutoutiao</i> exaggerated the health benefits of certain food and diet products and promoted activities
that may involve online-gambling, which led to negative media publicity on us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negative
publicity could be the result of malicious intentions, direct or indirect anti-competitive behaviors, agendas of short sellers or advertisements
placed on the Group&#8217;s platform. We may even be subject to government or regulatory investigation as a result of such third-party
conduct or misconduct and may be required to spend significant time and incur substantial costs to defend ourselves against such third-party
conduct or misconduct, and we may not be able to conclusively refute each of the allegations within a reasonable period of time, or at
all. Our brand and reputation may be materially and adversely affected as a result of any negative publicity, which in turn may cause
us to lose market share, users, advertising customers and other third parties the Group conducts business with. As a result, the Group&#8217;s
financial position or operating results may be adversely affected and the price of the ADSs may decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has implemented user loyalty programs to gamify user experience and tap into the competitive reward psyche of users. However, some
users have taken an interest in utilizing aggressive tactics to extract maximum monetary reward from the applications. Although the Group
has put in mechanisms to detect and prevent such behaviors and the absolute amount of monetary reward so earned is never more than paltry,
this feature of the Group&#8217;s applications has in some cases given rise to criticisms from the very same users who take it to be
a case of the Group not adequately rewarding or in fact overpromising reward to users in general. Such negative reviews could appear
in open blogs on the Internet, and, however unmerited, may twist the perception of those unfamiliar with or have no prior experience
with the Group&#8217;s applications, hence adversely impacting its ability to acquire new users.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Techniques
employed by short sellers may drive down the market price of the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-selling
is the practice of selling securities that the seller does not own but rather has borrowed from a third party with the intention of buying
identical securities back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the
securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay
less in that purchase than it received in the sale. As it is in the short seller&#8217;s interest for the price of the security to decline,
many short sellers publish, or arrange for the publication of, negative opinions, justified or not, regarding the relevant issuer and
its business prospects in order to create negative market momentum and generate profits for themselves after selling a security short.
These short attacks have, in the past, led to selling of shares in the market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
companies that have substantially all of their operations in China have been the subject of short-selling. Much of the scrutiny and negative
publicity has centered on allegations of a lack of effective internal control over financial reporting resulting in financial and accounting
irregularities and mistakes, inadequate corporate governance policies or a lack of adherence thereto and, in many cases, allegations
of fraud. As a result, many of these companies are now conducting internal and external investigations into the allegations and, in the
interim, are subject to shareholder lawsuits and/or SEC enforcement actions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 24; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
short seller published reports with certain negative opinions regarding us on December 10, 2019 and January 18, 2020, which negatively
affected our reputation. However, it is not clear what effect such negative publicity could continue to have on us. If we were to become
the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we might have to expend a significant
amount of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller
attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech,
applicable state law or issues of commercial confidentiality. Such a situation could be costly and time-consuming, and could distract
our management from growing the Group&#8217;s business. Even if such allegations are ultimately proven to be groundless, allegations
against us could severely impact the Group&#8217;s business operations and the trading price of the ADSs, and any investment in the ADSs
could be greatly reduced or even rendered worthless.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
catastrophe, including natural catastrophes and outbreaks of health pandemics and other extraordinary events, could disrupt the Group&#8217;s
business operation. For example, the COVID-19 pandemic may have a material adverse effect on the Group&#8217;s business, results of operations
and financial condition, as well as the trading price of the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is vulnerable to natural disasters and other calamities. Fire, floods, typhoons, earthquakes, power loss, telecommunications failures,
break-ins, war, riots, terrorist attacks or similar events may give rise to server interruptions, breakdowns, system failures or Internet
failures, which could cause loss or corruption of data or malfunctions of software or hardware as well as adversely affect the Group&#8217;s
ability to provide its products or services. The Group&#8217;s business could also be adversely affected by the effects of Ebola virus
disease, H1N1 flu, H7N9 flu, avian flu, Severe Acute Respiratory Syndrome, or SARS, COVID-19, or other epidemics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
particular, the COVID-19 pandemic negatively affected the global and Chinese economy as well as the advertising market in China from
the beginning of 2020 to 2022, and put constraints on the advertising budget of the Group&#8217;s advertising customers, which might
negatively affect its business, results of operations and financial condition, as well as the trading price of the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s operations were also impacted by measures taken by national and regional Chinese governments to contain COVID-19 during
this period. For example, a wave of infections caused by the Omicron variant emerged in Shanghai, where the majority of the Group&#8217;s
workforce is based, in early 2022, and a series of restrictions and quarantines were implemented to contain the spread. As a result,
our employees in Shanghai were not able to work in the office and we were not able to conduct our business operations as usual, which
had significant adverse impact on the Group&#8217;s business and results of operations. China began to modify its policy to contain COVID-19
in December 2022. There were surges of cases in many cities during this time, and there remains uncertainty as to the future impact of
the virus. We cannot be assured that restrictive measures will not be implemented in the future, and the Group&#8217;s business, results
of operations and financial condition may be adversely affected by such measures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s business operations could also be disrupted if any of its employees is suspected of being infected with COVID-19, since
it could require the Group&#8217;s employees to be quarantined and/or the Group&#8217;s offices to be shut down for disinfection. The
Group may be short on workforce if a large number of the Group&#8217;s employees are diagnosed with COVID-19 or are required to be self-isolated.
The Group&#8217;s business could also be impacted if any of its advertising customers or suppliers is affected by COVID-19, which may
result in suspension of the Group&#8217;s services, reduction in its advertising and marketing revenues, delay in collection of account
receivables and additional allowances for doubtful accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, COVID-19 may continue to adversely affect national and regional economy in China as well as global economy and financial markets,
which could cause economic downturn or financial crisis. The Group&#8217;s business, results of operations and financial condition could
be adversely affected to the extent that COVID-19 harms the Chinese and global economy in general, and the trading price of the ADSs
may decline significantly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 25; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been closely monitoring the impact of COVID-19 on macro economy and advertising market in general, as well as the impact on the
Group&#8217;s business, results of operations and financial condition. The extent to which COVID-19 may continue to impact the Group&#8217;s
results is uncertain and difficult to predict and will depend on future developments, including the duration, severity and reach of the
COVID-19 pandemic, and actions taken to contain the outbreak or treat its impacts.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
content formats and other products and services and changes to existing content formats and products and services could fail to attract
users or generate revenues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s ability to increase the size and engagement level of its user base, attract advertising customers and generate revenues
will depend in part on its ability to create and offer successful new content formats and other products and services. Such new content
formats and other products and services may involve new distribution capabilities or technologies with which we have little or no prior
development or operating experience, such as literature, online games and live-streaming. We may also continuously refine the Group&#8217;s
existing content formats and other products and services as part of the Group&#8217;s efforts to further enhance user engagement. However,
if such efforts or the Group&#8217;s efforts in launching new content formats and other products and services fail to engage users, the
Group may fail to attract or retain users or to generate sufficient revenues to justify our investments, and the Group&#8217;s business,
results of operations and financial condition could be adversely affected.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Group is unable to compete effectively in the industry it operates, the Group&#8217;s business, results of operations and financial
condition may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competition
for user traffic and user engagement, as well as advertising and marketing spending, is intense and we face strong competition in the
Group&#8217;s business. The Group&#8217;s primary competitors include content aggregators such as Jinritoutiao (operated by Bytedance),
Kuaibao (operated by Tencent) and Yidianzixun (an affiliate of Phoenix News). To a lesser extent, we also compete with mobile news portals
such as Tencent News, SINA News, Sohu News, NetEase News and Phoenix News. We also compete with other mobile literature applications,
such as iReader, QQ Reading, Qimao Free Novels and Fanqie Novels, as well as other mobile literature applications that have a business
model similar to ours. To a lesser extent, we compete with traditional PC-based online literature platforms. Many of the Group&#8217;s
competitors have more resources and longer operating histories than us. New players may emerge and seek to imitate the Group&#8217;s
business strategies, thereby directly competing with us for users. Furthermore, we may face potential competition from global online
content delivery platforms that seek to enter the China market, whether independently or through the formation of strategic alliances
with, or acquisition of, PRC Internet companies. If we are not able to effectively compete with the Group&#8217;s competitors, the Group&#8217;s
overall user base and level of user engagement may decrease. We may be required to spend additional resources to further enhance the
Group&#8217;s brand recognition and promote the Group&#8217;s products and services, and such additional spending could adversely affect
the Group&#8217;s profitability. Furthermore, if we are involved in disputes with any of the Group&#8217;s competitors that result in
negative publicity to us, such disputes, regardless of their veracity or outcome, may harm the Group&#8217;s reputation or brand image
and in turn lead to reduced number of users and advertising customers. The Group&#8217;s competitors may unilaterally decide to adopt
a wide range of measures targeted at us, including possibly designing their products to negatively impact the Group&#8217;s operations.
Any legal proceedings or measures we take in response to competition and disputes with the Group&#8217;s competitors may be expensive,
time-consuming and disruptive to the Group&#8217;s operations and divert our management&#8217;s attention.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Group&#8217;s users face a vast array of entertainment choices. Other forms of entertainment, including other Internet-based
activities such as social networking, online video or games, live-streaming, as well as offline games and activities such as television,
movies and sports, are much larger and more well-established markets and may be perceived by the Group&#8217;s users to offer greater
variety, affordability, interactivity and enjoyment. The Group&#8217;s platform competes against these other forms of entertainment for
the discretionary time and spending of the Group&#8217;s users. If we are unable to sustain sufficient interest in the Group&#8217;s
platform in comparison to other forms of entertainment, including new forms of entertainment that may emerge in the future, the Group&#8217;s
business model may no longer be viable.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 26; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group generates a substantial majority of its revenues from advertising and marketing. A decline in the Group&#8217;s advertising and
marketing revenues could harm its business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group generated a substantial majority of its revenues from advertising and marketing services in 2021, 2022 and 2023. Given the Group&#8217;s
short history, it has limited experience in operating the programmatic advertising system and in acquiring its own advertising agents
and advertising customers. The Group may not be able to recruit sufficient sales personnel to effectively and efficiently acquire and
retain advertising agents and advertising customers. The effectiveness of the Group&#8217;s programmatic advertising system may not perform
as expected and achieve widespread acceptance by advertising customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s advertising customers for its programmatic advertising system are comprised of advertising agents and end advertisers.
There can be no assurance that these advertising agents will continue to attract advertising customers to the Group&#8217;s platform.
Furthermore, as is common in the industry, the Group does not enter into long-term agreements with advertising agents or advertising
customers. Advertising agents and advertising customers are not obligated to use the Group&#8217;s advertising and marketing solutions
on an exclusive basis and they generally use multiple channels to manage their advertising and marketing needs. Accordingly, we or advertising
agents must convince advertising customers to use the Group&#8217;s programmatic advertising system, increase their usage and spend a
larger share of their online advertising and marketing budgets with the Group, and to do so on an ongoing basis. Advertising customers
may not continue to utilize the Group&#8217;s platform or may only be willing to advertise with the Group at reduced prices if it does
not deliver advertising and marketing services in an effective manner, including persuading the Group&#8217;s advertising customers as
to the relevancy of the Group&#8217;s user base for their products or services, or if they do not believe that their investment in advertising
and marketing with the Group&#8217;s will generate a competitive return relative to alternative advertising platforms. If the Group fails
to retain existing advertising customers or ensure that their advertising spends with the Group remains at similar or increased levels
or attract new advertising customers to advertise on the Group&#8217;s platform, the Group&#8217;s business, results of operations and
financial condition may be materially and adversely affected.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
efforts to expand the monetization of the Group&#8217;s products and services in addition to advertising may not be successful.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to sustain the Group&#8217;s operation and revenue, we must effectively monetize the Group&#8217;s user base and expand the monetization
of the Group&#8217;s products and services in addition to advertising. We plan to leverage the Group&#8217;s user account systems and
loyalty programs to induce users not only to spend the cash credits in their accounts from using the Group&#8217;s platform but also
to supplement their spending on the Group&#8217;s platform with additional funds. These measures include introducing paid content such
as literature, online games, short videos, as well as live-streaming products. There can be no assurance that we can successfully capture
such monetization opportunities. For example, users may prefer to purchase merchandise from &#8220;pure play&#8221; e-commerce platforms,
which tend to offer wider selections and may provide better services due to their deeper industry experience. In addition, the Group
has primarily offered free content to users, and the Group&#8217;s paid content may not gain significant user acceptance. If we were
unable to successfully execute the Group&#8217;s monetization strategies, the Group&#8217;s business, results of operations and financial
condition would be materially and adversely affected.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to continue to anticipate user preferences and interests, the Group may not be able to generate sufficient user traffic to remain
competitive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s success depends on its ability to intelligently deliver personalized light entertainment content to users. Through an automated
process, the Group develops interest and social graphs for each user based on such person&#8217;s profile, behavior and social relationships.
The user&#8217;s behavior also provides the Group with a granular view of the topics and content characteristics that likely are of interest
to the user. In addition, the interest and social graphs take into account the user&#8217;s social relationships with other users and
such other users&#8217; interests, including their behaviors. The Group&#8217;s content recommendation engine analyzes content and the
interest and social graphs of each user to identify content that is most likely to interest such person. Such recommendation is based
on analysis the Group has made as to user preferences and interests, and any errors in such analysis may lead the Group&#8217;s system
to recommend content that fails to attract users. Furthermore, the Group&#8217;s future success will depend on its ability to anticipate
and adapt new technologies. If the Group fails to continuously improve user experience through better recommendation results, we may
not be able to compete effectively with the Group&#8217;s competitors, and the Group&#8217;s business, results of operations and financial
condition may be materially and adversely affected.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 27; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
content providers on the Group&#8217;s platform do not continue to contribute content, decrease the amount of content contributed or
the quality of their contribution declines, the Group may experience a decrease in the number of users and level of user engagement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s success depends on its ability to generate sufficient user traffic through the intelligent delivery of personalized light
entertainment content, which in turn depends on the content contributed by the Group&#8217;s content providers. We believe that access
to light entertainment-oriented and easily digestible content is one of the main reasons users visit <i>Qutoutiao</i>. We encourage the
Group&#8217;s content providers to actively contribute quality content that will resonate with the Group&#8217;s users by implementing
a system in which fees paid to them are related to the number of views associated with content they contribute. We also seek to foster
a broader and more engaged user base by encouraging social interactions and production of user generated content. If the Group&#8217;s
content providers do not continue to contribute content, including user generated content, to the Group&#8217;s mobile applications due
to their dissatisfaction with the Group&#8217;s fee arrangements with them, their entry into exclusive arrangements with other platforms
or any other reasons, or the attractiveness of their content declines, and the Group is unable to provide users with entertaining and
relevant content, the Group&#8217;s user base and user engagement may decline. If the Group is required to share a higher proportion
of advertising and marketing revenues with content providers in order to enhance the quality of content delivered by it or increase the
amount of content provided to it, the Group&#8217;s profitability could be materially and adversely affected. If the Group experiences
a decline in the number of users or the level of user engagement, advertising customers may not view the Group&#8217;s platform as attractive
for their advertising expenditures and may reduce their spending with the Group, which would harm the Group&#8217;s business, results
of operations and financial condition.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s user metrics and other estimates are subject to inherent challenges in measuring its operating performance, which may harm
its reputation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
regularly review MAUs, DAUs, average time spent per DAU and other operating metrics to evaluate growth trends, measure the Group&#8217;s
performance, and make strategic decisions. These metrics are calculated using internal company data, have not been validated by an independent
third party, and may not be indicative of the Group&#8217;s future financial results. While these numbers are based on what we believe
to be reasonable estimates for the applicable period of measurement, there are inherent challenges in measuring how the Group&#8217;s
platform is used across a large population in China. For example, we may not be able to distinguish individual users who have multiple
registered accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Errors
or inaccuracies in the Group&#8217;s metrics or data could result in incorrect business decisions and inefficiencies. For instance, if
a significant understatement or overstatement of active users were to occur, we might expend resources to implement unnecessary business
measures or fail to take required actions to remedy an unfavorable trend. If advertising customers or investors do not perceive the Group&#8217;s
user or other operating metrics to accurately represent the Group&#8217;s user base, or if we discover inaccuracies in the Group&#8217;s
user or other operating metrics, our reputation may be harmed.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to effectively manage the Group&#8217;s operation, the Group&#8217;s business, results of operations and financial condition
could be harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have faced downward pressures in the Group&#8217;s business and operations in 2021, 2022 and 2023, which have placed and will continue
to place significant demands on our management, operational and financial resources. We may encounter difficulties as the Group establishes
and expands its operations, product development, sales and marketing, and general and administrative capabilities. We face significant
competition for talented employees from other high-growth companies, which include both publicly traded and privately held companies,
and we may not be able to hire new employees quickly enough to meet the Group&#8217;s needs. To attract highly skilled personnel, we
have had to offer, and believe we will need to continue to offer, competitive compensation packages. We are subject to the risks of over-hiring,
over-compensating the Group&#8217;s employees and over-expanding the Group&#8217;s operating infrastructure, and to the challenges of
integrating, developing and motivating a growing employee base. In addition, we may not be able to innovate or execute as quickly as
a smaller and more efficient organization. If we fail to effectively manage the Group&#8217;s hiring needs and successfully integrate
the Group&#8217;s new hires, the Group&#8217;s efficiency and ability to meet the Group&#8217;s forecasts and the Group&#8217;s employee
morale, productivity and retention could suffer, and the Group&#8217;s business, results of operations and financial condition could
be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 28; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Providing
products and services to users may be costly and we expect the Group to continue to incur significant expenses in the future as it maintains
its user base and user engagement, and develop and implement new content formats, features, products and services that require more infrastructure,
such as literature, online games and live-streaming. Historically, changes in the Group&#8217;s costs and expenses have affected its
results of operations and financial condition. We expect to continue to invest in the Group&#8217;s infrastructure to enable it to provide
its products and services rapidly and reliably to users. This could also strain the Group&#8217;s ability to maintain reliable service
levels for its users, content providers and advertising customers, develop and improve the Group&#8217;s operational, financial, legal
and management controls, and enhance the Group&#8217;s reporting systems and procedures. The Group&#8217;s expenses may grow faster or
decrease slower than its revenues, and its expenses may be greater than we anticipate. Managing the Group&#8217;s operation will require
significant expenditures and allocation of valuable management resources. If we fail to achieve the necessary level of efficiency in
the Group&#8217;s organization, the Group&#8217;s business, results of operations and financial condition could be harmed.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertisements
on the Group&#8217;s mobile applications may subject us to legal proceedings, penalties and other administrative actions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
PRC advertising laws and regulations, we are obligated to monitor the advertising content shown on the Group&#8217;s mobile applications
to ensure that such content is true, accurate and in full compliance with applicable laws and regulations. On October 27, 1994, the Standing
Committee of the National People&#8217;s Congress, or the SCNPC, issued the Advertisement Law, which was amended on April 24, 2015, October
26, 2018 and April 29, 2021, to further strengthen the supervision and management of advertisement services. On July 4, 2016, SAIC issued
the Interim Measures for the Administration of Internet Advertising, or the New Interim Measures, to further regulate Internet advertising
activities. Pursuant to these laws and regulations, any advertisement that contains false or misleading information to deceive or mislead
consumers shall be deemed false advertising. Furthermore, the Advertisement Law explicitly stipulates detailed requirements for the content
of several different kinds of advertisements, including advertisements for medical treatment, pharmaceuticals, medical instruments, health
food, alcoholic drinks, education or training, products or services having an expected return on investment, real estate, pesticides,
feed and feed additives, and some other agriculture-related advertisement. Also, according to the New Interim Measures, no advertisement
of such special products or services which are subject to examination by an advertising examination authority shall be published unless
it has passed such examination. In addition, an Internet advertisement shall be identifiable and clearly identified as an &#8220;advertisement&#8221;
so that consumers will know that it is an advertisement. The New Interim Measures also provide that Internet advertisement publishers
shall verify related supporting documents, check the content of the advertisement and be prohibited from publishing any advertisement
with nonconforming content or without all the necessary certification documents. However, for the determination of the truth and accuracy
of the advertisements, there are no implementing rules or official interpretations, and such a determination is at the sole discretion
of the relevant local branch of the State Administration for Market Regulation, or the SAMR (successor of SAIC and the State Food and
Drug Administration), which results in uncertainty in the application of these laws and regulations. In addition, advertising content
deemed as obscene, defamatory, inappropriately satirical or otherwise inappropriate by a relevant government authority may also subject
us to penalties. For instance, the Chinese government has temporarily suspended advertising services on a short video platform in China
because advertising content shown on the platform was deemed to be offensive and disrespectful to a revolutionary figure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 26, 2021, the SAMR publicly solicited opinions on the Measures for the Administration of Online Advertising (Draft for Comments),
or the Draft Internet Advertising Measures. On February 25, 2023, the SAMR issued the Measures for the Administration of Online Advertising,
or the Internet Advertising Measures, which took effect on May 1, 2023. The Internet Advertising Measures states that platform operators
providing Internet information services shall take measures to prevent and stop false and illegal advertisements. The Internet Advertising
Measures further strengthen the one-click-to-close requirement and prohibit advertisements for certain items on Internet media that targets
minors, including, among others, advertisements related to online games that are harmful to the physical or mental health of minors.
We cannot assure you that all the advertisements shown on the Group&#8217;s mobile applications are true, accurate, appropriate and in
full compliance with applicable laws and regulations. For example, advertisers on the Group&#8217;s mobile applications, or their agents,
may use measures that are designed to evade the Group&#8217;s monitoring, such as providing inauthentic material that does not match
the actual advertisement, or supplying advertising which is superficially compliant but nevertheless is linked to one or more webpages
that feature noncompliant advertising content. In addition, the Group&#8217;s employees responsible for reviewing advertisements may
not fully understand the relevant laws and regulations or may be inappropriately influenced by the advertisers. In each case, we may
still be held responsible for noncompliant advertising content. We include clauses in most of the Group&#8217;s advertising contracts
requiring that all advertising content provided by advertising customers must comply with relevant laws and regulations. Pursuant to
the contracts between the Group and the relevant advertising agents or advertising customers, they are liable for all damages to us caused
by their breach of such representations. However, there can be no assurance that we will be able to successfully enforce the Group&#8217;s
contractual rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 29; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 1, 2021, the MIIT promulgated the Notice of the Ministry of Industry and Information Technology on Launching the Action for
Improvements to the Perception of Information and Communications Services, under which, internet enterprises shall set obvious and effective
close buttons in the splash ads of their apps. On September 9, 2022, the Administrative Provisions on Internet Pop-up Window Information
Notification Services was issued by the CAC, the MIIT and the SAMR, effective from September 30, 2022, which requires that pop-up ads
shall be subject to content compliance review and shall be identifiable, prominently marked as &#8220;advertisement,&#8221; and users
shall be notified expressly. Besides, pop-up ads shall be able to be closed with a single click, it is not allowed to present such information
as third-party links and QR codes leading and redirecting malicious traffic by way of pop-up information push services, or induce users
to click through such services to falsify or hijack traffic.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Violation
of these laws and regulations may subject the Group to penalties, including fines, confiscation of the Group&#8217;s advertising income,
orders to cease dissemination of the advertisements and orders to eliminate the effect of illegal advertisement. If an illegal advertisement
featured on the Group&#8217;s mobile applications were to have excessive negative effects, our brand and reputation may be harmed, and
PRC governmental authorities may pursue more severe penalties and administrative actions against us. PRC governmental authorities may
even force us to terminate the Group&#8217;s advertising operation or revoke the Group&#8217;s licenses in circumstances involving serious
violations. Such penalties may have a material and adverse effect on the Group&#8217;s business, results of operations and financial
condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 16, 2020, CCTV reported in its Annual Consumer Rights Show that certain advertisements placed by third-party advertising agents
on <i>Qutoutiao</i> exaggerated the health benefits of certain food and diet products and promoted activities that may involve online-gambling.
In response, we promptly took appropriate measures such as immediate suspension of all employees involved in these advertisements, including
the person in charge of advertising operations, stricter management of all third-party advertising agents, enhancement of content management
capabilities in identifying misleading or inappropriate advertisements, and the launch of an easy-to-use and easy-to-find complaint channel
on the home screen of <i>Qutoutiao</i> so that users can file their complaints with us on any advertisement placed on the Group&#8217;s
app. The <i>Qutoutiao</i> app was temporarily removed from several major Android-based app stores in China after the report but was reinstated
on July 31, 2020. On October 14, 2020, Shanghai Jifen and Shanghai Dianguan were fined by a local Regulator for certain false advertisements
placed on the <i>Qutoutiao</i> app. The advertisement fees that these two entities earned from the false advertisements were also confiscated.
The aggregate amounts of the fines and confiscated earnings were approximately RMB0.6 million for Shanghai Jifen and RMB2.0 million for
Shanghai Dianguan, which were fully paid on November 27, 2020. On February 8, 2023, Midu Lite was notified by MIIT for deceiving, misleading
and compelling users (for example, the users&#8217; click would trigger automatic downloads of ads) and ordered to conduct rectification.
On February 10, 2023, we submitted the remediation report to MIIT and completed the rectification. Although we have enhanced the Group&#8217;s
internal procedures by taking remedial actions, we cannot assure you that all of the advertisements on the Group&#8217;s platform will
be fully in compliance with the applicable rules and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, advertisements on the Group&#8217;s mobile applications may also subject us to legal proceedings, which may result in penalties
on us and adversely affect our financial condition. For instance, in 2022, one of our material subsidiaries and one of the Key VIEs paid
fines of RMB82.8 million in aggregate as a result of alleged fraudulent advertisements that an advertising customer placed on the Group&#8217;s
online platform. See &#8220;Item 8. Financial Information &#8212; A. Consolidated Statement and other Financial Information &#8212; Legal
and Administrative Proceedings &#8212; Lawsuit Relating to Advertisements on Our Online Platform.&#8221; We have continued to implement
various measures to improve our internal procedures. For instance, we have further enhanced screening and review of the qualification
of the advertising agents and advertisers that place advertisements on our online platform. We have also further optimized our advertising
business team and devoted additional efforts to handle complaints relating to advertisements on our online platform.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 30; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased
government regulation of content platforms may subject us to penalties and other administrative actions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recent years, PRC government authorities have strengthened their oversight of content platforms similar to the Group&#8217;s mobile applications.
Other than the content that are considered to be violating PRC laws and regulations, such oversight has tended to pay more attention
to content that is or may be deemed misleading, obscene, pornographic, detrimental, and/or contrary to social values and morals prevailing
in China, which content may subject the platform&#8217;s operator to penalties and other administrative actions. For example, in April
2018, a platform that provides entertainment-oriented contents was ordered by the NRTA to permanently cease its operation for delivering
content that were considered to be vulgar and &#8220;deviating from mainstream values.&#8221; In addition, in July 2018, PRC governmental
and regulatory authorities responsible for &#8220;eradicating pornography and illegal publications&#8221; announced new coordinated efforts
to regulate and control the nascent online short video sector, including citations against 19 online short video platforms which allegedly
had disregarded previous and repeated warnings not to distribute content deemed by the authorities as obscene, misleading, pornographic,
violent, infringing, sensationalist, deviant from socialist core values, harmful to younger viewers, or otherwise unlawful or detrimental.
Of these 19 platforms, 15 had their applications removed from app stores and new downloads blocked; among these 15 platforms, three also
had their operations suspended by relevant authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
regulation of content and of content platforms generally may broaden in scope and oversee additional aspects of content platforms&#8217;
operation, such as information security, user suitability management, anti-addiction, and sales and marketing, in addition to being strengthened
and becoming stricter as to content and advertising. For example, on December 15, 2019, the CAC promulgated the Provisions on Ecological
Governance of Network Information Content, which became effective on March 1, 2020. The Provisions specify the information that is encouraged
for, prohibited from or prevented and rejected from dissemination, to further regulate the network information and content. In addition,
on November 29, 2021, the Office of the Ministry of Culture and Tourism issued the Opinions on Strengthening the Protection of Minors
in the Network Cultural Market, which propose the entities to strengthen the construction of online content, explore the establishment
of the review and judgment standards of the content unsuitable for minors to access, continue to improve the ability to identify illegal
content models and improve the professionalism and effectiveness of manual audit to block and clean up the harmful content timely and
effectively such as cult, pornography, illegal missionary, dangerous behavior, negative values and so on. On October 16, 2023, the State Council issued the Regulation on the Protection
of Minors in Cyberspace which took effect on January 1, 2024. The Regulation provides that the organization or individual that produces,
reproduces, releases or disseminates the information that may affect the physical and mental health of minors, such as information that
may cause or induce minors to imitate unsafe acts, to commit acts in violation of social morality, to produce extreme emotions or to develop
bad hobbies shall give a conspicuous reminder before displaying such information and the providers of cyber products and services, personal
information handlers, manufacturers and sellers of intelligent terminal products shall abide by laws, administrative regulations and the
relevant provisions of the State, respect social moralities, follow business ethics, act in good faith, fulfill the obligation of protecting
minors in cyberspace, assume social responsibilities and cooperate with the relevant authorities in carrying out the supervision and inspection
involving the protection of minors in cyberspace in accordance with the law. Any such new or broadened regulatory
measures or oversight may cause the Group to incur higher compliance costs, revise the Group&#8217;s operational strategies, target user
groups or promotional models, and thereby adversely affect the Group&#8217;s business and results of operations.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to detect click-through fraud of the Group&#8217;s platform, we could lose the confidence of advertising customers and the Group&#8217;s
revenues could decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to the risk of click-through fraud on the Group&#8217;s advertising services. Click-through fraud occurs when a person, automated
script or computer program imitates a legitimate user clicking on an advertisement, for the purpose of generating a charge per click
without having an actual interest in the target of the advertisement&#8217;s link. If we fail to detect fraudulent clicks or otherwise
are unable to prevent such fraudulent activity, the affected advertising customers may experience a reduced return on their investment
in the Group&#8217;s mobile advertising services and lose confidence in the integrity of the Group&#8217;s services. If this happens,
our reputation may be damaged and the Group may be unable to retain existing advertising customers and attract new advertising customers
for the Group&#8217;s advertising services and the Group&#8217;s advertising revenue could decline.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 31; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to detect user misconduct on the Group&#8217;s platform, the Group&#8217;s business, results of operations and financial condition
may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s platform enables users to upload content, post comments, interact with others and engage in various other online activities.
As the gatekeeper for the Group&#8217;s platform, the Group&#8217;s content management system is designed to ensure both the quality
and appropriateness of information presented to users, which include content and comment postings. The Group undertakes an efficient
and thorough screening process that involves both algorithm-based screening and manual review. The Group has also implemented a complaint
procedure that enables it to identify bad content with its users&#8217; help. However, such procedures may not prevent all illegal or
inappropriate content or comments from being posted, and the Group&#8217;s staff may fail to review and screen such content or comments
effectively. In response to allegations of illegal or inappropriate activities conducted through the Group&#8217;s platform or any negative
media coverage about the Group, PRC government authorities may intervene and hold the Group liable and subject it to administrative penalties
or other sanctions, such as requiring the Group to restrict or discontinue some of the features and services provided on its mobile application.
As a result, the Group&#8217;s business may suffer and its user base, revenues and profitability may be materially and adversely affected,
and the price of the ADSs may decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
the Group may be subject to fines or other disciplinary actions, including suspension or revocation of the licenses necessary to operate
the Group&#8217;s platform, if it is deemed to have facilitated the appearance of inappropriate content placed by third parties on its
platform, including user generated content. Although the Group requires content providers on its platform to promise that they will not
infringe upon the intellectual property rights of third parties, such content may nevertheless be unauthorized and infringe upon others&#8217;
intellectual property, including copyrights, and the Group may not be able to detect and identify every instance of intellectual property
infringement. See &#8220;&#8212; Non-compliance with law on the part of third parties with which the Group conducts business could disrupt
the Group&#8217;s business and adversely affect results of its operation and financial condition&#8221; and &#8220;The Group may be subject
to intellectual property infringement claims or other allegations by third parties for information or content displayed on, retrieved
from or linked to the Group&#8217;s platform, or delivered to the Group&#8217;s users, which may materially and adversely affect the
Group&#8217;s business, financial condition and prospects.&#8221; As a result, the Group may face claims for defamation, libel, negligence,
copyright, patent or trademark infringement, other unlawful activities or other claims based on the nature and content of the information
delivered on or otherwise accessed through the Group&#8217;s platform. Defending such actions could be costly and involve significant
time and attention of our management and other resources, which would materially and adversely affect the Group&#8217;s business, results
of operations and financial conditions.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s ability to prevent the misuse of its user loyalty programs while ensuring their efficacy in user acquisition and engagement
will have a material effect as to the Group&#8217;s business, results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
incentivize word-of-mouth viral referrals and improve user engagement and loyalty, the Group&#8217;s mobile applications have game-like
features allowing users to earn loyalty points while enjoying the content and earn cash credit in some cases by participating in fun
tasks. Registered users of the Group&#8217;s mobile applications can earn loyalty points if they become active users, refer others who
later register and become active users, or engage in various activities while logged in. Accumulated loyalty points, if exceeding a certain
threshold, can be withdrawn by the user in the form of cash by directly crediting the user&#8217;s electronic wallet. We have the sole
discretion in determining the withdrawal threshold and the exchange rate between loyalty points and the monetary value available to be
withdrawn. The Group&#8217;s user loyalty programs have contributed significantly to the growth in the Group&#8217;s installed users
and high user engagement. Although we believe consuming content, rather than earning loyalty points, is the main purpose for the Group&#8217;s
registered users to use applications, we have nonetheless designed the Group&#8217;s loyalty programs to balance between their efficacy
in user acquisition and engagement while preventing users from using the Group&#8217;s mobile applications merely for the loyalty points.
Our inability to achieve such balance may make the Group&#8217;s user loyalty programs no longer becoming enticing to users, which may
materially and adversely affect user growth and user engagement. Moreover, we cannot assure you that there will still be users who are
only attracted to the Group&#8217;s mobile applications because of the Group&#8217;s user loyalty programs. We have mechanisms in place
to prevent potential abuse of the Group&#8217;s user loyalty programs. For example, the Group&#8217;s system takes into account how fast
the user scrolls down the page to determine whether the viewer has actually viewed the article and loyalty points are now provided on
a per minute spent on viewing content basis. However, the Group&#8217;s system may not be able to detect all instances of abuse. Furthermore,
although the Group&#8217;s loyalty programs are designed so that only a small amount of loyalty points is provided for taking any specific
action with the aim to entice user referral and engagement, we cannot ensure you that there will not be users who will be able to hack
the Group&#8217;s user loyalty programs to make earning loyalty points a highly lucrative endeavor. We have also focused on developing
fraud detection technologies to combat fraudulent users and activities targeting the Group&#8217;s user loyalty programs and we cannot
assure you that such system will be effective in identifying fraud. If we allow users to improperly earn loyalty points, the Group&#8217;s
business, results of operations and financial condition may be materially and adversely affected. As clearly stated in the Group&#8217;s
user agreement, the Group has the sole discretion in determining user misuse of the Group&#8217;s user loyalty programs, and the Group
may freeze a user&#8217;s account if it finds such user misused the Group&#8217;s user loyalty programs. Certain users that have their
accounts frozen have complained online. Such complaints could undermine the public perception and credibility of the Group&#8217;s platform,
and the Group&#8217;s business, results of operations and financial condition could be materially and adversely affected.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 32; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s results of operations may fluctuate from quarter to quarter, which makes them difficult to predict.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s quarterly results of operations have fluctuated in the past and will continue to fluctuate in the future. As a result,
the Group&#8217;s past quarterly results of operations are not necessarily indicators of future performance. The Group&#8217;s results
of operations in any given quarter can be influenced by numerous factors, many of which we are unable to predict or are outside of our
control, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Group&#8217;s ability to maintain its user base and user engagement;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
    in spending by the Group&#8217;s advertising customers, including as a result of seasonality or other factors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Group&#8217;s ability to attract and retain advertising customers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    occurrence of planned or unplanned significant events, including events that may cause substantial share-based compensation or other
    charges;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    development and introduction of new content formats, products or services or changes in features of existing content formats, products
    or services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    impact of competitors or competitive products and services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increases
    in the Group&#8217;s costs and expenses that we may incur to grow and expand the Group&#8217;s operations and to remain competitive;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the legal or regulatory environment or proceedings, including with respect to security, privacy or enforcement by government regulators,
    including fines, orders or consent decrees; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in Chinese or global business or macroeconomic conditions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the Group&#8217;s limited operating history and the rapidly evolving market in which we compete, the Group&#8217;s historical results
of operations may not be sufficiently informative for you in predicting the Group&#8217;s future results of operations. The Group&#8217;s
short operating history makes it difficult for us to identify recurring seasonal trends in the Group&#8217;s business. The advertising
industry in China experiences seasonality. Historically, advertising spending and user activities on the Group&#8217;s platform tend
to be the lowest in the first quarter of each calendar year due to long holidays around the Lunar New Year, during which users tend to
spend more time with family and celebrations offline and less time online, including on the Group&#8217;s mobile applications. In addition,
advertising customers, such as those in the e-commerce industry, may also reduce their advertising spending during the holidays around
the Lunar New Year due to reduced consumer spending or reduced or suspended production and logistics activities by manufacturers or other
service providers. We believe this seasonality affects the Group&#8217;s quarterly results, especially the Group&#8217;s results of operations
in the first quarter of each year.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 33; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group may be adversely affected by the complexity, uncertainties and changes in PRC regulation of Internet businesses and companies,
including limitations on its ability to own key assets such as its mobile applications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chinese government heavily regulates the Internet industry, including foreign investment in the Chinese Internet industry, content on
the Internet and license and permit requirements for service providers in the Internet industry. Since some of the laws, regulations
and legal requirements with respect to the Internet are relatively new and evolving, their interpretation and enforcement involve significant
uncertainties. In addition, the Chinese legal system is based on written statutes, such that prior court decisions can only be cited
for reference and have little precedential value. As a result, in many cases it is difficult to determine what actions or omissions may
result in liabilities. Issues, risks and uncertainties relating to China&#8217;s government regulation of the Chinese Internet sector
include the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Group operates its mobile applications in China through businesses controlled via contractual arrangements rather than equity ownership
    due to restrictions on foreign investment in businesses providing value-added telecommunication services, including substantially
    all of the Group&#8217;s paid services and advertising services.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertainties
    relating to the regulation of the Internet business in China, including evolving licensing practices, give rise to the risk that
    some of the Group&#8217;s permits, licenses or operations may be subject to challenge, which may be disruptive to the Group&#8217;s
    business, subject us to sanctions or require us to increase capital, compromise the enforceability of relevant contractual
    arrangements, or have other adverse effects on the Group. For example, some of our business activities involve providing 1v1
    real-time audio and video social communication functions, which might be regarded as provision of value-added telecommunications
    services of instant information interaction services under Catalog of Telecommunications Business and we might be ordered to obtain
    the value-added telecommunications service license covering service scope for provision of instant information interaction services
    which we have not obtained yet. Apart from this, the numerous and often vague restrictions on acceptable content in China subject
    the Group to potential civil and criminal liability, temporary blockage of the Group&#8217;s mobile applications or complete
    shutdown of the Group&#8217;s mobile applications. For example, the State Secrecy Bureau, which is directly responsible for the
    protection of state secrets of all Chinese government and Chinese Communist Party organizations, is authorized to block any website
    or mobile applications it deems to be leaking state secrets or failing to meet the relevant regulations relating to the protection
    of state secrets in the distribution of online information. In addition, the recently amended Law on Preservation of State Secrets
    which published on February 27, 2024 and will become effective on May 1, 2024 provides that whenever a network operator detects any
    leakage of state secrets in the distribution of online information, it should stop the distribution of such information and report
    to the authorities of state security and public security. As per request of the authorities of state security, public security or
    state secrecy, the Internet service provider should delete any content on its website that may lead to disclosure of state secrets and carry out technical processing of the relevant equipment.
    Failure to do so on a timely and adequate basis may subject the service provider to liability and certain penalties imposed by the
    State Security Bureau, Ministry of Public Security and/or MIIT or their respective local counterparts.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    September 28, 2009, the NRTA (previously known as the SART, GAPPRFT and SARFT) and the National Office of Combating Pornography and
    Illegal Publications jointly published a circular expressly prohibiting foreign investors from participating in Internet game operating
    business via wholly owned, equity joint venture or cooperative joint venture investments in China, and from controlling and participating
    in such businesses directly or indirectly through contractual or technical support arrangements.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    February 4, 2016, the NRTA and the MIIT jointly issued the <i>Rules for the Administration for Internet Publishing Services</i>,
    or the <i>Internet Publishing Rules</i>, which took effect on March 10, 2016, and prohibit wholly foreign-owned enterprises, Sino-foreign
    equity joint ventures and Sino-foreign cooperative enterprises from engaging in the provision of web publishing services. Under such
    rules, an Internet publishing license is required for a provider of online publications. Uncertainty remains regarding the interpretation
    of relevant concepts, including &#8220;online publications.&#8221; Although we have not been explicitly required by the NRTA or other
    relevant authorities to obtain an Internet publishing license to continue our business so far, we may face further scrutiny by such
    authorities, which may require us to apply for such license and/or subject us to penalties. In addition, project cooperation between
    an Internet publishing service provider and a wholly foreign-owned enterprise, Sino-foreign equity joint venture, or Sino-foreign
    cooperative enterprise within China or an overseas organization or individual involving Internet publishing services shall be subject
    to examination and approval by the NRTA in advance.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 34; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    November 2020, the NRTA promulgated the Circular on Strengthening the Administration of the Online Show Live Streaming and E-commerce
    Live Streaming, or Circular 78. According to Circular 78, platforms providing online show live streaming or e-commerce live streaming
    services shall, among other things, register their information and business operations in the National Internet Audio-visual Platforms
    Information Management System, ensure real-name registration for all live streaming hosts and virtual gifting users, prohibit users
    that are minors or without real-name registration from virtual gifting, and set a limit on the maximum amount of virtual gifting
    per time, per day, and per month. On February 9, 2021, the CAC, the National Office of Anti-Pornography and Anti-Illegal, the MIIT,
    the Ministry of Public Security, or the MPS, the MCT, the SAMR and the NRTA jointly issued the Circular on the Guiding Opinions on
    Strengthening Standardized Management of Online Live Streaming, which further states that live-streaming platforms which carry out
    commercial online performances shall hold the Internet Cultural Business License, or ICB License, and go through ICP record-filing
    and live streaming platforms which provide online audio-visual program services must obtain the Audio-Visual Permit (or complete
    the registration on the National Internet Audio-visual Platforms Information Management System) and complete the ICP filing procedure.
    As of the date of this annual report, Beijing Supreme Pole International Sports Development Co., Ltd. has obtained the Audio-Visual
    Permit and the Group has been registered in the National Internet Audio-visual Platforms Information Management System with the <i>Qutoutiao
    </i>app. We cannot assure you all the live streaming platforms operated by us can be successfully registered with the National Internet
    Audio-visual Platforms Information Management System. Failure to make such registration may have adverse impact on the Group&#8217;s
    business. On March 25, 2022, the CAC, the SAT and the SAMR jointly issued Opinions on Further Regulating Profit-making Behaviors
    of Webcast to Promote the Healthy Development of the Industry, which provides that online live streaming platforms shall, on a semi-annual
    basis, submit to the cyberspace administration at the provincial level and the competent tax authorities information such as the
    personal identity of an online live streaming publisher who engages in online live streaming for profit, his or her live streaming
    account, online nickname, account name, type of income, and profitability and cooperate with cyberspace, market regulation, taxation
    and other authorities to conduct supervision and inspection according to the relevant laws. Circular 78 also sets forth requirements
    for certain live streaming businesses with respect to live streaming review personnel requirements, content tagging requirements,
    and other requirements. For more information on Circular 78, see &#8220;Item 4. Information on the Company &#8212; C. Regulations
    &#8212; Regulations Related to Online Live Streaming Services.&#8221; As there remain uncertainties to some of the requirements in
    Circular 78 and its implementation standards, we are still in the process of getting further guidance from regulatory authorities
    and evaluating the applicability and effect of the various requirements under Circular 78 on the Group&#8217;s business. Any further
    regulatory updates with respect to Circular 78 or other intensified regulation with respect to live streaming may increase the Group&#8217;s
    compliance burden in the live streaming business, and may have an adverse impact on the Group&#8217;s business and results of operations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the increasing popularity and use of the Internet and other online services, it is possible that a number of laws and regulations
may be adopted with respect to the Internet or other online services covering issues such as user privacy, pricing, content, copyrights,
distribution, antitrust and characteristics and quality of products and services. The adoption of additional laws or regulations may
impede the growth of the Internet or other online services, which could, in turn, decrease the demand for the Group&#8217;s products
and services and increase the Group&#8217;s cost of doing business. Moreover, the applicability to the Internet and other online services
of existing laws in various jurisdictions governing issues such as property ownership, sales and other taxes, libel and personal privacy
is uncertain and may take years to resolve. Any new legislation or regulation, the application of laws and regulations from jurisdictions
where laws do not currently apply to the Group&#8217;s business, or the application of existing laws and regulations to the Internet
and other online services could significantly disrupt the Group&#8217;s operations or subject us to penalties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 35; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
interpretation and application of existing PRC laws, regulations and policies, the stated positions of relevant PRC government authorities
and possible new laws, regulations or policies have created substantial uncertainties regarding the legality of existing and future foreign
investments in, and the businesses and activities of, Internet businesses in China, including the Group&#8217;s business.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-compliance
with law on the part of third parties with which the Group conducts business could disrupt the Group&#8217;s business and adversely affect
results of its operation and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
parties with which the Group conducts business, such as content providers, advertising agents, advertising customers and merchandise
suppliers, may be subject to regulatory penalties or punishments because of their regulatory compliance failures, subject to criminal
investigations or legal proceedings, or infringe upon other parties&#8217; legal rights, which may, directly or indirectly, disrupt the
Group&#8217;s business. Although the Group conducts reviews of legal formalities and certifications before entering into contractual
relationships with third parties, and takes measures to reduce the risks that it may be exposed to in case of any non-compliance by third
parties, we cannot be certain whether such third party has violated any regulatory requirements, breached any applicable laws, or infringed
or will infringe any other parties&#8217; legal rights. For example, content providers may submit copyrighted content that they have
no right to distribute. While the Group&#8217;s content management system screens content for potential copyright infringements, it may
not be able to identify all instances of copyright infringement. In the event the Group delivers content that violates the copyrights
of a third party, it may be required to pay damages to compensate such third party. Even though the Group has the contractual right to
seek indemnification from the relevant content provider for such payment, there can be no assurance that the Group will be able to enforce
such right. As a result, the Group&#8217;s business, results of operations and financial condition could be materially and adversely
affected. Similarly, advertising content of advertising customers may also not be in full compliance with applicable laws and regulations
that may subject us to legal proceedings, penalties and other administrative actions, and have an adverse effect on the Group&#8217;s
business, results of operations and financial condition. See &#8220;&#8212; Advertisements on the Group&#8217;s mobile applications may
subject us to legal proceedings, penalties and other administrative actions.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot rule out the possibility of incurring liabilities or suffering losses due to any non-compliance by third parties. We cannot assure
you that the Group will be able to identify irregularities or non-compliance in the business practices of third parties the Group conducts
business with, or that such irregularities or non-compliance will be corrected in a prompt and proper manner. Any legal liabilities and
regulatory actions affecting third parties involved in the Group&#8217;s business may affect its business activities and reputation,
and may in turn affect the Group&#8217;s business, results of operations and financial condition.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Privacy
concerns relating to the Group&#8217;s products and services and the use of user information could damage its reputation, deter current
and potential users and customers from using the Group&#8217;s mobile applications and negatively impact its business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group collects personal data from its users in order to better understand its users and their needs and to help advertising customers
target specific demographic groups. Through an automated process, the Group develops a social graph for each user based on such person&#8217;s
profile, behavior and social relationships. Concerns about the collection, use, disclosure or security of personal information or other
privacy-related matters, even if unfounded, could damage our reputation, cause the Group to lose users and customers and adversely affect
the Group&#8217;s business, results of operations and financial condition. While the Group strives to comply with applicable data protection
laws and regulations, as well as its own posted privacy policies and other obligations it may have with respect to privacy and data protection,
the failure or perceived failure to comply may result, and in some cases has resulted, in inquiries and other proceedings or actions
against us by government agencies or others, as well as negative publicity and damage to our reputation and brand, each of which could
cause the Group to lose users and customers, which could have an adverse effect on the Group&#8217;s business. For example, on September 28, 2023, Shanghai Jifen was notified by Shanghai Internet Information Office for collecting
the personal information beyond the scope, failing to erase personal information upon deregistration and compulsorily collecting unnecessary
personal information. Shanghai Jifen has completed the rectification.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
systems failure or compromise of the Group&#8217;s security that results in the unauthorized access to or release of the Group&#8217;s
users&#8217; or customers&#8217; data could significantly limit the adoption of the Group&#8217;s products and services, as well as harm
our reputation and brand and, therefore, the Group&#8217;s business. We expect to continue to expend significant resources to protect
against security breaches. The risk that these types of events could seriously harm the Group&#8217;s business is likely to increase
as the Group expands the number of products and services it offers and expands its user base.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 36; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
laws or regulations concerning data protection, or the interpretation and application of existing consumer and data protection laws or
regulations, which is often uncertain and in flux, may be inconsistent with the Group&#8217;s practices. Complying with new laws and
regulations could cause the Group to incur substantial costs or require the Group to change its business practices in a manner materially
adverse to its business. For example, if privacy concerns or regulatory restrictions prevent the Group from selling demographically targeted
advertising, the Group may become less attractive to advertising customers.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Group is unable to keep pace with rapid technological changes in the mobile Internet industries, its business may suffer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mobile content industry, and the Internet industry in general, are characterized by constant changes, including rapid technological evolution,
continual shifts in customer demands, frequent introductions of new products and services and constant emergence of new industry standards
and practices. Thus, the Group&#8217;s success will depend, in part, on its ability to respond to these changes in a cost-effective and
timely manner. If we are unable to keep up with big data analysis, artificial intelligence and other technological developments, users
may no longer be attracted to the Group&#8217;s platform. A decrease in the number of active users may reduce the Group&#8217;s monetization
opportunities and have a material and adverse effect on the Group&#8217;s business, results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s technological capabilities and infrastructure underlying its platform are critical to the Group&#8217;s success. The industry
the Group operates in is subject to rapid technological changes and is evolving quickly in terms of technology innovation. We need to
anticipate the emergence of new technologies and assess their market acceptance. We also need to invest significant resources, including
financial resources, in research and development to keep pace with technological advances in order to make the Group&#8217;s products
and services competitive in the market. However, development activities are inherently uncertain, and we might encounter practical difficulties
in commercializing the Group&#8217;s development results. The Group&#8217;s significant expenditures on research and development may
not generate corresponding benefits. Given the fast pace with which the technology has been and will continue to be developed, we may
not be able to timely upgrade the Group&#8217;s technologies in an efficient and cost-effective manner, or at all. New technologies in
programming or operations could render the Group&#8217;s technologies, the Group&#8217;s platform or products or services that we are
developing or expect to develop in the future obsolete or unattractive, thereby limiting the Group&#8217;s ability to recover related
product development costs, outsourcing costs and licensing fees, which could result in a decline in the Group&#8217;s revenues and market
share.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Group&#8217;s security measures are breached, or if the Group&#8217;s products and services are subject to attacks that degrade or
deny the ability of users to access the Group&#8217;s products and services, the Group&#8217;s products and services may be perceived
as not being secure, users may curtail or stop using the Group&#8217;s products and services and the Group&#8217;s business, results
of operations and financial condition may be harmed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s products and services involve the storage and transmission of users&#8217; information, and security breaches expose us
to a risk of loss of this information, litigation and potential liability. We may experience cyber-attacks of varying degrees, including
attempts to hack into the Group&#8217;s user accounts or redirect the Group&#8217;s user traffic to other websites. Functions that facilitate
interactivity with other mobile applications, such as WeChat, which among other things allows users to log into the Group&#8217;s platform
using their WeChat identities, could increase the scope of access of hackers to user accounts. The Group&#8217;s security measures may
also be breached due to employee error, malfeasance or otherwise. Additionally, outside parties may attempt to fraudulently induce employees
or users to disclose sensitive information in order to gain access to the Group&#8217;s data or the Group&#8217;s users&#8217; data or
accounts, or may otherwise obtain access to such data or accounts. Any such breach or unauthorized access could result in significant
legal and financial exposure, damage to our reputation and a loss of confidence in the security of the Group&#8217;s products and services
that could have an adverse effect on the Group&#8217;s business, results of operations and financial condition. Because the techniques
used to obtain unauthorized access, disable or degrade service or sabotage systems change frequently and often are not recognized until
launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures. If an actual
or perceived breach of the Group&#8217;s security occurs, the market perception of the effectiveness of the Group&#8217;s security measures
could be harmed, the Group could lose users and we may be exposed to significant legal and financial risks, including legal claims and
regulatory fines and penalties. Any of these actions could have a material and adverse effect on the Group&#8217;s business, results
of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 37; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group relies on third-party online payment platforms as to certain aspects of its operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s users withdraw cash credits from their accounts on the Group&#8217;s mobile applications through third-party online payment
systems. The Group&#8217;s users also can use third-party online payment systems to supplement their spending on the Group&#8217;s mobile
applications with additional funds. In such online payment transactions, secured transmission of confidential information such as customers&#8217;
personal information over public networks is essential to maintain consumer confidence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not have control over the security measures of these third-party online payment platforms, and security breaches of the online payment
systems that the Group uses could expose us to litigation and possible liability for failing to secure confidential customer information
and could, among other things, damage our reputation and the perceived security of all of the online payment systems that the Group uses.
If a well-publicized Internet or mobile network security breach were to occur, users concerned about the security of their online financial
transactions may become reluctant to purchase the Group&#8217;s virtual items even if the publicized breach did not involve payment systems
or methods used by the Group. In addition, there may be billing software errors that would damage customer confidence in these online
payment systems. If any of the above were to occur and damage our reputation or the perceived security of the online payment systems
the Group uses, the Group may lose active users, which may have an adverse effect on the Group&#8217;s business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
if any of the payment platforms the Group uses to decide to significantly increase the percentage they charge us for using their payment
systems, the Group&#8217;s business, results of operations and financial condition may be materially and adversely affected.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be subject to cybersecurity review by regulatory authorities of the PRC in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 13, 2020, the CAC, together with 11 other government authorities, jointly issued the Cybersecurity Review Measures, or the Review
Measures. The Review Measures, under which the scope of application, reporting procedures, evaluation factors and legal responsibilities
are stipulated, were implemented on June 1, 2020 to replace the Measures for Security Review of Cyber Products and Services (for Trial
Implementation) issued by the CAC on May 2, 2017. According to the Review Measures, any operator of critical information infrastructure,
which, according to the Reply to Questions on the Review Measures published by the CAC, includes critical network and information system
operators in the telecommunications industry, purchases any network product or service that affect or may affect national security, must
apply for a cybersecurity review to be conducted by Cybersecurity Review Office.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 14, 2021, the CAC issued the Draft Network Data Security Management Regulations for public comments, pursuant to which, data
processors carrying out the following activities must, in accordance with the relevant national regulations, apply for a cybersecurity
review: (i) the merger, reorganization or spin-off of internet platform operators that possess a large number of data resources related
to national security, economic development and public interests that affects or may affect national security; (ii) listing in a foreign
country of data processors that process the personal information of more than one million users; (iii) listing in Hong Kong of data processors
and such listing affects or may affect national security; and (iv) other data processing activities that affect or may affect national
security. The scope of and threshold for determining what &#8220;affects or may affect national security&#8221; is still subject to uncertainty
and further elaboration by the CAC. It further requires that a data processor which processes important data or is listed overseas shall
complete an annual data security assessment either self-conducted or conducted by a data security service organization engaged, and before
January 31 of each year, submit the annual data security assessment report of the previous year to the local cyberspace affairs administration
department. As of the date of this annual report, the Network Data Security Management Regulations was released for public comment only,
and no interpretation or implementation rules for this proposed regulation have been issued by the CAC or any other PRC regulatory authorities.
It remains uncertain when the Network Data Security Management Regulations will be adopted and become effective and whether it will be
adopted as was initially proposed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 38; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 28, 2021, the CAC and 12 other PRC regulatory authorities jointly issued the revised Cybersecurity Review Measures, which became
effective from February 15, 2022, superseding and replacing the cybersecurity review measures that had been in effect since June 2020.
The revised Cybersecurity Review Measures require that, (i) any procurement of network products and services by critical information
infrastructure operators, which affects or may affect national security, (ii) any data processing activities by network platform operators,
which affects or may affect national security, or (iii) any network platform operators which has personal information of more than one
million users and is going to be listed abroad, shall be subject to cybersecurity review. Furthermore, the relevant PRC governmental
authorities may initiate cybersecurity review if they determine certain network products, services, or data processing activities affect
or may affect national security. During such review, the Group may be required to suspend new user registration in China and/or experience
other disruptions of the Group&#8217;s operations. Cybersecurity review could also result in negative publicity with respect to our company
and diversion of our managerial and financial resources. Furthermore, if the Group was found to be in violation of applicable laws and
regulations of the PRC during such review, it could be subject to administrative penalties, such as warnings, fines, service suspension
or removal of the Group&#8217;s apps from the relevant app stores. Therefore, cybersecurity review could have a material and adverse
impact on the Group&#8217;s business, results of operations and financial condition. Since the measures were recently promulgated, there
exist uncertainties with respect to their interpretation and implementation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, the Group has not been informed by any PRC governmental authority of any requirement for us to file
for a cybersecurity review. However, in anticipation of the strengthened implementation of cybersecurity laws and regulations and the
continued expansion of the Group&#8217;s business, the Group faces potential risks if it is deemed as a &#8220;critical information infrastructure
operator&#8221; or a &#8220;network platform operator&#8221; that affects or may affect national security under the Cybersecurity Review
Measures and relevant regulations, and would be required to follow cybersecurity review procedures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 10, 2021, the Standing Committee of the National People&#8217;s Congress, or the SCNPC, promulgated the PRC Data Security Law, which
came into effect on September 1, 2021. The PRC Data Security Law imposes data security and privacy protection obligations on entities
and individuals carrying out data activities, including but not limited to the collection, storage, use, processing, transmission, provision,
and public disclosure of data. Furthermore, the PRC Data Security Law proposes to establish a data classification and hierarchical protection
system to protect data by classification and level, depending on the importance of the data in economic and social development, and the
damage may be caused to national security, public interests, or the legitimate rights and interests of individuals and organizations
if the data is falsified, damaged, disclosed, illegally obtained or illegally used. The PRC Data Security Law also provides a national
security review procedure for data activities that may affect national security and imposes export restrictions on certain data and information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 7, 2022, the CAC promulgated the Measures for the Security Assessment of Cross-Border Data Transfer, which took effect on September
1, 2022. These measures require the data processor providing data overseas and falling under any of the following circumstances apply
for the security assessment of cross-border data transfer by the national cybersecurity authority through its local counterpart: (i)
where the data processor intends to provide important data overseas; (ii) where the critical information infrastructure operator and
any data processor who has processed personal information of more than 1,000,000 individuals intend to provide personal information overseas;
(iii) where any data processor who has provided personal information of 100,000 individuals or sensitive personal information of 10,000
individuals to overseas recipients accumulatively since January 1 of the last year intends to provide personal information overseas;
and (iv) other circumstances where the security assessment of cross-border data transfer is required as prescribed by the CAC. Furthermore,
the data processor shall conduct a self-assessment on the risk of cross-border data transfer prior to applying for the foregoing security
assessment, under which the data processor shall focus on certain factors, including, among others, the legitimacy, fairness and necessity
of the purpose, scope and method of cross-border data transfer and the data processing of overseas recipients, the risks that the cross-border
data transfer may bring to national security, public interests and the legitimate rights and interests of individuals or organizations
as well as whether the cross-border data transfer related contracts or the other legally binding documents to be entered with overseas
recipients have fully included the data security protection responsibilities and obligations. Any failure to comply with such requirements
may subject us to, among others, suspension of services, fines, revoking relevant business permits or business licenses and penalties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 39; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 22, 2023, the CAC issued the Measures for the Standard Contract for Outbound Transfer of Personal Information, or the Standard
Contract Measures, which took effect on June 1, 2023, regulates any personal information handler who intends to transfer personal
information outside the PRC to a foreign recipient by entering into the standard contract. It provides that the previous transferring
of personal information shall meet all of the following conditions: (i) it is not a critical information infrastructure operator; (ii)
it processes the personal information of less than one million individuals; (iii) it has cumulatively transferred abroad the personal
information of less than 100,000 individuals since January 1 of the previous year; and (iv) it has cumulatively transferred abroad the
sensitive personal information of less than 10,000 individuals since January 1 of the previous year and prior to the outbound transfer
of personal information, the personal information handler shall conduct a personal information protection impact assessment. Furthermore,
the personal information handler shall, within ten working days after the standard contract enters into effect, apply for filing with
the cyberspace administration at the provincial level. Any failure in the completion of the filing and compliance with such requirements
may result in fines or other penalties, including suspension of services, fines or revoking relevant business permits or business licenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 22, 2024, the CAC issued the Provisions on Promoting and Regulating the Cross-border Flow of Data, or the Cross-border Flow of
Data Provisions, which took effect on the same day and provides that unless the otherwise provided, the data processor shall apply for
security assessment for cross-border data transfer to the CAC through the local cyberspace administration at the provincial level if any
of the following conditions is met (i) the critical information infrastructure operator transfers personal information or important data
abroad, or (ii) the data processor other than a critical information infrastructure operator transfers important data abroad, or has,
since January 1 of the current year, transferred the personal information of more than 1 million users (excluding sensitive personal information)
or the sensitive personal information of more than 10,000 users abroad cumulatively. Furthermore, the Cross-border Flow of Data Provisions
also provides that unless the otherwise provided therein, the data processor other than a critical information infrastructure operator
who has, since January 1 of the current year, transferred the personal information of more than 100,000 users, less than 1 million users
(excluding sensitive personal information) or the sensitive personal information of more than 10,000 users abroad cumulatively shall conclude
a standard contract for outbound transfer of personal information with overseas recipients or go through the authentication for protection
of personal information in accordance with the law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has been making constant efforts to comply with the revised Cybersecurity Review Measures and other data protection laws and regulations
of the PRC. Our mobile apps and websites only collect basic user information which are necessary for the provision of the corresponding
services. The Group updates its privacy policies and adjusts its data processing practices from time to time to meet the latest regulatory
requirements of CAC and other authorities and adopts technical and organizational measures to protect data and cybersecurity. However,
since the revised Cybersecurity Review Measures were recently promulgated, there exist uncertainties with respect to their interpretation
and implementation, and as the Draft Network Data Security Management Regulations has not been adopted and it remains unclear whether
the formal version adopted in the future will have any further material changes, the Group still faces uncertainties that the rules may
be enacted, interpreted or implemented in ways that will negatively affect the Group. The Group could be subject to cybersecurity review,
and if so, it may not be able to pass such a review. In addition, the Group could become subject to enhanced cybersecurity review or
investigations launched by PRC regulators in the future. Any failure or delay in the completion of the cybersecurity review procedures
or any other non-compliance with the related laws and regulations may result in fines or other penalties, including suspension of business,
website closure, removal of the Group&#8217;s app from app stores, and revocation of licenses, as well as reputational damage or legal
proceedings or actions against the Group, which may have a material adverse effect on the Group&#8217;s business, financial condition
or results of operations. In addition, our ability to continue to offer our ADSs to investors could be significantly limited or completely
hindered, and the value of our ADSs could significantly decline or become worthless. Our <i>Qutoutiao</i> and Midu Novels mobile applications
were listed in the notices issued by CAC in June 2021 and August 2021, respectively, for issues regarding collection of personal data,
and we were asked to undertake remedial measures. Since then, we have implemented measures to improve the data privacy protection of
our mobile applications, and we have not received any administrative penalties in this regard. As of the date of this annual report,
the Group has not been involved in any cybersecurity review initiated by the CAC or other relevant governmental regulatory authorities,
and it has not received any inquiry, notice, warning, or sanction in such respect, other than the incidents mentioned above. However,
we cannot rule out the possibility that the Group may be subject to the cybersecurity review or other investigations initiated by the
CAC or the related governmental regulatory authorities.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC has adopted regulations governing the use of algorithms. If new or existing regulations restrict our ability to use algorithms in
our business, our business, results of operations and prospects would be adversely impacted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC has adopted regulations governing the use of algorithms. On August 17, 2021, the SAMR issued a discussion draft of Provisions on
the Prohibition of Unfair Competition on the Internet, under which business operators should not use data or algorithms to hijack traffic
or influence users&#8217; choices, or use technical means to illegally capture or use other business operators&#8217; data. On September
17, 2021, the CAC, together with certain other governmental authorities, jointly issued the Guidelines on Strengthening the Comprehensive
Regulation of Algorithms for Internet Information Services, which provide that, daily monitoring of data use, application scenarios and
effects of algorithms shall be carried out by the relevant regulators, and the relevant regulators should conduct security assessments
of algorithms. The guidelines also provide that an algorithm filing system should be established, and classified security management
of algorithms should be promoted. On December 31, 2021, the CAC and certain other PRC governmental authorities promulgated the Administrative
Provisions on Algorithm Recommendation for Internet Information Services, which took effect on March 1, 2022, provides that an algorithm
recommendation service provider with public opinion attribute or social mobilization ability shall, within ten working days from the
date of provision of services, fill in such information as the service provider&#8217;s name, service form, application field, algorithm
type, algorithm self-assessment report and content to be disclosed via the internet information service algorithm record-filing system
to go through record-filing formalities. These provisions require that algorithmic recommendation service providers shall inform users
in a conspicuous manner of their provision of algorithmic recommendation services, and publicize the basic principles, purposes, and
main operating mechanisms of algorithmic recommendation services in an appropriate manner. For more information about PRC laws and regulations
relating to algorithms, see &#8220;Item 4. Information on the Company &#8212; C. Regulations &#8212; Regulation on Cybersecurity and
Censorship.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 40; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Algorithms
are an effective tool for us in improving the features of our mobile applications and improving user experience. For example, we leverage
algorithms to push personalized content to our users, which helps us attract and retain users and improve user engagement. If new or
existing regulations restrict our ability to use algorithms in our business, we may be unable to leverage this technology to the same
extent, and our business, results of operations and prospects would be adversely impacted.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
change, disruption, or discontinuity in the features and functions of major social networks could limit the Group&#8217;s ability to
continue growing the Group&#8217;s user base, and the Group&#8217;s business may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group leverages social networks, such as WeChat and QQ, as part of its user acquisition and engagement effort. These social networks
enable users to share content on the Group&#8217;s mobile applications or recommend the Group&#8217;s mobile applications to their friends,
family and other social contacts to generate low-cost organic traffic and enhance user engagement for the Group. To the extent that the
Group fails to leverage such social networks, its ability to attract or retain users may be harmed. If any of these social networks makes
changes to its functions or support, or stops offering its functions or support to the Group, the Group may not be able to locate alternative
social networks of similar scale to provide similar functions or support. Furthermore, the Group may fail to establish or maintain relationships
with additional social network operators to support the growth of its business on economically viable terms, or at all. Any interruption
to or discontinuation of the Group&#8217;s relationships with major social network operators may severely and negatively impact its ability
to continue growing its user base, and any occurrence of the circumstances mentioned above may have a material adverse effect on the
Group&#8217;s business, financial condition and results of operations.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s business and growth could suffer if it is unable to hire and retain key personnel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
depend on the continued contributions of our senior management and other key employees, many of whom are difficult to replace. The loss
of the services of any of our executive officers or other key employees could harm the Group&#8217;s business. Competition for qualified
talent in China is intense. The Group&#8217;s future success is dependent on our ability to attract a significant number of qualified
employees and retain existing key employees. If we are unable to do so, the Group&#8217;s business and growth may be materially and adversely
affected and the trading price of the ADSs could suffer. Our need to significantly increase the number of our qualified employees and
retain key employees may cause us to materially increase compensation-related costs, including share-based compensation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are also dependent on the services of Mr. Bing Xu, chief executive officer and chief financial officer. Although Mr. Xu spends significant
time with us and is active in the management of the Group&#8217;s business, he does not devote his full time and attention to us. If
Mr. Xu reduces his time with us in the future and becomes less involved with the management of the Group&#8217;s business, we may no
longer benefit from his extensive industry experience and the Group&#8217;s business and growth may suffer.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
co-founder and chairman, Mr. Eric Siliang Tan, has control over us and our corporate matters. Our dual-class voting structure will limit
your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders
of our Class A ordinary shares and ADSs may view as beneficial.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a dual-class share structure which consists of Class A ordinary shares and Class B ordinary shares. In respect of matters requiring
the votes of shareholders, holders of Class B ordinary shares are entitled to ten (10) votes per share, subject to certain conditions,
while holders of Class A ordinary shares are entitled to one vote per share. Each Class B ordinary share is convertible into one Class
A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under
any circumstances. Upon any transfer of Class B ordinary shares by a holder to any person or entity which is not an affiliate of such
holder, each of such Class B ordinary shares shall be converted into one Class A ordinary share in accordance with our amended and restated
memorandum and articles of association.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 41; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
co-founder and chairman, Mr. Eric Siliang Tan, has control over us and our corporate matters. Mr. Tan beneficially owns 27,123,442 of
our Class B ordinary shares through Innotech Group Holdings Ltd., a British Virgin Islands limited liability company which is ultimately
controlled by him. As of the date of this annual report on Form 20-F, these Class B ordinary shares constituted approximately 41.2% of
our total issued and outstanding share capital and 87.5% of the aggregate voting power of our total issued and outstanding share capital
due to the disparate voting powers associated with our dual-class share structure. See &#8220;Item 6. Directors, Senior Management and
Employees &#8212; C. Share Ownership.&#8221; As a result of the dual-class share structure and the concentration of ownership, Mr. Tan
has considerable influence over matters such as decisions regarding mergers, consolidations and the sale of all or substantially all
of our assets, election of directors and other significant corporate actions. This concentrated control will limit your ability to influence
corporate matters and could also discourage others from pursuing any potential merger, takeover or other change of control transactions,
which could have the effect of depriving the holders of our ordinary shares and the ADSs of the opportunity to sell their shares at a
premium over the prevailing market price.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has incurred and may continue to incur substantial share-based compensation expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted an equity incentive plan that permits the grant of share options, restricted shares, restricted share units, dividend equivalents,
share appreciation rights and share payments as equity-based awards, to our directors, officers, employees and consultants. The equity
incentive plan replaced the 2017 equity incentive plan and 2018 equity incentive plan that we previously adopted in their entirety and
assumed all awards granted under these two plans. The maximum aggregate number of ordinary shares that may be issued pursuant to all
share options and other awards under our equity incentive plan was initially 12,464,141 Class A ordinary shares. On March 5, 2019, the
Company increased the aggregate number of Class A ordinary shares reserved for issuance pursuant to awards granted under the equity incentive
plan by 3.5% of the total number of Class A ordinary shares and Class B ordinary shares outstanding as of December 31, 2018. On every
January 1 thereafter for four years, the aggregate number of Class A ordinary shares reserved and available for issuance pursuant to
awards granted under the equity incentive plan will be increased by 2.0% of the total number of Class A ordinary shares and Class B ordinary
shares outstanding on December 31 of the preceding calendar year. As of the date of this annual report on Form 20-F, options to purchase
6,041,461 Class A ordinary shares had been granted and were outstanding under our equity incentive plan. The Group is required to account
for options granted to our employees, directors and consultants. The Group is required to classify options granted to our employees,
directors and consultants as equity awards and recognize share-based compensation expense based on the fair value of such share options,
with the share-based compensation expense recognized over the period in which the recipient is required to provide service in exchange
for the share option or other equity award. In 2021, 2022 and 2023, RMB200.2 million, RMB70.1 million and RMB37.3 million (US$5.3 million)
was recognized as share-based compensation expenses, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the granting of share-based compensation is of significant importance to our ability to attract, retain and motivate our management
team and talented employees, and we will continue to grant share-based compensation to employees in the future. As a result, the Group&#8217;s
expenses associated with share-based compensation may increase significantly, which may have an adverse effect on the Group&#8217;s results
of operations and financial condition. See Note 15 to our audited consolidated financial statements included elsewhere in this annual
report.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 42; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
investments in and acquisitions of complementary assets, technologies and businesses may fail and may result in equity or earnings dilution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may invest in or acquire assets, technologies and businesses that are complementary to the Group&#8217;s existing business. Our investments
or acquisitions may not yield the results we expect. In addition, investments and acquisitions could result in the use of substantial
amounts of cash, potentially dilutive issuances of equity securities, significant amortization expenses related to goodwill or intangible
assets and exposure to potential unknown liabilities of the acquired business. Furthermore, if such goodwill or intangible assets become
impaired, the Group may be required to record a significant charge to its results of operations. Such investments and acquisitions may
also require our management team to devote a significant amount of attention. Moreover, the cost of identifying and consummating investments
and acquisitions, and integrating the acquired businesses into the Group&#8217;s, may be significant, and the integration of acquired
businesses may be disruptive to the Group&#8217;s existing business operations. In addition, we may have to obtain approval from the
relevant PRC governmental authorities for the investments and acquisitions and comply with any applicable PRC rules and regulations,
which may be costly. In the event our investments and acquisitions are not successful, the Group&#8217;s results of operations and financial
condition may be materially and adversely affected.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may not be able to adequately protect the Group&#8217;s intellectual property, which could cause the Group to be less competitive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
regard the Group&#8217;s intellectual property as critical to its success. Such intellectual property includes trademarks, patents, domain
names, copyrights, know-how and proprietary technologies. We currently rely on trademarks, copyrights, trade secret law and confidentiality,
invention assignment and non-compete agreements with the Group&#8217;s employees and others to protect the Group&#8217;s proprietary
rights. See &#8220;Item 4. Information on the Company &#8212; B. Business Overview &#8212; Intellectual Property&#8221; and &#8220;Item
4. Information on the Company &#8212; C. Regulations &#8212; Regulations Related to Intellectual Property Rights.&#8221; However, we
cannot assure you that any of the Group&#8217;s intellectual property rights would not be challenged, invalidated or circumvented, or
such intellectual property will be sufficient to provide us with competitive advantages. One of the Group&#8217;s competitors previously
filed an objection when we applied for the trademark registration for &#8220;<i>Qutoutiao</i>&#8221; on the purported ground that &#8220;<i>Qutoutiao</i>&#8221;
is similar to a trademark registered by such competitor. Although such objection was denied by the Trademark Office and we have successfully
registered trademark for &#8220;<i>Qutoutiao</i>&#8221; in 2019, we have received a verdict in which the Trademark Office partially supported
such competitor&#8217;s subsequent challenge against the validity of this registered trademark. We have brought administrative proceedings
against the Trademark Office to dispute the verdict. We were supported by the Beijing Intellectual Property Court, which requires the
Trademark Office to withdraw the verdict. However, the competitor appealed to the Higher People&#8217;s Court of Beijing in February
2022. On July 13, 2022, the Higher People&#8217;s Court of Beijing issued a judgement, revoking the judgement made by the Beijing Intellectual
Property Court. On July 20, 2022, the Trademark Office issued an announcement to cancel our trademark registration for &#8220;<i>Qutoutiao</i>&#8221;
under most of the sub-categories (including graphic arts design and computer software design) under Category 42.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will use our best efforts to maintain, protect and enforce the Group&#8217;s intellectual property rights. However, there can be no assurance
that we will always prevail and the Group&#8217;s trademarks and other intellectual property will be fully protected. In addition, other
parties may misappropriate the Group&#8217;s intellectual property rights, which would cause the Group to suffer economic or reputational
damages. Because of the rapid pace of technological change, nor can we assure you that all of the Group&#8217;s proprietary technologies
and similar intellectual property can be patented in a timely or cost-effective manner, or at all. Furthermore, parts of the Group&#8217;s
business rely on technologies developed or licensed by other parties, or co-developed with other parties, and the Group may not be able
to obtain or continue to obtain licenses and technologies from these other parties on reasonable terms, or at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is often difficult to register, maintain and enforce intellectual property rights in China. Statutory laws and regulations are subject
to judicial interpretation and enforcement and may not be applied consistently due to the lack of clear guidance on statutory interpretation.
Confidentiality, invention assignment and non-compete agreements may be breached by counterparties, and there may not be adequate remedies
available to us for any such breach. Accordingly, we may not be able to effectively protect the Group&#8217;s intellectual property rights
or to enforce the Group&#8217;s contractual rights in China. Preventing any unauthorized use of the Group&#8217;s intellectual property
is difficult and costly and the steps we take may be inadequate to prevent the misappropriation of the Group&#8217;s intellectual property.
In the event that we resort to litigation to enforce the Group&#8217;s intellectual property rights, such litigation could result in
substantial costs and a diversion of the Group&#8217;s managerial and financial resources. We can provide no assurance that we will prevail
in such litigation. In addition, the Group&#8217;s trade secrets may be leaked or otherwise become available to, or be independently
discovered by, the Group&#8217;s competitors. To the extent that the Group&#8217;s employees or consultants use intellectual property
owned by others in their work for us, disputes may arise as to the rights in related know-how and inventions. Any failure in protecting
or enforcing the Group&#8217;s intellectual property rights could materially and adversely affect the Group&#8217;s business, results
of operations and financial condition.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 43; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group may be subject to intellectual property infringement claims or other allegations by third parties for information or content displayed
on, retrieved from or linked to the Group&#8217;s platform, or delivered to the Group&#8217;s users, which may materially and adversely
affect the Group&#8217;s business, financial condition and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be subject to intellectual property infringement claims or other allegations by third parties for products or services on the Group&#8217;s
platform, which may materially and adversely affect the Group&#8217;s business, financial condition and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
in the Internet, technology and media industries are frequently involved in litigation based on allegations of infringement of intellectual
property rights, unfair competition, invasion of privacy, defamation and other violations of other parties&#8217; rights. The validity,
enforceability and scope of protection of intellectual property rights in Internet-related industries, particularly in China, are uncertain
and still evolving. As we face increasing competition and as litigation becomes more common in China in resolving commercial disputes,
we face a higher risk of being the subject of intellectual property infringement claims.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> We may face liability for copyright or trademark infringement, defamation, unfair competition, libel, negligence,
and other claims based on the nature and content of the materials that are delivered, shared or otherwise accessed through the Group&#8217;s
platform. As of the date of this annual report, the Group is in the process of defending certain claims against it for the alleged unauthorized
content delivered, shared or otherwise accessed through the Group&#8217;s platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Defending
intellectual property litigation is costly and can impose a significant burden on our management and employees, and there can be no assurances
that favorable final outcomes will be obtained in all cases. Such claims, even if they do not result in liability, may harm our reputation.
Any resulting liability or expenses, or changes required to the Group&#8217;s platform to reduce the risk of future liability, may materially
and adversely affect the Group&#8217;s business, financial condition and prospects.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we fail to implement and maintain an effective system of internal control, we may be unable to accurately or timely report the Group&#8217;s
results of operations or prevent fraud, and investor confidence and the market price of the ADSs may be materially and adversely affected. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the reporting requirements of the Exchange Act and the Sarbanes-Oxley Act. The Sarbanes-Oxley Act requires, among other
things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. We must perform
system and process evaluation and testing of our internal control over financial reporting to allow management to report on the effectiveness
of our internal control over financial reporting in our Form 20-F, as required by Section 404 of the Sarbanes-Oxley Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f)
under the Exchange Act). Our internal control system was designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation and fair presentation of its published consolidated financial statements. All internal control systems,
no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective may not prevent or detect
misstatements and can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate. As required by Section 404 of the Sarbanes-Oxley
Act of 2002 and related rules promulgated by the Securities and Exchange Commission, our management conducted an assessment of the effectiveness
of our internal control over financial reporting as of December 31, 2023. In making this assessment, it used the criteria established
within the Internal Control &#8212; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). Based on this assessment, our management has concluded that, as of December 31, 2023, our internal control over financial reporting
was ineffective due to the material weakness identified below. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 44; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->
<!-- Field: Split-Segment; Name: Split_001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with reporting requirements set forth by the SEC, a &#8220;material weakness&#8221; is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our company&#8217;s
annual or interim consolidated financial statements will not be prevented or detected on a timely basis. The material weakness, which
was first identified in the course of preparing the Group&#8217;s consolidated financial statements for the year ended December 31, 2017,
relates to the lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting
requirements to formalize key controls over financial reporting and to prepare consolidated financial statements and related disclosures.
To remedy our previously identified material weakness, we have undertaken and will continue to undertake steps to strengthen our internal
control over financial reporting, including: (i) hiring more qualified resources including financial controller, equipped with relevant
U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function and to set up a financial and
system control framework, (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting training programs for
our accounting and financial reporting personnel, (iii) establishing effective oversight and clarifying reporting requirements for non-recurring
and complex transactions to ensure consolidated financial statements and related disclosures are accurate, complete and in compliance
with SEC reporting requirements, and (iv) enhancing an internal audit function as well as engaging an external consulting firm to help
us assess our compliance readiness under rule 13a-15 of the Exchange Act and improve overall internal control. However, such measures
have not been fully implemented and we concluded that the material weakness in our internal control over financial reporting had not
been remediated as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
we were a non-accelerated filer as of December 31, 2023, this annual report on Form 20-F does not include an attestation report of our
independent registered public accounting firm. Once we become an accelerated filer or a larged accelerated filer, our independent registered
public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. In the future,
our management may conclude that our internal control over financial reporting is still not effective. Moreover, even if our management
concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting
its own independent testing, may not reach the same conclusion. In addition, our reporting obligations may place a significant strain
on our management, operational and financial resources and systems for the foreseeable future. We may be unable to timely complete our
evaluation testing and any required remediation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
internal control over financial reporting will not prevent or detect all errors and all fraud. A control system, no matter how well designed
and operated, can provide only reasonable, not absolute, assurance that the control system&#8217;s objectives will be met. Because of
the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error
or fraud will not occur or that all control issues and instances of fraud will be detected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to implement and maintain proper and effective internal control, we may not be able to produce timely and accurate financial
statements. If that were to happen, the market price of the ADSs could decline and we could be subject to sanctions or investigations
by the SEC or other regulatory authorities.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discontinuation of any of the preferential tax treatments available to the Group in China could materially and adversely affect the Group&#8217;s
results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
PRC tax laws and regulations, Shanghai Jifen, one of the Group VIEs, and Shanghai Chenxing Software Technology Co., Ltd., or Shanghai
Chenxing, a subsidiary of Shanghai Quyun Network Technology Co., Ltd., or Shanghai Quyun, are both qualified to enjoy, certain preferential
income tax benefits. The modified Enterprise Income Tax Law, effective on December 29, 2018, or the EIT Law, and its implementation rules
generally impose a uniform income tax rate of 25% on all enterprises, but grant preferential treatment to &#8220;high and new technology
enterprises strongly supported by the state&#8221;, or HNTEs, to enjoy a reduced enterprise tax rate of 15%. According to the relevant
administrative measures, to qualify as a &#8220;HNTE&#8221;, Shanghai Jifen and Shanghai Chenxing must meet certain financial and non-financial
criteria and complete verification procedures with the administrative authorities. Continued qualification as a &#8220;HNTE&#8221; is
subject to review by the relevant government authorities in China once every three years, and in practice certain local tax authorities
also require annual evaluation of the qualification. In addition to the foregoing tax benefit, Shanghai Chenxing is qualified to enjoy
certain preferential value-added tax benefits, according to the Notice on Value-added Tax Policies for Software Products issued by the
Ministry of Finance, or the MOF, and the State Administration of Taxation, or the SAT, on October 13, 2011. Apart from that, Shanghai
Chenxing obtained the certificate of Qualified Software Enterprise. Once meeting other criteria, Shanghai Chenxing will be qualified
to enjoy certain preferential enterprise income tax benefits, according to relevant rules, including the Notice on Enterprise Income
Tax Policies for Further Encouraging the Development of Software and Integrated Circuit Industries issued by the MOF and the SAT on April
20, 2012, Notice on Relevant Issues concerning Preferential Enterprise Income Tax Policies for Enterprises in Software and Integrated
Circuit Industries issued by the MOF, the SAT, the National Development and Reform Commission, or the NDRC, and the MIIT on May 4, 2016,
and Announcement on the Enterprise Income Tax Policies for Promoting the High-quality Development of the Integrated Circuit Industry
and the Software Industry jointly issued by the MOF, the SAT, the NDRC and the MIIT on December 11, 2020. In the event the preferential
tax treatments for the entities are discontinued or are not verified by the local tax authorities, and the affected entity fails to obtain
preferential tax treatments based on other qualifications such as Advanced Technology Service Enterprise, it will become subject to the
standard tax rates and policies, including the PRC enterprise income tax rate of 25%. We cannot assure you that the tax authorities will
not, in the future, discontinue any of the Group&#8217;s preferential tax treatments, potentially with retroactive effect.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Page; Sequence: 45; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">User
growth and engagement depend upon effective interoperation with operating systems, networks, devices and major mobile application distribution
channels that the Group does not control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
make the Group&#8217;s products and services available across a variety of mobile operating systems and through major mobile application
distribution channels, namely app stores. We are dependent on the interoperability of the Group&#8217;s products and services with popular
devices and mobile operating systems that the Group does not control, such as Android and iOS. We are also dependent on users&#8217;
ability to find and download the Group&#8217;s mobile applications through app stores operated by third parties, such as the Apple App
Store and app stores operated by mobile phone manufacturers in China such as Huawei, Oppo, Vivo and Xiaomi.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
changes in such operating systems, devices or mobile application distribution channels that degrade the functionality of the Group&#8217;s
products and services or give preferential treatment to competitive products or services could adversely affect usage of the Group&#8217;s
products and services. Further, if the number of platforms for which the Group develops its products increases, it will result in an
increase in the Group&#8217;s costs and expenses. In order to deliver high-quality products and services, it is important that the Group&#8217;s
products and services work well with a range of mobile operating systems and devices which the Group does not control. The various app
stores also have their own rules and requirements that the Group&#8217;s mobile applications need to comply with for them to be included
in the respective app stores. Such rules and requirements may change from time to time. There are no assurances that the Group&#8217;s
mobile applications will be able to continue to meet these rules and requirements, which may result in their removal from the relevant
app stores. Compliance with these rules and requirements may also prove to be costly or require change to the functionality of the Group&#8217;s
mobile applications that may make them less desirable to users. We may not be successful in developing relationships with key participants
in the mobile Internet industry or in developing products or services that operate effectively with these mobile operating systems, devices
and mobile application distribution channels. In the event it is difficult for the Group&#8217;s users to access and use its products
and services on their mobile devices, the Group&#8217;s user growth and user engagement could be harmed, and the Group&#8217;s business,
results of operations and financial condition could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s operations depend on the performance of the Internet infrastructure and fixed telecommunications networks in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Almost
all access to the Internet in China is maintained through state-owned telecommunication operators under the administrative control and
regulatory supervision of the Ministry of Industry and Information Technology, or the MIIT. Moreover, the Group primarily relies on a
limited number of telecommunication service providers to provide the Group with data communications capacity through local telecommunications
lines and Internet data centers to host the Group&#8217;s servers. The Group has limited access to alternative networks or services in
the event of disruptions, failures or other problems with China&#8217;s Internet infrastructure or the fixed telecommunications networks
provided by telecommunication service providers. Internet traffic in China has experienced significant growth during the past few years.
Effective bandwidth and server storage at Internet data centers in large cities such as Shanghai are scarce. With the expansion of the
Group&#8217;s business, it may be required to upgrade its technology and infrastructure to keep up with the increasing traffic on its
platform. We cannot assure you that the Internet infrastructure and the fixed telecommunications networks in China will be able to support
the demands associated with the continued growth in Internet usage. If we are unable to increase the Group&#8217;s online content and
service delivering capacity accordingly, the Group may not be able to continuously grow its traffic, and the adoption of its products
and services may be hindered, which could adversely impact the Group&#8217;s business and our share price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we have no control over the costs of the services provided by telecommunication service providers. The Group&#8217;s information
technology infrastructure cost increased as a result of our enriching the Group&#8217;s product offerings to include more engaging contents
such as short videos, games and live-streaming. If the prices we pay for telecommunications and Internet services rise significantly,
the Group&#8217;s business, results of operations and financial condition may be materially and adversely affected. Furthermore, if mobile
Internet access fees or other charges to mobile Internet users increase, some users may be prevented from accessing the mobile Internet
and thus cause the growth of mobile Internet users to decelerate. Such deceleration may adversely affect our ability to continue to expand
the Group&#8217;s user base and increase the Group&#8217;s attractiveness to online customers.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s business, results of operations and financial condition may be harmed by service disruptions, or by our failure to timely
and effectively scale and adapt the Group&#8217;s existing technology and infrastructure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may experience service disruptions, outages and other performance problems due to a variety of factors, including infrastructure changes,
human or software errors, hardware failure, capacity constraints due to an overwhelming number of people accessing the Group&#8217;s
products and services simultaneously, computer viruses and denial of service, fraud and security attacks. Any disruption or failure in
the Group&#8217;s infrastructure could hinder our ability to handle existing or increased traffic on the Group&#8217;s platform or cause
us to lose content stored on the Group&#8217;s platform, which could significantly harm the Group&#8217;s business and our ability to
retain existing users and attract new users.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the number of the Group&#8217;s users increases and its users generate increasing volumes of user generated videos on the Group&#8217;s
platform, and as we continue to diversify into new content formats, we may be required to expand and adapt the Group&#8217;s technology
and infrastructure to continue to reliably store, analyze and deliver content. It may become increasingly difficult to maintain and improve
the performance of the Group&#8217;s products and services, especially during peak usage times, as the Group&#8217;s products and services
become more complex and the Group&#8217;s user traffic increases. In addition, because the Group leases its data center facilities, we
cannot be assured that we will be able to expand the Group&#8217;s data center infrastructure to meet users&#8217; demands in a timely
manner, or on favorable economic terms. If the Group&#8217;s users are unable to access any of the Group&#8217;s mobile applications
or we are not able to make information available rapidly on any of the Group&#8217;s mobile applications, or at all, users may become
frustrated and seek other channels for their light entertainment needs, and may not return to the Group&#8217;s mobile applications or
use the Group&#8217;s mobile applications as often in the future, or at all. This would negatively impact the Group&#8217;s ability to
attract users and maintain high level of user engagement as well as the Group&#8217;s ability to attract advertising customers.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 46; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
or administrative proceedings or allegations of impropriety against us or our management could have a material adverse impact on the
Group&#8217;s reputation, results of operation and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and members of our management may be subject to allegations or lawsuits brought by our competitors, individuals, government and
regulatory authorities or other persons in the future. Any such lawsuit or allegation, with or without merit, or any perceived
unfair, unethical, fraudulent or inappropriate business practice by the Group or perceived wrong-doing by any key member of our
management team could harm our reputation and cause the Group&#8217;s user base to decline and distract our management from
day-to-day operations of the Group&#8217;s. We cannot assure you that the Group or key members of our management team will not be
subject to lawsuits or allegations of a similar nature in the future. Where we can make a reasonable estimate of the liability
relating to pending litigation and determine that an adverse liability resulting from such litigation is probable, the Group will
record a related contingent liability. As additional information becomes available, we will assess the potential liability and
revise estimates as appropriate. In 2021, 2022 and 2023, the Group did not record any contingent liabilities relating to pending
litigation. On August 20, 2020, we and certain of our current and former directors and officers were named as defendants in a
putative shareholder class action lawsuit filed in the United States District Court for the Southern District of New York. This
action is brought on behalf of a putative class of persons who purchased or acquired our securities pursuant or traceable to our
September 2018 initial public offering or April 2019 secondary public offering, or otherwise acquired our securities between
September 14, 2018 and December 16, 2020 or &#8220;the Putative Class Period.&#8221; The complaint alleges violations of Sections
11, 12(a)(2), and 15 of the Securities Act of 1933, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder based on alleged materially false or misleading statements or omissions in offering documents and/or issued
throughout the Putative Class Period. Lead Plaintiff was appointed, and a consolidated amended complaint was filed on January 15,
2021. We filed a motion to dismiss such amended complaint on March 16, 2021. Lead Plaintiff filed an opposition to the motion on May
17, 2021, and we filed a reply on July 1, 2021. On August 3, 2023, the District Court granted the motion to dismiss in its entirety.
Plaintiff appealed the dismissal of the Securities Act of 1933 claims to the United States Court of Appeals for the Second Circuit.
Plaintiff alleges on appeal there were materially false or misleading statements or omissions made only in the offering documents.
On January 3, 2024, Plaintiff filed his opening brief, and on April 3, 2024, we filed our brief in response. Plaintiff filed his
reply brief on April 24, 2024. A decision on the appeal is pending. It is premature at this stage of the litigation to evaluate the
likelihood of a favorable or unfavorable outcome. In addition, in 2022, one of our material subsidiaries and one of the Key VIEs
paid fines of RMB82.8 million in aggregate as a result of alleged fraudulent advertisements that an advertising customer placed on
the Group&#8217;s online platform. For a detailed description of these cases, please refer to &#8220;Item 8. Financial Information
&#8212; A. Consolidated Statement and other Financial Information &#8212; Legal and Administrative Proceedings.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Group records or revises our estimates of contingent liabilities in the future, the amount of our estimates may be inaccurate due
to the inherent uncertainties relating to litigation. In addition, the outcomes of actions we institute against third parties may not
be successful or favorable to us. Litigation and allegations against the Group or any of our management members, irrespective of their
veracity, may also generate negative publicity that significantly harms our reputation, which may materially and adversely affect the
Group&#8217;s user base and our ability to attract content providers and advertising customers. In addition to the related cost, managing
and defending litigation and related indemnity obligations can significantly divert our management and the board of directors&#8217;
attention from operating the Group&#8217;s business. We may also need to pay damages or settle the litigation with a substantial amount
of cash. All of these could have a material adverse impact on the Group&#8217;s reputation, results of operation and financial condition.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group may not have fully paid certain fees and surcharges in the past. As such, the Group may be subject to further scrutiny by the PRC
tax authorities that may result in a finding which may subject the Group to additional taxes, fees and surcharges and fines or other
penalties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Circular on Issues Relating to Cultural Undertaking Development Fee Policies and Administration of Levying and Collection Relating
to Levying VAT in place of Business Tax, which was issued by the MOF and the SAT on March 28, 2016, or Circular 25, the provision of
advertising services by advertising media agencies and outdoor advertisement business operators (including entities engaging in distribution,
screening, promotion and exhibition of outdoor advertisements and other advertisements, as well as entities engaging in advertisement
agency services) in China is subject to a cultural development fee. The fee was charged at an applicable rate of 3% of the net advertising
revenues prior to June 30, 2019, which was reduced to 1.5% commencing on July 1, 2019, according to a preferential tax policy issued
on June 12, 2019 by the government of Shanghai. The preferential policy is said to be in effect until December 31, 2024. The net advertising
revenues refer to, as specified in Circular 25, the balance after deducting advertisement distribution fee paid to other advertising
company or advertisement distributor, from the total tax inclusive price and out-of-pocket expenses obtained from provision of advertising
and marketing services. Historically, the Group did not pay cultural development fees and surcharges for the part of the Group&#8217;s
revenue that we did not consider as revenues from advertising services subject to Circular 25. Pursuant to the Announcement on the Supporting
Tax and Fee Policy for Film Industry and Other Industries issued by the MOF and the SAT on May 13, 2020, the cultural development fee
was waived from January 1, 2020 until December 31, 2020. Pursuant to the Announcement on the Extension of Certain Tax Preferential Policies
in Response to COVID-19 Epidemic, the exemption period of the cultural development fee was extended until December 31, 2021. Although
the Group has not been challenged by the tax authorities so far for our payment of cultural development fees and surcharges, it may face
further scrutiny by the PRC tax authorities that may result in a conclusion that subjects the Group to additional taxes, fees and surcharges
and substantially increases the Group&#8217;s taxes owed, thereby materially and adversely affecting the Group&#8217;s results of operations.
As a result of not making adequate contributions, the Group may also be subject to fines or other penalties imposed by the relevant authorities
pursuant to applicable laws and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">In addition, some of our VIEs and subsidiaries were fined an insignificant amount in 2023 for underpaying income tax. We have paid such fines in full and on time.</p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 47; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
severe or prolonged downturn in the Chinese or global economy could materially and adversely affect the Group&#8217;s business, results
of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
prolonged slowdown in the Chinese or global economy may have a negative impact on the Group&#8217;s business, results of operations and
financial condition. In particular, general economic factors and conditions in China or worldwide, including the general interest rate
environment and unemployment rates, may affect advertising customers&#8217; willingness to advertise or consumers&#8217; willingness
to spend on entertainment. Economic conditions in China are sensitive to global economic conditions. The global financial markets have
experienced significant disruptions since 2008 and the United States, Europe and other economies have experienced periods of recession.
The recovery from the lows of 2008 and 2009 has been uneven and is facing new challenges, including the escalation of the European sovereign
debt crisis from 2011 and the slowdown of the Chinese economy since 2012. There is considerable uncertainty over the long-term effects
of the expansionary monetary and fiscal policies adopted by the central banks and financial authorities of some of the world&#8217;s
leading economies, including the United States and China. There have been concerns over unrest in North Korea, Ukraine, the Middle East
and Africa, which have resulted in volatility in financial and other markets. There have also been concerns over the expected withdrawal
of the United Kingdom from the European Union as well as concerns about the economic effect of the tensions in the relationship between
the United States, China and neighboring Asian countries. If present Chinese and global economic uncertainties persist, the Group may
have difficulty in attracting advertising customers or spending by consumers on entertainment. Additionally, continued turbulence in
the international markets may adversely affect our ability to access the capital markets to meet liquidity needs.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have limited business insurance coverage.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance
companies in China currently do not offer as extensive an array of insurance products as are offered by insurance companies in more developed
economies. We do not have any business liability or disruption insurance coverage for the Group&#8217;s operations. Any uninsured business
disruptions may result in the Group&#8217;s incurring substantial costs and diversion of resources, which could have an adverse effect
on the Group&#8217;s results of operations and financial condition.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Relating to Our Corporate Structure</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on contractual arrangements with the Group VIEs and their respective shareholders to operate the Group&#8217;s business, which may
be less effective than equity ownership in providing operational control and otherwise materially and adversely affect the Group&#8217;s
business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not a Chinese operating company but a Cayman Island holding company with operations conducted by our operating subsidiaries and the
Group VIEs based in China. We rely on contractual arrangements with the Group VIEs, especially the Key VIEs, and their respective shareholders
to operate the Group&#8217;s business. For a description of these contractual arrangements, see &#8220;Item 4. &#8212; Information on
the Company &#8212; D. Organizational Structure &#8212; Contractual Arrangements among Our Key WFOEs, the Key VIEs and Their Respective
Shareholders.&#8221; The majority of the Group&#8217;s revenue is attributed to the Group VIEs and their subsidiaries. These contractual
arrangements may be less effective than equity ownership in providing us with control over the Group VIEs. If the Group VIEs or their
respective shareholders fail to perform their respective obligations under these contractual arrangements, our recourse to the assets
held by the Group VIEs is indirect and we may have to incur substantial costs and expend significant resources to enforce such arrangements
in reliance on legal remedies under PRC law. These remedies may not always be effective, particularly in light of uncertainties in the
PRC legal system. Furthermore, in connection with litigation, arbitration or other judicial or dispute resolution proceedings, assets
under the name of any of record holder of equity interest in the Group VIEs, including such equity interest, may be put under court custody.
As a consequence, we cannot be certain that the equity interest will be disposed pursuant to the contractual arrangement or ownership
by the record holder of the equity interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of these contractual arrangements are governed by PRC law and provide for the resolution of disputes through arbitration in the PRC.
Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC
legal procedures. The legal environment in the PRC is not as developed as in other jurisdictions, such as the U.S. As a result, uncertainties
in the PRC legal system could limit our ability to enforce these contractual arrangements. In the event that we are unable to enforce
these contractual arrangements, or if we suffer significant time delays or other obstacles in the process of enforcing these contractual
arrangements, it would be very difficult to exert effective control over the Group VIEs, and our ability to conduct the Group&#8217;s
business and the Group&#8217;s results of operations and financial condition may be materially and adversely affected. See &#8220;&#8212;
Risks Relating to Doing Business in China &#8212; There are uncertainties regarding the interpretation and enforcement of PRC laws, rules
and regulations. In addition, rules and regulations in China can change quickly with little advance notice.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 48; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
arbitration provisions under these contractual arrangements have no effect on the rights of our shareholders to pursue claims against
us under United States federal securities laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
in connection with the share purchase agreement entered into with Shanghai Dongfang Newspaper Co., Ltd. and its subsidiaries, or collectively,
The Paper, Shanghai Jifen has issued equity interests representing 1% of its enlarged share capital to Shanghai Xinpai Management Consulting
Co., Ltd., or Shanghai Xinpai, an affiliate of The Paper, at a nominal price. However, Shanghai Xinpai is not a party to the contractual
arrangements that are currently entered into among Shanghai Quyun and Shanghai Jifen and its shareholders. As such, despite the fact
that we are still able to enjoy economic benefits and exercise effective control over Shanghai Jifen and its subsidiaries, in contrast
to what we have been granted by other shareholders of Shanghai Jifen under the contractual arrangements, we are unable to purchase or
have Shanghai Xinpai pledge such 1% equity interests in the same manner as agreed under existing contractual arrangements, nor have we
been granted the authorization of voting rights over these 1% equity interests. We believe Shanghai Quyun, our wholly-owned PRC subsidiary,
still controls and is the primary beneficiary of Shanghai Jifen as it continues to have a controlling financial interest in Shanghai
Jifen pursuant to ASC 810-10-25-38A. See &#8220;Item 4. Information on the Company &#8212; D. Organizational Structure &#8212; Contractual
Arrangements among Our Key WFOEs, the Key VIEs and Their Respective Shareholders &#8212; Supplemental Agreement to the Contractual Arrangements
in Connection with The Paper.&#8221;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
failure by the Group VIEs or their respective shareholders to perform their obligations under our contractual arrangements with them
would materially and adversely affect the Group&#8217;s business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
through our subsidiaries and wholly foreign-owned enterprises in the PRC, have entered into a series of contractual arrangements with
the Group VIEs and their respective shareholders. For a description of these contractual arrangements, see &#8220;Item 4. Information
on the Company &#8212; D. Organizational Structure &#8212; Contractual Arrangements among Our Key WFOEs, the Key VIEs and Their Respective
Shareholders.&#8221; If the Group VIEs or their respective shareholders fail to perform their respective obligations under these contractual
arrangements, we may incur substantial costs and expend additional resources to enforce such arrangements. We may also have to rely on
legal remedies under PRC laws, including seeking specific performance or injunctive relief, and claiming damages, which we cannot assure
you will be effective under PRC laws. For example, if the shareholders of the Group VIEs were to refuse to transfer their equity interests
in the Group VIEs to us or our designee when we exercise the purchase option pursuant to these contractual arrangements, or if they were
otherwise to act in bad faith toward us, then we may have to take legal actions to compel them to perform their contractual obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
the agreements under our contractual arrangements are governed by PRC laws and provide for the resolution of disputes through arbitration
in China. Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance
with PRC legal procedures. The legal system in the PRC is not as developed as in some other jurisdictions, such as the United States.
As a result, uncertainties in the PRC legal system could limit our ability to enforce these contractual arrangements. The contractual
arrangements have not been tested in a court of law in China. There are very few precedents and little formal guidance as to how contractual
arrangements in the context of a VIE should be interpreted or enforced under PRC laws. There remain significant uncertainties regarding
the ultimate outcome of such arbitration should legal action become necessary. In addition, under PRC laws, rulings by arbitrators are
final and parties cannot appeal arbitration results in court unless such rulings are revoked or determined unenforceable by a competent
court. If the losing parties fail to carry out the arbitration awards within a prescribed time limit, the prevailing parties may only
enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would require additional expenses
and delay. In the event that we are unable to enforce these contractual arrangements, or if we suffer significant delay or other obstacles
in the process of enforcing these contractual arrangements, we may not be able to exert effective control over the Group VIEs and relevant
rights and licenses held by such VIEs which we require in order to operate the Group&#8217;s business, and our ability to conduct the
Group&#8217;s business may be negatively affected. See &#8220;&#8212; Risks Related to Doing Business in China &#8212; There are uncertainties
regarding the interpretation and enforcement of PRC laws, rules and regulations. In addition, rules and regulations in China can change
quickly with little advance notice.&#8221;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 49; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shareholders of the Group VIEs may have potential conflicts of interest with us, which may materially and adversely affect the Group&#8217;s
business, results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
interests of the shareholders of the Group VIEs in their capacities as such shareholders may differ from the interests of our company
as a whole, as what is in the best interests of the Group VIEs, including matters such as whether to distribute dividends or to make
other distributions to fund our offshore requirement, may not be in the best interests of our company. There can be no assurance that
when conflicts of interest arise, any or all of these shareholders will act in the best interests of our company or those conflicts of
interest will be resolved in our favor. In addition, these shareholders may breach or cause the Group VIEs and their subsidiaries to
breach or refuse to renew the existing contractual arrangements with us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
we do not have arrangements to address potential conflicts of interest the shareholders of the Group VIEs may encounter, on the one hand,
and as a beneficial owner of our company, on the other hand. We, however, could, at all times, exercise our option under the exclusive
option agreement to cause them to transfer all of their equity ownership in the Group VIEs to a PRC entity or individual designated by
us as permitted by the then applicable PRC laws. In addition, if such conflicts of interest arise, we could also, in the capacity of
attorney-in-fact of the then-existing shareholders of the Group VIEs as provided under the power of attorney agreements, directly appoint
new directors of the Group VIEs. We rely on the shareholders of the Group VIEs to comply with PRC laws and regulations, which protect
contracts and provide that directors and executive officers owe a duty of loyalty to our company and require them to avoid conflicts
of interest and not to take advantage of their positions for personal gains, and the laws of the Cayman Islands, which provide that directors
have a duty of care and a duty of loyalty to act honestly in good faith with a view to our best interests. However, the legal frameworks
of China and the Cayman Islands do not provide guidance on resolving conflicts in the event of a conflict with another corporate governance
regime. If we cannot resolve any conflicts of interest or disputes between us and the shareholders of the Group VIEs, we would have to
rely on legal proceedings, which could result in disruption of the Group&#8217;s business and subject us to substantial uncertainty as
to the outcome of any such legal proceedings.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the PRC government deems that the contractual arrangements in relation to the Group VIEs do not comply with PRC regulatory restrictions
on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the
future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. In addition, our ADSs may
significantly decline in value or become worthless if we are unable to assert our contractual control over the assets of the Group VIEs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government regulates telecommunications-related businesses through strict business licensing requirements and other government regulations.
These laws and regulations also include limitations on foreign ownership of PRC companies that engage in telecommunications-related businesses.
Specifically, subject to undertakings for opening telecommunication industries made by China for joining WTO, foreign investors are not
allowed to own more than a 50% equity interest in any PRC company engaging in value-added telecommunications businesses. It is required
under the prior Provisions on the Administration of Foreign-Invested Telecommunications Enterprises, or the FITE Regulations, which were
issued by the State Council on December 11, 2001, became effective on January 1, 2002 and amended and issued on February 6, 2016, that
the primary foreign investor must also have experience and a good track record in providing value-added telecommunications services,
or VATS, overseas. The FITE Regulations were amended on March 29, 2022 and became effective on May 1, 2022, among which, the previous
requirement on experience and good track record has been cancelled. However, this modification is relatively new, uncertainties still
exist in relation to its interpretation and implementation. In addition, foreign investors are prohibited from investing in enterprises
engaging in internet cultural activities except for music.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 50; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we are an exempted company with limited liability incorporated in the Cayman Islands, we are classified as a foreign enterprise under
PRC laws and regulations, and our wholly foreign-owned enterprise in the PRC is a foreign-invested enterprise, or FIE. Accordingly, our
subsidiaries may not be eligible to operate VATS business in China. The Group conducts its business in China through the Group VIEs and
their affiliates. Our PRC subsidiaries, Shanghai Quyun, Shanghai Zhicao Information Technology Co., Ltd., or Shanghai Zhicao and Hainan
Mengbang Network Technology Co., Ltd., or Hainan Mengbang, have entered into a series of contractual arrangements with the Group VIEs
and their respective shareholders, which enable us to (i) exercise effective control over the Group VIEs, (ii) receive substantially
all of the economic benefits of the Group VIEs, and (iii) have an exclusive option to purchase all or part of the equity interests and
assets in the Group VIEs when and to the extent permitted by PRC law. As a result of these contractual arrangements, we have control
over and are the primary beneficiary of the Group VIEs and hence consolidate its financial results as the Group VIEs under U.S. GAAP.
For a description of these contractual arrangements, see &#8220;Item 4. Information on the Company &#8212; D. Organizational Structure
&#8212; Contractual Arrangements among Our Key WFOEs, the Key VIEs and Their Respective Shareholders.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the Group&#8217;s corporate structure and contractual arrangements comply with the current applicable PRC laws and regulations.
Our PRC legal counsel, King &amp; Wood Mallesons, based on its understanding of the relevant laws and regulations, is of the opinion
that each of the contracts among our Key WFOEs, Key VIEs and their respective shareholders is valid, binding and enforceable in accordance
with its terms. However, as there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations,
including the <i>Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&amp;A Rules</i>, and
the <i>Telecommunications Regulations</i> and the relevant regulatory measures concerning the telecommunications industry, there can
be no assurance that the PRC government authorities, such as the MOFCOM or the MIIT, or other authorities that regulate Internet content
providers and other participants in the telecommunications industry, would agree that our corporate structure or any of the above contractual
arrangements comply with PRC licensing, registration or other regulatory requirements, with existing policies or with requirements or
policies that may be adopted in the future. PRC laws and regulations governing the validity of these contractual arrangements are uncertain
and the relevant government authorities have broad discretion in interpreting these laws and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Group&#8217;s corporate structure and contractual arrangements are deemed by the MIIT or the MOFCOM or other regulators having competent
authority to be illegal, either in whole or in part, we may lose control of the Group VIEs and have to modify such structure to comply
with regulatory requirements. However, there can be no assurance that we can achieve this without material disruption to the Group&#8217;s
business. In addition, our ADSs may significantly decline in value or become worthless if we are unable to assert our contractual control
over the assets of the Group VIEs. Further, if the Group&#8217;s corporate structure and contractual arrangements are found to be in
violation of any existing or future PRC laws or regulations, the relevant regulatory authorities would have broad discretion in dealing
with such violations, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revoking
    the Group&#8217;s business and operating licenses;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">levying
    fines on us;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">confiscating
    any of the Group&#8217;s income that they deem to be obtained through illegal operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shutting
    down the Group&#8217;s services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discontinuing
    or restricting the Group&#8217;s operations in China;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">imposing
    conditions or requirements with which the Group may not be able to comply;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">requiring
    us to change the Group&#8217;s corporate structure and contractual arrangements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricting
    or prohibiting the Group&#8217;s use of the proceeds from overseas offering to finance the Group VIE&#8217;s business and operations;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">taking
    other regulatory or enforcement actions that could be harmful to the Group&#8217;s business.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 51; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
new PRC laws, rules and regulations may be introduced to impose additional requirements that may be applicable to our corporate structure
and contractual arrangements. See &#8220;&#8212; Substantial uncertainties exist with respect to whether the controlling of PRC onshore
variable interest entities by foreign investors via contractual arrangements will be recognized as &#8216;foreign investment&#8217; and
how it may impact the viability of the Group&#8217;s current corporate structure and operations.&#8221; Occurrence of any of these events
could materially and adversely affect the Group&#8217;s business, results of operations and financial condition. In addition, if the
imposition of any of these penalties or requirements to restructure our corporate structure causes us to lose the rights to direct the
activities of the Group VIEs or our right to receive its economic benefits, we would no longer be able to consolidate the financial results
of such VIEs in the Group&#8217;s consolidated financial statements. However, we do not believe that such actions would result in the
liquidation or dissolution of our company, our wholly-owned subsidiaries in China or the Group VIEs or their subsidiaries. See &#8220;Item
4. Information on the Company &#8212; D. Organizational Structure &#8212; Contractual Arrangements among Our Key WFOEs, the Key VIEs
and Their Respective Shareholders.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractual
arrangements in relation to the Group VIEs may be subject to scrutiny by the PRC tax authorities and they may determine that the Group
VIEs owe additional taxes, which could negatively affect the Group&#8217;s results of operations and financial condition and the value
of your investment.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
applicable PRC laws and regulations, arrangements and transactions among related parties may be subject to audit or challenge by the
PRC tax authorities. The PRC enterprise income tax law requires every enterprise in China to submit its annual enterprise income tax
return together with a report on transactions with its related parties to the relevant tax authorities. The tax authorities may impose
reasonable adjustments on taxation if they have identified any related party transactions that are inconsistent with arm&#8217;s length
principles. We may face material and adverse tax consequences if the PRC tax authorities determine that the contractual arrangements
among our wholly-owned PRC subsidiaries, Shanghai Quyun, Shanghai Zhicao and Hainan Mengbang, the Group VIEs and their respective shareholders
were not entered into on an arm&#8217;s length basis in such a way as to result in an impermissible reduction in taxes under applicable
PRC laws, regulations and rules, and adjust their income in the form of a transfer pricing adjustment. A transfer pricing adjustment
could, among other things, result in a reduction of expense deductions recorded by Shanghai Quyun, Shanghai Zhicao, Hainan Mengbang or
the Group VIEs for PRC tax purposes, which could in turn increase their tax liabilities without reducing their tax expenses. In addition,
if our wholly-owned PRC subsidiaries, Shanghai Quyun, Shanghai Zhicao and Hainan Mengbang, request the shareholders of the Group VIEs
to transfer their equity interests in the Group VIEs at nominal or no value pursuant to these contractual arrangements, such transfer
could be viewed as a gift and subject the relevant subsidiaries to PRC income tax. Furthermore, the PRC tax authorities may impose late
payment fees and other penalties on our PRC subsidiaries, Shanghai Quyun, Shanghai Zhicao and Hainan Mengbang, and the Group VIEs for
adjusted but unpaid taxes according to applicable regulations. The Group&#8217;s financial position could be materially and adversely
affected if the tax liabilities of our PRC subsidiaries, Shanghai Quyun, Shanghai Zhicao and Hainan Mengbang, and the Group VIEs increase,
or if they are required to pay late payment fees and other penalties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may lose the ability to use and enjoy assets held by the Group VIEs that are material to the operation of the Group&#8217;s business
if the entity goes bankrupt or becomes subject to a dissolution or liquidation proceeding.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group VIEs hold substantially all of the Group&#8217;s assets. Under the contractual arrangements, the Group VIEs may not and their respective
shareholders may not cause it to, in any manner, sell, transfer, mortgage or dispose of its assets or its legal or beneficial interests
in the business without our prior consent. However, in the event that the shareholders of the Group VIEs breach these contractual arrangements
and voluntarily liquidate the Group VIEs, or the Group VIEs declare bankruptcy and all or part of their assets become subject to liens
or rights of third-party creditors, or are otherwise disposed of without our consent, we may be unable to continue some or all of the
Group&#8217;s business activities, which could materially and adversely affect the Group&#8217;s business, results of operations and
financial condition. If any of the Group VIEs undergoes a voluntary or involuntary liquidation proceeding, independent third-party creditors
may claim rights to some or all of these assets, thereby hindering our ability to operate the Group&#8217;s business, which could materially
and adversely affect the Group&#8217;s business, results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the custodians or authorized users of the Group&#8217;s controlling non-tangible assets, including chops and seals, fail to fulfill their
responsibilities, or misappropriate or misuse these assets, the Group&#8217;s business and operations may be materially and adversely
affected.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
PRC law, legal documents for corporate transactions, including agreements and contracts that the Group&#8217;s business relies on, are
executed using the chop or seal of the signing entity or with the signature of a legal representative whose designation is registered
and filed with the relevant local branch of the SAMR. The Group generally executes legal documents by affixing chops or seals, rather
than having the designated legal representatives sign the documents.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 52; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has three major types of chops &#8212; corporate chops, contract chops and finance chops. The Group uses corporate chops generally
for documents to be submitted to government agencies, such as applications for changing business scope, directors or company name, and
for legal letters. The Group uses contract chops for executing leases and commercial contracts. The Group uses finance chops generally
for making and collecting payments, including issuing invoices. Use of corporate chops and contract chops must be approved by our legal
department and administrative department, and use of finance chops must be approved by our finance department. The chops of our subsidiaries
and the Group VIEs and their subsidiaries are generally held by the relevant entities so that documents can be executed locally. Although
we usually utilize chops to execute contracts, the registered legal representatives of our subsidiaries and the Group VIEs and their
subsidiaries have the apparent authority to enter into contracts on behalf of such entities without chops, unless such contracts set
forth otherwise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to maintain the physical security of the Group&#8217;s chops, the Group generally has them stored in secured locations accessible
only to the designated key employees of our legal, administrative or finance departments. The Group&#8217;s designated legal representatives
generally do not have access to the chops. Although the Group has approval procedures in place and monitors its key employees, including
the designated legal representatives of our subsidiaries and the Group VIEs and their subsidiaries, the procedures may not be sufficient
to prevent all instances of abuse or negligence. There is a risk that the Group&#8217;s key employees or designated legal representatives
could abuse their authority, for example, by binding our subsidiaries and the Group VIEs and their subsidiaries with contracts against
our interests, as the Group would be obligated to honor these contracts if the other contracting party acts in good faith in reliance
on the apparent authority of the Group&#8217;s chops or signatures of its legal representatives. If any designated legal representative
obtains control of the chop in an effort to obtain control over the relevant entity, the Group would need to have a shareholder or board
resolution to designate a new legal representative and to take legal action to seek the return of the chop, apply for a new chop with
the relevant authorities, or otherwise seek legal remedies for the legal representative&#8217;s misconduct. If any of the designated
legal representatives obtains and misuses or misappropriates the Group&#8217;s chops and seals or other controlling intangible assets
for whatever reason, we could experience disruption to the Group&#8217;s normal business operations. The Group may have to take corporate
or legal action, which could involve significant time and resources to resolve while distracting management from the Group&#8217;s operations,
and the Group&#8217;s business and operations may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantial
uncertainties exist with respect to whether the controlling of PRC onshore variable interest entities by foreign investors via contractual
arrangements will be recognized as &#8220;foreign investment&#8221; and how it may impact the viability of the Group&#8217;s current
corporate structure and operations.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2019, the National People&#8217;s Congress of the PRC adopted the Foreign Investment Law, which came into force on January
1, 2020. The Foreign Investment Law defines the &#8220;foreign investment&#8221; as the investment activities in China conducted directly
or indirectly by foreign investors in the following manners: (i) the foreign investor, by itself or together with other investors establishes
foreign invested enterprises in China; (ii) the foreign investor acquires shares, equities, asset tranches, or similar rights and interests
of enterprises in China; (iii) the foreign investor, by itself or together with other investors, invests and establishes new projects
in China; (iv) the foreign investor invests through other approaches as stipulated by laws, administrative regulations or otherwise regulated
by the State Council. The Foreign Investment Law keeps silent on how to define and regulate the VIEs, while adding a catch-all clause
that &#8220;other approaches as stipulated by laws, administrative regulations or otherwise regulated by the State Council&#8221; can
fall into the concept of &#8220;foreign investment,&#8221; which leaves uncertainty as to whether the foreign investor&#8217;s controlling
PRC onshore variable interest entities via contractual arrangements will be recognized as &#8220;foreign investment.&#8221; Pursuant
to the Foreign Investment Law, PRC governmental authorities will regulate foreign investment by applying the principle of pre-entry national
treatment together with a &#8220;negative list,&#8221; which will be promulgated by or promulgated with approval by the State Council.
Foreign investors are prohibited from making any investments in the industries which are listed as &#8220;prohibited&#8221; in such negative
list; and, after satisfying certain additional requirements and conditions as set forth in the &#8220;negative list,&#8221; are allowed
to make investments in the industries which are listed as &#8220;restricted&#8221; in such negative list. For any foreign investor that
fails to comply with the negative list, the competent authorities are entitled to ban its investment activities, require such investor
to take measures to correct its non-compliance and impose other penalties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 53; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is uncertain whether any of the businesses that the Group currently operates or plans to operate in the future through the Group VIEs
would be on the &#8220;negative list&#8221; as updated by the governmental authority from time to time and therefore be subject to any
foreign investment restrictions or prohibitions. If any of the businesses that we operate were in the &#8220;restricted&#8221; or &#8220;prohibited&#8221;
category on the to-be-updated &#8220;negative list,&#8221; such determination would materially and adversely affect the value of the
ADSs. We also face uncertainties as to whether the to-be-updated &#8220;negative list&#8221; would mandate further actions, such as MOFCOM
market entry clearance, to be completed by companies with existing VIE structure and whether such clearance can be timely obtained, or
at all. If we are not able to obtain any approval when required, the Group&#8217;s VIE structure may be regarded as invalid and illegal
under the promulgated Foreign Investment Law, which may materially and adversely affect the Group&#8217;s business, results of operations
and financial condition, for instance, we may not be able to (i) continue the Group&#8217;s business in China through our contractual
arrangements with the Group VIEs, (ii) exert effective control over the Group VIEs, or (iii) consolidate the financial results of, and
receive economic benefits from the Group VIEs under existing contractual arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our corporate governance practice may be materially impacted and our compliance costs could increase if we were considered
as a FIE under the Foreign Investment Law. For instance, the Foreign Investment Law purports to impose stringent ad hoc and periodic
information reporting requirements on foreign investors and the applicable FIEs. Any company found to be noncompliant with these information
reporting obligations could potentially be subject to fines and/or administrative liabilities, according to the Foreign Investment Law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC Foreign Investment Law leaves leeway for future laws, administrative regulations or provisions of the State Council to provide for
contractual arrangements as a form of foreign investment. It is therefore uncertain whether the Group&#8217;s corporate structure will
be seen as violating foreign investment rules as we are currently using the contractual arrangements to operate certain businesses in
which foreign investors are currently prohibited from or restricted to investing. Furthermore, if future laws, administrative regulations
or provisions of the State Council mandate further actions to be taken by companies with respect to existing contractual arrangements,
we may face substantial uncertainties as to whether we can complete such actions in a timely manner, or at all. If we fail to take appropriate
and timely measures to comply with any of these or similar regulatory compliance requirements, the Group&#8217;s current corporate structure,
corporate governance and business operations could be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Relating to Doing Business in China</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in the political and economic policies of the PRC government may materially and adversely affect the Group&#8217;s business, results
of operations and financial condition and may result in the Group&#8217;s inability to sustain our growth and expansion strategies. The
PRC government may intervene or influence our operations at any time, which could result in a material change in the Group&#8217;s operations
and/or the value of our ADSs. Any actions by the Chinese government to exert more oversight and control over offerings that are conducted
overseas and/or foreign investment in China-based issuers could significantly limit or completely hinder the Group&#8217;s ability to
offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
all of the Group&#8217;s operations are conducted in the PRC and substantially all of the Group&#8217;s revenue is sourced from the PRC.
Accordingly, the Group&#8217;s business, results of operations and financial condition are affected to a significant extent by economic,
political and legal developments in the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC economy differs from the economies of most developed countries in many respects, including the extent of government involvement,
level of development, growth rate, control of foreign exchange and allocation of resources. Although the PRC government has implemented
measures emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets, and
the establishment of improved corporate governance in business enterprises, a substantial portion of productive assets in China is still
owned by the government. In addition, the PRC government continues to play a significant role in regulating industry development by imposing
industrial policies. The PRC government also exercises significant control over China&#8217;s economic growth by allocating resources,
controlling payment of foreign currency-denominated obligations, setting monetary policy, regulating financial services and institutions
and providing preferential treatment to particular industries or companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 54; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the PRC economy has experienced significant growth in the past three decades, growth has been uneven, both geographically and among various
sectors of the economy. The PRC government has implemented various measures to encourage economic growth and guide the allocation of
resources. Some of these measures may benefit the overall PRC economy, but may also have a negative effect on the Group. The Group&#8217;s
business, results of operations and financial condition could be materially and adversely affected by government control over capital
investments or changes in tax regulations that are applicable to the Group. The PRC government also has significant authority to exert
influence on the ability of a Chinese-based issuer, such as our company, to conduct its business. The PRC government may intervene or
influence the Group&#8217;s operations at any time, which could result in a material change in the Group&#8217;s operations and/or the
value of our ADSs and Class A ordinary shares. In particular, there have been recent statements by the PRC government indicating an intent
to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. Any
such regulatory oversight or control could significantly limit or completely hinder our ability to offer or continue to offer securities
to investors and cause the value of our securities to significantly decline or become worthless. In addition, the PRC government has
implemented in the past certain measures to control the pace of economic growth. These measures may cause decreased economic activity,
which in turn could lead to a reduction in demand for the Group&#8217;s services and consequently materially and adversely affect the
Group&#8217;s business, results of operations and financial condition, and cause the value of our securities to significantly decline
or become worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations. In addition, rules and regulations
in China can change quickly with little advance notice.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
all of the Group&#8217;s operations are conducted in the PRC, and are governed by PRC laws, rules and regulations. Our PRC subsidiaries
and the Group VIEs and their subsidiaries are subject to laws, rules and regulations applicable to foreign investment in China. The PRC
legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions may be cited for reference
but have limited precedential value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
1979, the PRC government began to promulgate a comprehensive system of laws, rules and regulations governing economic matters in general.
The overall effect of legislation over the past three decades has significantly enhanced the protections afforded to various forms of
foreign investment in China. However, China has not developed a fully integrated legal system, and recently enacted laws, rules and regulations
may not sufficiently cover all aspects of economic activities in China or may be subject to significant degrees of interpretation by
PRC regulatory agencies. In particular, because these laws, rules and regulations are relatively new, and because of the limited number
of published decisions and the nonbinding nature of such decisions, and because the laws, rules and regulations often give the relevant
regulator significant discretion in how to enforce them, the interpretation and enforcement of these laws, rules and regulations involve
uncertainties and can be inconsistent and unpredictable. In addition, rules and regulations in China can change quickly with little advance
notice. Uncertainties due to evolving laws and regulations could impede the ability of a China-based issuer, such as us, to obtain or
maintain permits or licenses required to conduct business in China. In the absence of required permits or licenses, governmental authorities
could impose material sanctions or penalties on us. Moreover, the PRC legal system is based in part on government policies and internal
rules, some of which are not published on a timely basis or at all, and which may have a retroactive effect. As a result, we may not
be aware of our violation of these policies and rules until after the occurrence of the violation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
administrative and court proceedings in China may be protracted, resulting in substantial costs and diversion of resources and management
attention. Since PRC administrative and court authorities have significant discretion in interpreting and implementing statutory and
contractual terms, it may be more difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection
we enjoy than in more developed legal systems. These uncertainties may impede the Group&#8217;s ability to enforce the contracts the
Group has entered into and could materially and adversely affect the Group&#8217;s business, results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
approval of and the filing with the China Securities Regulatory Commission, or the CSRC, or other PRC government authorities may be required
in connection with our future offshore offerings under PRC law, which may hinder our ability to continue to offer securities to investors
offshore; in addition, the regulation of the CSRC or other PRC regulatory agencies establish complex procedures for acquisitions conducted
by foreign investors that could make it more difficult for us to grow through acquisitions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 55; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 8, 2006, six PRC regulatory agencies, including the MOFCOM, the State-Owned Assets Supervision and Administration Commission,
or the SASAC, the SAT, the SAIC, the CSRC, and the State Administration of Foreign Exchange, or the SAFE, jointly adopted the Regulations
on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&amp;A Rules, which came into effect on September 8,
2006 and were amended on June 22, 2009. The M&amp;A Rules include, among other things, provisions that purport to require that an offshore
special purpose vehicle that is controlled by PRC domestic companies or individuals and that has been formed for the purpose of an overseas
listing of securities through acquisitions of PRC domestic companies or assets using shares of such special purpose vehicles or shares
held by its shareholders as considerations to obtain the approval of the CSRC prior to the listing and trading of such special purpose
vehicle&#8217;s securities on an overseas stock exchange. On September 21, 2006, the CSRC published on its official website procedures
regarding its approval of overseas listings by special purpose vehicles. However, substantial uncertainty remains regarding the scope
and applicability of the M&amp;A Rules to offshore special purpose vehicles.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
regulations also established additional procedures and requirements that are expected to make merger and acquisition activities in China
by foreign investors more time-consuming and complex. For example, the M&amp;A rules require that the MOFCOM be notified in advance of
any change-of-control transaction in which a foreign investor takes control of a PRC domestic enterprise if (i) any important industry
is concerned, (ii) such transaction involves factors that have or may have impact on the national economic security, or (iii) such transaction
will lead to a change in control of a domestic enterprise which holds a famous trademark or PRC time-honored brand. The approval from
the MOFCOM shall be obtained in circumstances where overseas companies established or controlled by PRC enterprises or residents acquire
affiliated domestic companies. Mergers, acquisitions or contractual arrangements that allow one market player to take control of or to
exert decisive impact on another market player must also be notified in advance to the SAMR when the threshold under the Provisions on
Thresholds for Prior Notification of Concentrations of Undertakings, or the Prior Notification Rules, issued by the State Council in
August 2008 (as amended in January 2024) is triggered. In addition, the security review rules issued by the MOFCOM that became effective
in September 2011 specify that mergers and acquisitions by foreign investors that raise &#8220;national defense and security&#8221; concerns
and mergers and acquisitions through which foreign investors may acquire de facto control over domestic enterprises that raise &#8220;national
security&#8221; concerns are subject to strict review by the MOFCOM, and the rules prohibit any activities attempting to bypass a security
review, including by structuring the transaction through a proxy or contractual control arrangement. We may grow the Group&#8217;s business
in part by acquiring other companies operating in our industry. Complying with the requirements of the new regulations to complete such
transactions could be time-consuming, and any required approval processes, including approval from the MOFCOM, may delay or inhibit our
ability to complete such transactions, which could affect our ability to expand the Group&#8217;s business or maintain our market share.
See &#8220;Item 4. Information on the Company &#8212; C. Regulations &#8212; Regulations Related to Mergers and Acquisitions and Overseas
Listings.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
it is uncertain when and whether we will be required to obtain permission from the PRC government to maintain our listing status on U.S.
exchanges in the future, and even when such permission is obtained, whether it will be later denied or rescinded. On December 24, 2021,
the CSRC released the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies
(Draft for Comments), or the &#8220;Draft Administrative Provisions, and the Administrative Measures for the Filing of Overseas Securities
Offering and Listing by Domestic Companies (Draft for Comments), or the Draft Filing Measures, both of which had a comment period that
expired January 23, 2022. On February 17, 2023, the CSRC, as approved by the State Council, released Trial Administrative Measures of
Overseas Securities Offering and Listing by Domestic Companies, or the Overseas Listing Trial Measures and relevant guidelines, which
came into effect on March 31, 2023. The Overseas Listing Trial Measures comprehensively improve and reform the existing regulatory regime
for overseas offering and listing conducted by PRC companies both directly or indirectly through an overseas holding company by adopting
a filing-based regulatory regime. It further requires that subsequent securities offerings and listings of an issuer in other overseas
markets than where it has offered and listed shall be filed with the CSRC within three working days after the relevant application is
submitted overseas. Furthermore, upon the occurrence of any of the material events specified below after an issuer has offered and listed
securities in an overseas market, the issuer shall submit a report thereof to CSRC within three working days after the occurrence and
public disclosure of the event: (i) change of control; (ii) investigations or sanctions imposed by overseas securities regulatory agencies
or other relevant competent authorities; (iii) change of listing status or transfer of listing segment; (iv) voluntary or mandatory delisting.
Given that the Overseas Listing Trial Measures were recently promulgated, there remain substantial uncertainties as to their interpretation,
application, and enforcement and how they will affect our operations and our future financing. According to the Overseas Listing Trial
Measures, we need to make filings for subsequent offerings and any incompliance with such requirements may result in fines and penalties
assessed on the Group&#8217;s operations in China, restrictions on the Group&#8217;s operations in China, delays in or restrictions on
the repatriation of the proceeds from any such offering into the PRC, restrictions on or prohibition of the payments or remittance of
dividends by our subsidiaries in China, or other actions that could have a material and adverse effect on the Group&#8217;s business,
reputation, financial condition, results of operations, prospects, as well as the trading price of the ADSs. The CSRC or other PRC regulatory
agencies may also take actions requiring us, or making it advisable for us, to halt any such offering before the settlement and delivery
of the securities that we may offer offshore. Any such circumstance could also significantly limit or completely hinder our ability to
continue to offer securities to investors offshore and cause the value of such securities to significantly decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 56; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
laws and regulations mandate complex procedures for some acquisitions of Chinese companies by foreign investors, which could make it
more difficult for us to make acquisitions in China.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
laws and regulations, such as the M&amp;A Rules, and other relevant rules, established additional procedures and requirements that are
expected to make merger and acquisition activities in China by foreign investors more time-consuming and complex, including requirements
in some instances that the MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor takes control
of a PRC domestic enterprise, or that the approval from the MOFCOM be obtained in circumstances where overseas companies established
or controlled by PRC enterprises or residents acquire affiliated domestic companies. PRC laws and regulations also require certain merger
and acquisition transactions to be subject to a merger control security review. In August 2011, the MOFCOM promulgated the <i>Rules on
Implementation of Security Review System</i>, or MOFCOM Security Review Rules, effective from September 1, 2011, further provide that,
when deciding whether a specific merger or acquisition of a domestic enterprise by foreign investors is subject to a security review
by the MOFCOM, the principle of substance over form should be applied and foreign investors are prohibited from bypassing the security
review requirement by structuring transactions through proxies, trusts, indirect investments, leases, loans, control through contractual
arrangements of offshore transaction. Factors that the MOFCOM considers in its review are whether (i) an important industry is involved,
(ii) such transaction involves factors that have had or may have an impact on national economic security and (iii) such transaction will
lead to a change in control of a domestic enterprise that holds a well-known PRC trademark or a time-honored PRC brand. Furthermore,
on December 19, 2020, the NDRC and the MOFCOM promulgated the Measures for Security Review of Foreign Investment, or the Foreign Investment
Security Review Measures, which took effect on January 18, 2021. Under the Foreign Investment Security Review Measures, investment in
certain key areas which results in acquiring the actual control of the assets is required to obtain approval from designated governmental
authorities in advance. As the Foreign Investment Security Review Measures are recently promulgated, there are great uncertainties with
respect to its interpretation and implementation. If a business of any target company that we plan to acquire tails into the ambit of
security review, we may not be able to successfully acquire such company. In addition, the PRC Anti-Monopoly Law requires that the anti-monopoly
law enforcement agency be notified in advance of any concentration of undertaking if certain thresholds are triggered. On March 10, 2023, the SAMR further issued the Provisions on the Review of Concentrations of Undertaking, which took effect on April 15, 2024, to further enhance the enforcement on the supervision of concentration of undertakings. Complying with the requirements of the
relevant regulations to complete any such transaction could be time-consuming, and any required approval process, including approval
from the MOFCOM, or other governmental authorities may delay or inhibit our ability to complete such transactions, which could affect
our ability to expand the Group&#8217;s business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
regulations relating to investments in offshore companies by PRC residents may subject our PRC-resident beneficial owners or our PRC
subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiaries or limit our PRC subsidiaries&#8217;
ability to increase their registered capital or distribute profits.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SAFE promulgated the Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents&#8217; Offshore Investment
and Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular 37, on July 4, 2014, which replaced the former
circular commonly known as &#8220;SAFE Circular 75&#8221; promulgated by the SAFE on October 21, 2005. SAFE Circular 37 requires PRC
residents to register with local branches of the SAFE in connection with their direct establishment or indirect control of an offshore
entity, for the purpose of overseas investment and financing, with such PRC residents&#8217; legally owned assets or equity interests
in domestic enterprises or offshore assets or interests, referred to in SAFE Circular 37 as a &#8220;special purpose vehicle.&#8221;
Pursuant to SAFE Circular 37, &#8220;control&#8221; refers to the act through which a PRC resident obtains the right to carry out business
operation of, to gain proceeds from or to make decisions on a special purpose vehicle by means of, among others, shareholding entrustment
arrangement. SAFE Circular 37 further requires amendment to the registration in the event of any significant changes with respect to
the special purpose vehicle, such as change of shareholders of the special purpose vehicle, increase or decrease of capital contributed
by PRC individuals, share transfer or exchange, merger, division or other material event. In the event that a PRC shareholder holding
interests in a special purpose vehicle fails to fulfill the required SAFE registration, the PRC subsidiaries of that special purpose
vehicle may be prohibited from making profit distributions to the offshore parent and from carrying out subsequent cross-border foreign
exchange activities, and the special purpose vehicle may be restricted in its ability to contribute additional capital into its PRC subsidiaries.
Moreover, failure to comply with the various SAFE registration requirements described above could result in liability under PRC law for
evasion of foreign exchange controls. According to the Notice on Further Simplifying and Improving Policies for the Foreign Exchange
Administration of Direct Investment released on February 13, 2015 by the SAFE and amended on December 30, 2019, local banks will examine
and handle foreign exchange registration for overseas direct investment, including the initial foreign exchange registration and amendment
registration, under SAFE Circular 37 from June 1, 2015.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 57; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Eric Siliang Tan and Mr. Lei Li have completed their initial SAFE registration pursuant to SAFE Circular 37 in 2017, with Innotech Group
Holdings Ltd. and News Optimizer (BVI) Ltd. being separately registered as the respective &#8220;special purpose vehicle.&#8221; After
transferring all shares in Innotech Group Holdings Ltd. to the trust of which himself is also a beneficiary, Mr. Eric Siliang Tan, as
well as all the other beneficiaries of the trust who are PRC residents are required to complete relevant registrations pursuant to SAFE
Circular 37. We have notified substantial beneficial owners of our ordinary shares and the beneficiaries of the trust who we know are
PRC residents of their filing obligation, including the obligation to make updates under SAFE Circular 37, and the beneficial owners
have undertaken to complete relevant registrations as soon as such registration is practical with local SAFE. Nevertheless, we may not
be continuously aware of the identities of all of our beneficial owners who are PRC residents. We do not have control over our beneficial
owners and there can be no assurance that all of our PRC-resident beneficial owners will comply with SAFE Circular 37 and subsequent
implementation rules, and there is no assurance that the registration under SAFE Circular 37 and any amendment will be completed in a
timely manner, or will be completed at all. The failure of our beneficial owners who are PRC residents to register or amend their foreign
exchange registrations in a timely manner pursuant to SAFE Circular 37 and subsequent implementation rules, or the failure of future
beneficial owners of our company who are PRC residents to comply with the registration procedures set forth in SAFE Circular 37 and subsequent
implementation rules, may subject such beneficial owners or our PRC subsidiaries to fines and legal sanctions. Failure to register or
comply with relevant requirements may also limit our ability to contribute additional capital to our PRC subsidiaries and limit our PRC
subsidiaries&#8217; ability to distribute dividends to our company. These risks may materially and adversely affect the Group&#8217;s
business, results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
failure to comply with PRC regulations regarding employee equity incentive plans may subject the PRC plan participants or us to fines
and other legal or administrative sanctions.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to SAFE Circular 37, PRC residents who participate in equity incentive plans in overseas non-publicly-listed companies due to their position
as director, senior management or employees of the PRC subsidiaries of the overseas companies may submit applications to SAFE or its
local branches for the foreign exchange registration with respect to offshore special purpose companies. Our directors, executive officers
and other employees who are PRC residents and who have been granted options may follow SAFE Circular 37 to apply for the foreign exchange
registration before our company becomes an overseas listed company. As an overseas listed company, we and our directors, executive officers
and other employees who are PRC residents and who have been granted options are subject to the Notice on Issues Concerning the Foreign
Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of Overseas Publicly Listed Company, issued by
SAFE in February 2012, according to which, employees, directors, supervisors and other management members participating in any equity
incentive plans of an overseas publicly listed company who are PRC residents are required to register with SAFE through a domestic qualified
agent, which could be a PRC subsidiary of such overseas listed company, and complete certain other procedures. Failure to complete the
SAFE registrations may subject them to fines and legal sanctions and may also limit the ability to make payment under our equity incentive
plans or receive dividends or sales proceeds related thereto, or our ability to contribute additional capital into our wholly-foreign
owned enterprise in China and limit our wholly-foreign owned enterprise&#8217;s ability to distribute dividends to us. We also face regulatory
uncertainties that could restrict our ability to adopt additional equity incentive plans for our directors and employees under PRC law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 58; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely to a significant extent on dividends and other distributions on equity paid by our principal operating subsidiaries and the Group
VIEs to fund offshore cash and financing requirements. Any limitation on the ability of our PRC operating subsidiaries or the Group VIEs
to make payments to us could materially and adversely affect our ability to conduct the Group&#8217;s business.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a holding company and rely to a significant extent on dividends and other distributions on equity paid by our principal operating
subsidiaries and on remittances from the Group VIEs for our offshore cash and financing requirements, including the funds necessary to
pay dividends and other cash distributions to our shareholders, fund inter-company loans, service any debt we may incur outside of China
and pay our expenses. When our principal operating subsidiaries or the Group VIEs incur additional debt, the instruments governing the
debt may restrict their ability to pay dividends or make other distributions or remittances to us. Furthermore, the laws, rules and regulations
applicable to our PRC subsidiaries and certain other subsidiaries permit payments of dividends only out of their retained earnings, if
any, determined in accordance with applicable accounting standards and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
PRC laws, rules and regulations, each of our subsidiaries incorporated in China and the Group VIEs is required to set aside at least
10% of its net income each year to fund certain statutory reserves until the cumulative amount of such reserves reaches 50% of its registered
capital. These reserves, together with the registered capital, are not distributable as cash dividends. As a result of these laws, rules
and regulations, our subsidiaries incorporated in China are restricted in their ability to transfer a portion of their respective net
assets to their shareholders as dividends, loans or advances. Certain of our subsidiaries did not have any retained earnings available
for distribution in the form of dividends as of December 31, 2023. In addition, registered share capital and capital reserve accounts
are also restricted from withdrawal in the PRC, up to the amount of net assets held in each operating subsidiary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitations
on the ability of the Group VIEs to make remittance to the wholly-foreign owned enterprise and on the ability of our subsidiaries to
pay dividends to us could limit our ability to access cash generated by the operations of those entities, including to make investments
or acquisitions that could be beneficial to the Group&#8217;s businesses, pay dividends to our shareholders or otherwise fund and conduct
the Group&#8217;s business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be treated as a resident enterprise for PRC tax purposes under the PRC Enterprise Income Tax Law, and we may therefore be subject
to PRC income tax on our global income.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the modified Enterprise Income Tax Law and its implementing rules, enterprises established under the laws of jurisdictions outside of
China with &#8220;de facto management bodies&#8221; located in China may be considered PRC tax resident enterprises for tax purposes
and may be subject to the PRC enterprise income tax at the rate of 25% on their global income. &#8220;De facto management body&#8221;
refers to a managing body that exercises substantive and overall management and control over the production and business, personnel,
accounting books and assets of an enterprise. The SAT issued the <i>Notice Regarding the Determination of Chinese-Controlled Offshore-Incorporated
Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies</i>, or Circular 82, on April 22, 2009, which
was amended on December 29, 2017. Circular 82 provides certain specific criteria for determining whether the &#8220;de facto management
body&#8221; of a Chinese-controlled offshore-incorporated enterprise is located in China. Although Circular 82 only applies to offshore
enterprises controlled by PRC enterprises, not those controlled by foreign enterprises or individuals, the determining criteria set forth
in Circular 82 may reflect the SAT&#8217;s general position on how the &#8220;de facto management body&#8221; test should be applied
in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises. If we were
to be considered a PRC resident enterprise, we would be subject to PRC enterprise income tax at the rate of 25% on our global income.
In such case, our profitability and cash flow may be materially reduced as a result of our global income being taxed under the Enterprise
Income Tax Law. We believe that none of our entities outside of China is a PRC resident enterprise for PRC tax purposes. However, the
tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to
the interpretation of the term &#8220;de facto management body.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 59; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
payable to our foreign investors and gains on the sale of ADSs or our ordinary shares by our foreign investors may become subject to
PRC tax.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the modified Enterprise Income Tax Law and its implementation regulations issued by the State Council, a 10% PRC withholding tax is applicable
to dividends payable to investors that are non-resident enterprises, which do not have an establishment or place of business in the PRC
or which have such establishment or place of business but the dividends are not effectively connected with such establishment or place
of business, to the extent such dividends are derived from sources within the PRC. Similarly, any gain realized on the transfer of ADSs
or ordinary shares by such investors is also subject to PRC tax at a current rate of 10%, subject to any reduction or exemption set forth
in applicable tax treaties or under applicable tax arrangements between jurisdictions, if such gain is regarded as income derived from
sources within the PRC. If we are deemed a PRC resident enterprise, dividends paid on our ordinary shares, and any gain realized from
the transfer of our ordinary shares or the ADSs, would be treated as income derived from sources within the PRC and would as a result
be subject to PRC taxation. Furthermore, if we are deemed a PRC resident enterprise, dividends payable to individual investors who are
non-PRC residents and any gain realized on the transfer of ADSs or ordinary shares by such investors may be subject to PRC tax at a current
rate of 20%, subject to any reduction or exemption set forth in applicable tax treaties or under applicable tax arrangements between
jurisdictions. If we or any of our subsidiaries established outside China are considered a PRC resident enterprise, it is unclear whether
holders of ADSs or our ordinary shares would be able to claim the benefit of income tax treaties or agreements entered into between China
and other countries or areas. If dividends payable to our non-PRC investors, or gains from the transfer of ADSs or our ordinary shares
by such investors, are deemed as income derived from sources within the PRC and thus are subject to PRC tax, the value of your investment
in ADSs or our ordinary shares may decline significantly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and our shareholders face uncertainties with respect to indirect transfers of equity interests in PRC resident enterprises or other assets
attributed to a Chinese establishment of a non-Chinese company, or immovable properties located in China owned by non-Chinese companies.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 3, 2015, the SAT issued the <i>Bulletin on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC Resident
Enterprises</i>, or Bulletin 7, which was amended on October 17, 2017 and December 29, 2017 and partially replaced and supplemented previous
rules under the <i>Notice on Strengthening Administration of Enterprise Income Tax for Share Transfers by Non-PRC Resident Enterprises</i>,
or SAT Circular 698, issued by the SAT, on December 10, 2009. Pursuant to this Bulletin 7, an &#8220;indirect transfer&#8221; of assets,
including equity interests in a PRC resident enterprise, by non-PRC resident enterprises may be re-characterized and treated as a direct
transfer of PRC taxable assets, if such arrangement does not have a reasonable commercial purpose and was established for the purpose
of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise
income tax. According to Bulletin 7, &#8220;PRC taxable assets&#8221; include assets attributed to an establishment in China, immovable
properties located in China, and equity investments in PRC resident enterprises, in respect of which gains from their transfer by a direct
holder, being a non-PRC resident enterprise, would be subject to PRC enterprise income taxes. When determining whether there is a &#8220;reasonable
commercial purpose&#8221; of the transaction arrangement, features to be taken into consideration include: whether the main value of
the equity interest of the relevant offshore enterprise derives from PRC taxable assets; whether the assets of the relevant offshore
enterprise mainly consists of direct or indirect investment in China or if its income mainly derives from China; whether the offshore
enterprise and its subsidiaries directly or indirectly holding PRC taxable assets have real commercial nature which is evidenced by their
actual function and risk exposure; the duration of existence of the business model and organizational structure; the replicability of
the transaction by direct transfer of PRC taxable assets; and the tax situation of such indirect transfer and applicable tax treaties
or similar arrangements. In respect of an indirect offshore transfer of assets of a PRC establishment, the resulting gain is to be included
with the enterprise income tax filing of the PRC establishment or place of business being transferred, and would consequently be subject
to PRC enterprise income tax at a rate of 25%. Where the underlying transfer relates to the immovable properties located in China or
to equity investments in a PRC resident enterprise, which is not related to a PRC establishment or place of business of a non-resident
enterprise, a PRC enterprise income tax of 10% would apply, subject to available preferential tax treatment under applicable tax treaties
or similar arrangements, and the party who is obligated to make the transfer payments has the withholding obligation. Where the payor
fails to withhold any or sufficient tax, the transferor is required to declare and pay such tax to the tax authority by itself within
the statutory time limit. Late payment of applicable tax will subject the transferor to default interest. Bulletin 7 does not apply to
transactions of sale of shares by investors through a public stock exchange where such shares were acquired from a transaction through
a public stock exchange. On October 17, 2017, the SAT promulgated the <i>Announcement of the State Administration of Taxation on Issues
Concerning the Withholding of Non-resident Enterprise Income Tax at Source</i>, or SAT Circular 37, which was amended and became effective
on June 15, 2018, and SAT Circular 698 then was repealed with effect from December 1, 2017. SAT Circular 37, among other things, simplified
procedures of withholding and payment of income tax levied on non-resident enterprises.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 60; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is uncertainty as to the application of Bulletin 7 and SAT Circular 37. We face uncertainties as to the reporting and other implications
of certain past and future transactions where PRC taxable assets are involved, such as offshore restructuring, sale of the shares in
our offshore subsidiaries or investments. Our company may be subject to filing obligations or taxed if our company is transferor in such
transactions, and may be subject to withholding obligations if our company is transferee in such transactions under Bulletin 7 and SAT
Circular 37. For transfer of shares in our company by investors that are non-PRC resident enterprises, our PRC subsidiaries may be requested
to assist in the filing under Bulletin 7 and SAT Circular 37. As a result, we may be required to expend valuable resources to comply
with Bulletin 7 and SAT Circular 37 or to request the relevant transferors from whom we purchase taxable assets to comply with these
publications, or to establish that our company should not be taxed under these publications, which may materially and adversely affect
our results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to restrictions on currency exchange.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
all of the Group&#8217;s revenue is denominated in Renminbi. The Renminbi is currently convertible under the &#8220;current account,&#8221;
which includes dividends, trade and service-related foreign exchange transactions, but not under the &#8220;capital account,&#8221; which
includes foreign direct investment and loans, including loans we may secure from our onshore subsidiaries or the Group VIEs. Currently,
certain of our PRC subsidiaries may purchase foreign currency for settlement of &#8220;current account transactions,&#8221; including
payment of dividends to us, without the approval of the SAFE by complying with certain procedural requirements. However, the relevant
PRC governmental authorities may limit or eliminate our ability to purchase foreign currencies in the future for current account transactions.
Foreign exchange transactions under the capital account remain subject to limitations and require approvals from, or registration with,
the SAFE and other relevant PRC governmental authorities. Since a significant amount of the Group&#8217;s future revenue and cash flow
will be denominated in Renminbi, any existing and future restrictions on currency exchange may limit our ability to utilize cash generated
in Renminbi to fund our business activities outside of the PRC or pay dividends in foreign currencies to our shareholders, and may limit
our ability to obtain foreign currency through debt or equity financing for our onshore subsidiaries and the Group VIEs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
regulation of loans to, and direct investment in, PRC entities by offshore holding companies and governmental control of currency conversion
may restrict or prevent us from making loans to our PRC subsidiaries and the Group VIEs, or making additional capital contributions to
our PRC subsidiaries.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
as an offshore holding company, are permitted under PRC laws and regulations to provide funding to our PRC subsidiaries, which are treated
as foreign-invested enterprises under PRC laws, through loans or capital contributions. However, loans by us to our PRC subsidiaries
to finance their activities cannot exceed statutory limits and must be registered with the local counterpart of SAFE and capital contributions
to our PRC subsidiaries are subject to the requirement of making necessary filings or registrations through enterprise registration system
with relevant governmental authorities in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 61; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAFE
promulgated the Notice of the State Administration of Foreign Exchange on Reforming the Administration of Foreign Exchange
Settlement of Capital of Foreign-invested Enterprises, or Circular 19, effective on June 1, 2015 and was amended on December 30,
2019 and on March 23, 2023, in replacement of the Circular on the Relevant Operating Issues Concerning the Improvement of the Administration of the
Payment and Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, or SAFE Circular 142, the Supplementary Circular
of the General Affairs Department of the State Administration of Foreign Exchange on Business Operational Issues Concerning
Improving Administration for the Payment and Settlement of the Foreign Exchange Capital of Foreign-Invested Enterprises, or SAFE
Circular 88, and the Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Pilot Reform in Some
Regions on Administrative Approaches to Settlement of Foreign Exchange Capital of Foreign-invested Enterprises, or Circular 36.
According to Circular 19, the flow and use of the Renminbi capital converted from foreign currency-denominated registered capital of
a foreign-invested company is regulated such that Renminbi capital may not be used for the issuance of Renminbi entrusted loans, the
repayment of inter-enterprise loans or the repayment of banks loans that have been transferred to a third party. Although Circular
19 allows Renminbi capital converted from foreign currency-denominated registered capital of a foreign-invested enterprise to be
used for equity investments within the PRC, it also reiterates the principle that Renminbi converted from the foreign
currency-denominated capital of a foreign-invested company may not be directly or indirectly used for purposes beyond its business
scope. Thus, it is unclear whether SAFE will permit such capital to be used for equity investments in the PRC in actual practice.
SAFE promulgated the <i>Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange
Settlement Management Policy of Capital Account</i>, or Circular 16, effective on June 9, 2016 and amended on December 4, 2023, which reiterates some of the rules
set forth in Circular 19, but changes the prohibition against using Renminbi capital converted from foreign currency-denominated
registered capital of a foreign-invested company to issue Renminbi entrusted loans to a prohibition against using such capital to
issue loans to non-associated enterprises. Violations of SAFE Circular 19 and Circular 16 could result in administrative penalties.
Circular 19 and Circular 16 may significantly limit our ability to transfer any foreign currency we hold to our PRC subsidiaries,
which may adversely affect our liquidity and our ability to fund and expand our business in the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the restrictions imposed on loans in foreign currencies extended to any PRC domestic companies, we are not likely to make such loans
to the Group VIEs and their subsidiaries, each a PRC domestic company. Meanwhile, we are not likely to finance the activities of the
Group VIEs and their subsidiaries by means of capital contributions given the restrictions on foreign investment in the businesses that
are currently conducted by the Group VIEs and their subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
light of the various requirements imposed by PRC regulations on loans to, and direct investment in, PRC entities by offshore holding
companies, we cannot assure you that we will be able to complete the necessary government registrations or obtain the necessary government
approvals on a timely basis, if at all, with respect to future loans to our PRC subsidiaries or any of the Group VIEs or future capital
contributions by us to our PRC subsidiaries. As a result, uncertainties exist as to our ability to provide prompt financial support to
our PRC subsidiaries or the Group VIEs and their subsidiaries when needed. If we fail to complete such registrations or obtain such approvals,
our ability to use foreign currency and to capitalize or otherwise fund the Group&#8217;s PRC operations may be negatively affected,
which could materially and adversely affect the Group&#8217;s liquidity and its ability to fund and expand its business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations
in exchange rates could result in foreign currency exchange losses and could materially reduce the value of your investment.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political
and economic conditions and the foreign exchange policy adopted by the PRC government. On July 21, 2005, the PRC government changed its
policy of pegging the value of the Renminbi to the U.S. dollar. Following the removal of the U.S. dollar peg, the Renminbi appreciated
more than 20% against the U.S. dollar over the following three years. Between July 2008 and June 2010, this appreciation halted and the
exchange rate between the Renminbi and the U.S. dollar remained within a narrow band. Since June 2010, the Renminbi has fluctuated against
the U.S. dollar, at times significantly and unpredictably. On November 30, 2015, the Executive Board of the International Monetary Fund
completed the regular five-year review of the basket of currencies that make up the Special Drawing Right, or the SDR, and decided that
with effect from October 1, 2016, Renminbi is determined to be a freely usable currency and will be included in the SDR basket as a fifth
currency, along with the U.S. dollar, the Euro, the Japanese yen and the British pound. In the fourth quarter of 2016, the Renminbi depreciated
significantly in the backdrop of a surging U.S. dollar and persistent capital outflows of China. With the development of the foreign
exchange market and progress towards interest rate liberalization and Renminbi internationalization, the PRC government may in the future
announce further changes to the exchange rate system, and we cannot assure you that the Renminbi will not appreciate or depreciate significantly
in value against the U.S. dollar in the future. It is difficult to predict how market forces or PRC or U.S. government policy may impact
the exchange rate between the Renminbi and the U.S. dollar in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 62; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
all of the Group&#8217;s revenue and costs are denominated in Renminbi. We are a holding company and we rely on dividends paid by our
operating subsidiaries in China for the Group&#8217;s cash needs. Any significant fluctuation of Renminbi against the U.S. dollar may
materially and adversely affect the Group&#8217;s results of operations and financial position reported in Renminbi when translated into
U.S. dollars, and the value of, and any dividends payable in U.S. dollars. To the extent that we need to convert U.S. dollars into Renminbi
for the Group&#8217;s operations, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount
we would receive. Conversely, if we decide to convert our Renminbi into U.S. dollars for the purpose of making payments for dividends
on our ordinary shares or for other business purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect
on the U.S. dollar amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group could be adversely affected by political tensions between the United States and China.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Political
tensions between the United States and China have escalated in recent years due to, among other things, the trade war between the two
countries since 2018, the COVID-19 pandemic, the PRC National People&#8217;s Congress&#8217; passage of Hong Kong national security legislation,
the imposition of U.S. sanctions on certain Chinese officials from China&#8217;s central government and the Hong Kong Special Administrative
Region by the U.S. government, and the imposition of sanctions on certain individuals from the U.S. by the Chinese government, various
executive orders issued by former U.S. President Donald J. Trump, such as the one issued in August 2020 that prohibits certain transactions
with ByteDance Ltd., Tencent Holdings Ltd. and the respective subsidiaries of such companies, the executive order issued in November
2020 that prohibits U.S. persons from transacting publicly traded securities of certain &#8220;Communist Chinese military companies&#8221;
named in such executive order, as well as the executive order issued in January 2021 that prohibits such transactions as are identified
by the U.S. Secretary of Commerce with certain &#8220;Chinese connected software applications,&#8221; including Alipay and WeChat Pay,
as well as the Rules on Counteracting Unjustified Extra-territorial Application of Foreign Legislation and Other Measures promulgated
by China&#8217;s Ministry of Commerce, or MOFCOM, on January 9, 2021, which will apply to situations where the extra-territorial application
of foreign legislation and other measures, in violation of international law and the basic principles of international relations, unjustifiably
prohibits or restricts the citizens, legal persons or other organizations of China from engaging in normal economic, trade and related
activities with a third State (or region) or its citizens, legal persons or other organizations. Rising political tensions between China
and the U.S. could reduce levels of trades, investments, technological exchanges and other economic activities between the two major
economies, which would have a material adverse effect on global economic conditions and the stability of global financial markets. The
measures taken by the U.S. and Chinese governments may have the effect of restricting the Group&#8217;s ability to transact or otherwise
do business with entities within or outside of China and may cause investors to lose confidence in Chinese companies and counterparties,
including us. If we were unable to conduct the Group&#8217;s business as it is currently conducted as a result of such regulatory changes,
the Group&#8217;s business, results of operations and financial condition would be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 63; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit report included in this annual report is prepared by an auditor which the U.S. Public Company Accounting Oversight Board was unable
to inspect and investigate completely before 2022 and, as such, our investors have been deprived of the benefits of such inspections
in the past, and may be deprived of the benefits of such inspections in the future.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
auditor, the independent registered public accounting firm that issues the audit report included elsewhere in this annual report, is
an auditor of companies that are traded publicly in the U.S. and a firm registered with the U.S. Public Company Accounting Oversight
Board, or the PCAOB, is required by the laws of the U.S. to undergo regular inspections by the PCAOB to assess its compliance with the
laws of the U.S. and professional standards. According to Article 177 of the PRC Securities Law, which became effective in March 2020,
no overseas securities regulator is allowed to directly conduct investigations or evidence collection activities within the territory
of the PRC. Accordingly, without the consent of the competent PRC securities regulators and relevant authorities, no organization or
individual may provide the documents and materials relating to securities business activities to overseas parties. In 2021, PCAOB made
determinations that the positions taken by PRC authorities prevented the PCAOB from inspecting and investigating firms headquartered
in mainland China and Hong Kong completely. On August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and the MOF, taking
the first step toward opening access for the PCAOB to inspect and investigate completely registered public accounting firms headquartered
in mainland China and Hong Kong, including our auditor. According to its announcement, the PCAOB sent staff to conduct on-site inspections
and investigations in Hong Kong from September to November 2022 and conducted inspection fieldwork and investigative testimony in a manner
consistent with the PCAOB&#8217;s methodology and approach to inspections and investigations in the U.S. and globally. The PCAOB inspections
have preliminarily identified numerous deficiencies in the audit firms in China, which are consistent with the types and number of findings
the PCAOB has encountered in other first-time inspections around the world, and the final inspection reports were issued in 2023. If
audit firms in China had been subject to such inspections in the past, such deficiencies may have been identified earlier and these audit
firms, including our auditor, may have taken remedial measures to address any such deficiencies, and the historical inability of the
PCAOB to inspect audit firms in China has deprived our investors of the benefits of such inspections. Because our auditor was not subject
to such inspections before 2022, we cannot assure you that it will have sufficient time to fully address any deficiency that may be identified
as part of the inspection process to improve future audit quality. The inability of the PCAOB to conduct complete inspections of auditors
in China before 2022 may have made it more difficult to evaluate the effectiveness of our auditor&#8217;s audit procedures or quality
control procedures as compared to auditors outside of China that are subject to PCAOB inspections, which could cause investors or potential
investors in our ADSs to lose confidence in the quality of the Group&#8217;s consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, while the PCAOB announced in December 2022 and November 2023 that it secured complete access to inspect and investigate registered
public accounting firms headquartered in China, we cannot assure you that the PCAOB will continue to have such access in the future.
If the PCAOB is not able to inspect and investigate completely auditors in China for any reason, such as any change in the position of
the governmental authorities in China in the future, our investors may be deprived of the benefits of such inspections again.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ADSs will be prohibited from trading on the OTC in the United States under the Holding Foreign Companies Accountable Act, as amended,
or the HFCAA if the PCAOB is unable to inspect or fully investigate auditors located in China at any point in the future.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Holding Foreign Companies Accountable Act, or the HFCAA, was signed into law on December 18, 2020 and amended pursuant to the Consolidated
Appropriations Act, 2023 on December 29, 2022. The HFCAA states that if the SEC determines that we are an issuer that has filed audit
reports issued by a registered public accounting firm that has not been subject to inspection for the PCAOB, or a covered issuer, for
two consecutive years, the SEC shall prohibit our shares or ADSs from being traded on a national securities exchange or in the over-the-counter
trading market in the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC and the PCAOB have adopted new rules to implement the HFCAA. Specifically, on November 5, 2021, the SEC announced the approval of
the PCAOB&#8217;s new rule related to the PCAOB&#8217;s responsibilities under the HFCAA, which provides a framework for the PCAOB to
use when determining, as contemplated under the HFCAA, whether it is unable to inspect or investigate completely registered public accounting
firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 2, 2021,
the SEC announced the adoption of final amendments to implement the submission and disclosure requirement of the HFCAA following its
interim final amendments announced in March 2021. The adopting release establishes the SEC&#8217;s procedures for identifying covered
issuers and for prohibiting the trading of covered issuers&#8217; securities. The SEC will identify covered issuers as early as possible
after companies file their annual reports for fiscal years beginning after December 18, 2020 and on a rolling basis, and will impose
a trading prohibition on an issuer after it is identified as a covered issuer for three consecutive years. The final amendments also
include requirements to disclose information, including the auditor&#8217;s name and location, the percentage of shares of the issuer
owned by governmental entities, whether governmental entities in the applicable foreign jurisdiction with respect to the auditor have
a controlling financial interest with respect to the issuer, the name of each official of the Chinese Communist Party who is a member
of the board of the issuer, and whether the articles of incorporation of the issuer contains any charter of the Chinese Communist Party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
pursuant to the HFCAA, the PCAOB issued a report on December 16, 2021, notifying the SEC of its determination, or the 2021 determinations,
that it is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China or Hong Kong.
The PCAOB identified our previous auditor, PricewaterhouseCoopers Zhong Tian LLP, as one of the registered public accounting firms that
the PCAOB is unable to inspect or investigate completely. In March 2022, the SEC issued its first &#8220;conclusive list of issuers identified
under the HFCAA,&#8221; indicating that those companies are now formally subject to the delisting provisions if they remain on the list
for three consecutive years. After we filed our annual report on Form 20-F for the fiscal year ended December 31, 2021 that included
an audit report issued by our previous auditor on May 2, 2022, the SEC conclusively identified us as an SEC-identified issuer on June
1, 2022. As such, we are required to satisfy additional disclosure requirements for SEC-identified issuers that are also foreign issuers
in this annual report. See &#8220;Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 64; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
following the Statement of Protocol signed between the PCAOB and the CSRC and the MOF in August 2022 and the on-site inspections and
investigations conducted by the PCAOB staff in Hong Kong from September to November 2022, the PCAOB Board voted in December 2022 to vacate
the previous 2021 determinations, and as a result, our auditor is no longer a registered public accounting firm that the PCAOB is unable
to inspect or investigate completely as of the date of this annual report or at the time of issuance of the audit report included herein.
As such, we do not expect to be identified as an SEC-identified issuer again in 2023. However, the PCAOB may change its determinations
under the HFCAA at any point in the future. In particular, if the PCAOB finds its ability to completely inspect and investigate registered
public accounting firms headquartered in mainland China or Hong Kong is obstructed by the PRC authorities in any way in the future, the
PCAOB may act immediately to consider the need to issue new determinations consistent with the HFCAA. We cannot assure you that the PCAOB
will always have complete access to inspect and investigate our auditor, or that we will not be identified as an SEC-identified issuer
again.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are identified as an SEC-identified issuer again, we cannot assure you that we will be able to change our auditor or take other remedial
measures in a timely manner, and if we were to be identified as an SEC-identified issuer for two consecutive years, our securities (including
our shares and ADSs) will not be permitted for trading &#8220;over-the-counter.&#8221; If our securities are prohibited from trading
in the OTC market in the United States, there is no certainty that we will be able to list on a non-U.S. exchange or that a market for
our shares will develop outside of the United States. Such a prohibition or any threat thereof would substantially impair your ability
to sell or purchase our ADSs when you wish to do so. Also, such a prohibition or any threat thereof would significantly affect our ability
to raise capital on terms acceptable to us, or at all, which would have a material adverse impact on our business, financial condition,
and prospects. Moreover, the implementation of the HFCAA and other efforts to increase the U.S. regulatory access to audit information
could cause investor uncertainty as to China-based issuers and the market price of the securities of China-based issuers, including us,
could be adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Relating to the ADSs</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading price of the ADSs may be volatile, which could result in substantial losses to you.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ADSs were listed on NASDAQ Global Select Market (the &#8220;Nasdaq&#8221;), since our SEC-registered initial public offering in September
2018. We received a delisting notice from Nasdaq on March 14, 2023. On April 12, 2023, the staff of the Nasdaq Stock Market LLC filed
a Form 25 Notification of Delisting with the SEC to delist us from Nasdaq, and the delisting became effective 10 days after filing the
Form 25.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
OTC Market is a significantly more limited market than Nasdaq. The quotation of our ADSs on the OTC Market may result in a less liquid
market available for existing and potential stockholders to trade our ADSs, could depress the trading price of our ADSs and could have
a long-term adverse impact on our ability to raise capital in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading prices of the ADSs have been, and are likely to continue to be, volatile and could fluctuate widely due to factors beyond our
control. This may happen because of broad market and industry factors, like the performance and fluctuation in the market prices or the
underperformance or deteriorating financial results of other listed companies based in China. The securities of some of these companies
have experienced significant volatility since their initial public offerings, including, in some cases, substantial price declines in
the trading prices of their securities. The trading performances of other Chinese companies&#8217; securities after their offerings,
including technology companies and mobile content platform companies, may affect the attitudes of investors toward Chinese companies
listed in the United States, which consequently may impact the trading performance of the ADSs, regardless of our actual operating performance.
In addition, any negative news or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate structure
or matters of other Chinese companies may also negatively affect the attitudes of investors towards Chinese companies in general, including
us, regardless of whether we have conducted any inappropriate activities. Furthermore, securities markets may from time to time experience
significant price and volume fluctuations that are not related to the Group&#8217;s operating performance, which may have a material
and adverse effect on the trading price of the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 65; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the above factors, the price and trading volume of the ADSs may be highly volatile due to multiple factors, including the
following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
    developments affecting us or our industry;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    of studies and reports relating to the quality of our credit offerings or those of our competitors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in the economic performance or market valuations of other mobile content platform companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
    or anticipated fluctuations in the Group&#8217;s quarterly results of operations and changes or revisions of the Group&#8217;s expected
    results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in financial estimates by securities research analysts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conditions
    in the markets for mobile content and targeted advertising and marketing services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    by the Group or our competitors of new product and service offerings, acquisitions, strategic relationships, joint ventures, capital
    raisings or capital commitments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
    to or departures of our senior management;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
    of exchange rates between the Renminbi and the U.S. dollar;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">release
    or expiry of lock-up or other transfer restrictions on our outstanding shares or the ADSs; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales
    or perceived potential sales of additional ordinary shares or ADSs.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
delisting of our ADSs from Nasdaq may continue to have a material adverse effect on the trading and price of our ADSs, and we cannot
assure you that our ADSs will be relisted, or that once relisted, they will remain listed.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 12, 2023, the staff of the Nasdaq Stock Market LLC filed a Form 25 Notification of Delisting with the SEC to delist us from Nasdaq,
and the delisting became effective 10 days after filing the Form 25. The delisting of our ADSs from Nasdaq has had and may continue to
have a material adverse effect on us by, among other things, causing investors to dispose of our ADSs and limiting:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    liquidity of our ADSs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    market price of our ADSs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    number of institutional and other investors that will consider investing in our ADSs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    availability of information concerning the trading prices and volume of our ADSs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    number of broker-dealers willing to execute trades in our ADSs; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to obtain equity or debt financing for the continuation of our operations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
lack of an active trading market may limit the liquidity of an investment in our ADSs, meaning you may not be able to sell our ADSs you
own at times, or at prices, attractive to you. Any of these factors may materially and adversely affect the price of our ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 66; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no independent directors on our board, which may create a potential conflict of interest.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not subject to listing requirements of any national securities exchange and, as a result, we are not at this time required to
have any &#8220;independent directors&#8221; on our board. On May 11, 2023, both of our independent directors resigned due to
personal reasons. Following such resignation, our board of directors resolved to dissolve our audit, compensation and nominating and
corporate governance committees on May 12, 2023. The functions that would have been performed by such committees are performed by
our board of directors instead. Since all three directors on our board are executive officers, namely Eric Siliang Tan, our
co-founder and chairman, Bing Xu, our chief executive officer and chief financial officer, and Jianfei Dong, our co-president, the
lack of independent directors on our board could create a potential conflict of interest in that our directors have the authority to
determine issues concerning management compensation, nominations, and audit that may conflict with the interest of our
shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about the Group&#8217;s business,
the market price for the ADSs and trading volume could decline.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for the ADSs will depend in part on the research and reports that securities or industry analysts publish about us or
the Group&#8217;s business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts
who covers us downgrades the ADSs or publishes inaccurate or unfavorable research about the Group&#8217;s business, the market price
for the ADSs would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly,
we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume for the ADSs to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we do not expect to pay cash dividends in the foreseeable future, you may not receive any return on your investment unless you sell your
Class A ordinary shares or ADSs for a price greater than that which you paid for them.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently intend to retain most, if not all, of our available funds and any future earnings to fund the development and growth of the
Group&#8217;s business. As a result, we do not expect to pay any cash dividends in the foreseeable future. See &#8220;Item 8. Financial
Information &#8212; A. Consolidated Statements and Other Financial Information &#8212; Dividend Policy.&#8221; Therefore, you should
not rely on an investment in the ADSs as a source for any future dividend income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has complete discretion as to whether to distribute dividends. Even if our board of directors decides to declare and
pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations
and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial
condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment
in the ADSs will likely depend entirely upon any future price appreciation of the ADSs. There is no guarantee that the ADSs will appreciate
or even maintain the price at which you purchased the ADSs. You may not realize a return on your investment in ADSs and you may even
lose your entire investment in ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantial
future sales or perceived potential sales of ADSs in the public market could cause the price of the ADSs to decline.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of the ADSs in the public market, or the perception that these sales could occur, could cause the market price of the ADSs to decline
significantly. As of December 31, 2023, we had 46,920,018 Class A ordinary shares and 32,937,193 Class B ordinary shares outstanding.
All ADSs representing our Class A ordinary shares sold in our initial public offering and follow-on public offering are freely transferable
by persons other than our &#8220;affiliates&#8221; without restriction or additional registration under the U.S. Securities Act of 1933,
as amended, or the Securities Act. All of the other Class A ordinary shares outstanding are available for sale subject to volume and
other restrictions as applicable under Rule 144 and Rule 701 under the Securities Act. To the extent a large number of shares are converted
to ADSs and sold into the market, the market price of the ADSs could decline significantly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
holders of our ordinary shares have the right to cause us to register under the Securities Act the sale of their shares. Registration
of these shares under the Securities Act would result in ADSs representing these shares becoming freely tradable without restriction
under the Securities Act immediately upon the effectiveness of the registration. Sales of these ADSs in the public market could cause
the price of the ADSs to decline significantly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 67; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You,
as holders of ADSs, may have fewer rights than holders of our ordinary shares and must act through the depositary to exercise those rights.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of ADSs do not have the same rights as our shareholders and may only exercise the voting rights with respect to the underlying Class
A ordinary shares in accordance with the provisions of the deposit agreement. Under our amended and restated memorandum and articles
of association, the minimum notice period required to convene a general meeting will be seven calendar days. When a general meeting is
convened, you may not receive sufficient notice of a shareholders&#8217; meeting to permit you to withdraw your Class A ordinary shares
to allow you to cast your vote with respect to any specific matter. In addition, the depositary and its agents may not be able to send
information to you or carry out your voting instructions in a timely manner. We will make all reasonable efforts to cause the depositary
to extend voting rights to you in a timely manner, but there can be no assurance that you will receive the voting materials in time to
ensure that you can instruct the depositary to vote your ADSs. Furthermore, the depositary and its agents will not be responsible for
any failure to carry out any instructions to vote, for the manner in which any vote is cast or for the effect of any such vote. As a
result, you may not be able to exercise your right to vote and you may lack recourse if your ADSs are not voted as you requested. In
addition, in your capacity as an ADS holder, you will not be able to call a shareholders&#8217; meeting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
right to participate in any future rights offerings may be limited, which may cause dilution to your holdings.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may from time to time distribute rights to our shareholders, including rights to acquire our securities. However, we cannot make rights
available to you in the U.S. unless we register both the rights and the securities to which the rights relate under the Securities Act
or an exemption from the registration requirements is available. Under the deposit agreement, the depositary will not make rights available
to you unless both the rights and the underlying securities to be distributed to ADS holders are either registered under the Securities
Act or exempt from registration under the Securities Act. We are under no obligation to file a registration statement with respect to
any such rights or securities or to endeavor to cause such a registration statement to be declared effective and we may not be able to
establish a necessary exemption from registration under the Securities Act. Accordingly, you may be unable to participate in our rights
offerings in the future and may experience dilution in your holdings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may not receive cash dividends if the depositary decides it is impractical to make them available to you.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary will pay cash distributions on the ADSs only to the extent that we decide to distribute dividends on our Class A ordinary
shares or other deposited securities, and we do not have any present plan to pay any cash dividends in the foreseeable future. See &#8220;Dividend
Policy.&#8221; To the extent that there is a distribution, the depositary has agreed to pay to you the cash dividends or other distributions
it or the custodian receives on our Class A ordinary shares or other deposited securities after deducting its fees and expenses. You
will receive these distributions in proportion to the number of Class A ordinary shares your ADSs represent. However, the depositary
may, at its discretion, decide that it is inequitable or impractical to make a distribution available to holders of ADSs. For example,
the depositary may determine that it is not practicable to distribute certain property through the mail, or that the value of certain
distributions may be less than the cost of mailing them. In these cases, the depositary may decide not to distribute such property to
you.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will continue to incur increased costs as a result of being a public company, which could lower our profits or make it more difficult
to run the Group&#8217;s business.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a public company, we have incurred significant legal, accounting and other expenses that we did not incur as a private company to ensure
that we comply with the various requirements on corporate governance practices imposed by the Sarbanes-Oxley Act of 2002 as well as rules
subsequently implemented by the SEC. For example, we have adopted policies regarding internal control and disclosure controls and procedures.
We have also incurred additional costs associated with our public company reporting requirements. We expect that these rules and regulations
will continue to cause us to incur elevated legal and financial compliance costs, devote substantial management effort to ensure compliance
and make some corporate activities more time-consuming and costly. We are currently evaluating and monitoring developments with respect
to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may
incur or the timing of such costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 68; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the past, shareholders of a public company often brought securities class action suits against the company following periods of instability
in the market price of that company&#8217;s securities. If we were involved in a class action suit, it could divert a significant amount
of our management&#8217;s attention and other resources from the Group&#8217;s business and operations, which could harm the Group&#8217;s
results of operations and require the Group to incur significant expenses to defend the suit. Any such class action suit, whether or
not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully
made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition
and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may be subject to limitations on transfer of your ADSs.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
ADSs are transferable on the books of the depositary. However, the depositary may close its transfer books at any time or from time to
time when it deems expedient in connection with the performance of its duties. In addition, the depositary may refuse to deliver, transfer
or register transfers of ADSs generally when our books or the books of the depositary are closed, or at any time if we or the depositary
deems it advisable to do so because of any requirement of law or of any government or governmental body, or under any provision of the
deposit agreement, or for any other reason.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
dual-class structure of our ordinary shares may adversely affect the trading market for the ADSs.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S&amp;P
Dow Jones has announced changes to its eligibility criteria for inclusion of shares of public companies on certain indices, including
the S&amp;P 500, to exclude companies with multiple classes of shares from being added to such indices. In addition, several shareholder
advisory firms have announced their opposition to the use of multiple class structures. As a result, the dual class structure of our
ordinary shares may prevent the inclusion of the ADSs representing our Class A ordinary shares in such indices and may cause shareholder
advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital
structure. Any such exclusion from indices could result in a less active trading market for the ADSs. Any actions or publications by
shareholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the value
of the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated memorandum and articles of association contain anti-takeover provisions that could discourage a third party from
acquiring us, which could limit our shareholders&#8217; opportunity to sell their shares, including Class A ordinary shares represented
by ADSs, at a premium.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated memorandum and articles of association contain provisions that limit the ability of others to acquire control of
our company or cause us to engage in change-of-control transactions. These provisions could have the effect of depriving our shareholders
of an opportunity to sell their shares at a premium over prevailing market prices by discouraging third parties from seeking to obtain
control of our company in a tender offer or similar transaction. For example, our board of directors has the authority, without further
action by our shareholders, to issue preferred shares in one or more series and to fix their designations, powers, preferences, privileges,
and relative participating, optional or special rights and the qualifications, limitations or restrictions, including dividend rights,
conversion rights, voting rights, terms of redemption and liquidation preferences, any or all of which may be greater than the rights
associated with our ordinary shares. Preferred shares could be issued quickly with terms calculated to delay or prevent a change in control
of our company or make removal of management more difficult. If our board of directors decides to issue preferred shares, the price of
the ADSs may fall and the voting and other rights of the holders of our ordinary shares and the ADSs may be materially and adversely
affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 69; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
judgments obtained against us may not be enforceable.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company with limited liability incorporated under the laws of the Cayman Islands. Substantially all of our assets are
located outside the United States. In addition, substantially all of our directors and executive officers and the experts named in this
annual report reside outside the United States, and most of their assets are located outside the United States. As a result, it may be
difficult or impossible for you to bring an action against us or them in the United States, in the event that you believe that your rights
have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind,
there are significant legal and other obstacles to obtaining information needed for such actions. For example, in China, according to
Article 177 of the PRC Securities Law, which became effective in March 2020, no overseas securities regulator is allowed to directly
conduct investigation or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent
PRC securities regulators and relevant authorities, no organization or individual may provide the documents and materials relating to
securities business activities to overseas parties. See also &#8220;&#8212; Risks Relating to the ADSs &#8212; You may face difficulties
in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated
under Cayman Islands law&#8221; for risks associated with investing in us as a Cayman Islands company. Furthermore, the laws of the Cayman
Islands, China or other relevant jurisdiction may render you unable to enforce a judgment against our assets or the assets of our directors
and officers and/or their assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under Cayman Islands law.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company with limited liability incorporated under the laws of the Cayman Islands. Our corporate affairs are governed
by our memorandum and articles of association, the Companies Act of the Cayman Islands (as amended) and the common law of the Cayman
Islands. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary duties of
our directors to us under Cayman Islands law are governed by the memorandum and articles of association of the Company, the Companies
Act and the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial
precedent in the Cayman Islands (as compared to the U.S. laws) as well as from the common law of England, the decisions of whose courts
are of persuasive authority, but are not binding, on a court in the Cayman Islands (except for those decisions handed down from the Judicial
Committee of the Privy Council to the extent that these have been appealed from the Cayman Islands courts). The rights of our shareholders
and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or
judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands have a less developed body of securities
laws than the United States. Some states in the United States, such as Delaware, have more fully developed and judicially interpreted
bodies of corporate law than the Cayman Islands. In addition, if shareholders want to proceed against the Company outside of the Cayman
Islands, they will need to demonstrate that they have standing to initiate a shareholder derivative action in a federal court of the
United States. Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United
States. The Cayman Islands courts are also unlikely to recognize or enforce against us judgments of courts of the United States based
on certain civil liability provisions of securities laws of the United States, or to impose liabilities against us, in original actions
brought in the Cayman Islands, based on certain civil liability provisions of securities laws of the United States that are penal in
nature. There is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the
Cayman Islands will in certain circumstances recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction
without retrial on the merits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records or to obtain
copies of lists of shareholders of these companies. Our directors have discretion under the amended and restated memorandum and articles
of association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but
are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed
to establish any facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy
contest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions, such as the United States. To the extent we choose to follow home country practice with respect
to corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations
applicable to U.S. domestic issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 70; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated
in the U.S.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADSs
holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable
outcomes to the plaintiff(s) in any such action.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
deposit agreement governing the ADSs representing our Class A ordinary shares provides that, to the fullest extent permitted by law,
ADS holders waive the right to a jury trial of any claim they may have against us or the depositary arising out of or relating to our
shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable based
on the facts and circumstances of that case in accordance with applicable U.S. state and federal law. To our knowledge, the enforceability
of a contractual pre-dispute jury trial waiver in connection with claims arising under the U.S. federal securities laws has not been
finally adjudicated by the United States Supreme Court. However, we believe that a contractual pre-dispute jury trial waiver provision
is generally enforceable, including under the laws of the State of New York, which govern the deposit agreement. In determining whether
to enforce a contractual pre-dispute jury trial waiver provision, courts will generally consider whether a party knowingly, intelligently
and voluntarily waived the right to a jury trial. We believe that this is the case with respect to the deposit agreement and the ADSs.
Accordingly, ADS holders, including holders that acquired ADSs in a secondary transaction, are subject to these provisions of the deposit
agreement to the extent permitted by applicable law. It is advisable that you consult legal counsel regarding the jury waiver provision
before investing in the ADSs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you or any other holders or beneficial owners of ADSs bring a claim against us or the depositary in connection with matters arising under
the deposit agreement or the ADSs, including claims under U.S. federal securities laws, you or such other holder or beneficial owner
may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against
us and/or the depositary. If a lawsuit is brought against us and/or the depositary under the deposit agreement, it may be heard only
by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result
in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in any
such action.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nevertheless,
if this jury trial waiver provision is not enforced, to the extent a court action proceeds, it would proceed under the terms of the deposit
agreement with a jury trial. No condition, stipulation or provision of the deposit agreement or ADSs serves as a waiver by any holder
or beneficial owner of ADSs or by us or the depositary of compliance with any substantive provision of the U.S. federal securities laws
and the rules and regulations promulgated thereunder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempted from certain provisions
applicable to U.S. domestic public companies.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we qualify as a foreign private issuer under the Exchange Act, we are exempted from certain provisions of the securities rules and regulations
in the United States that are applicable to United States domestic issuers, including: (i) the rules under the Exchange Act requiring
the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K; (ii) the sections of the Exchange Act regulating
the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; (iii) the sections
of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders
who profit from trades made in a short period of time; and (iv) the selective disclosure rules by issuers of material nonpublic information
under Regulation FD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are required to file an annual report on Form 20-F within four months of the end of each fiscal year. However, the information we are
required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC
by United States domestic issuers. As a result, you may not be afforded the same protections or information that would be made available
to you were you investing in a U.S. domestic issuer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 71; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be or may become a passive foreign investment company, or PFIC, which could result in adverse United States tax consequences to United
States investors.</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the composition of our income and assets and the valuation of our assets, including goodwill, we do not believe
we were a passive foreign investment company, or a PFIC, for our most recent taxable year, although there can be no assurance in this regard.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, we will be a PFIC for any taxable year in which:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    least 75% of our gross income is passive income, or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    least 50% of the value (generally determined based on a quarterly average) of our assets is attributable to assets that produce or
    are held for the production of passive income, which generally includes cash.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
determination of whether we are a PFIC is made annually. Accordingly, it is possible that we may become a PFIC in the current or any
future taxable year due to changes in our asset or income composition. The calculation of the value of our assets will be based, in part,
on the quarterly market value of our ADSs. In this regard, the market value of our ADSs has been volatile and has recently declined significantly. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, there is uncertainty as to the treatment of the Group&#8217;s corporate structure and ownership of the Group VIEs for United
States federal income tax purposes. For United States federal income tax purposes, we consider ourselves to own the equity of the Group
VIEs. If it is determined, contrary to our view, that we do not own the equity of the Group VIEs for United States federal income tax
purposes (for instance, because the relevant PRC authorities do not respect these arrangements), we may be treated as a PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any taxable year during which you hold the ADSs or Class A ordinary shares, our PFIC status could result in adverse
United States federal income tax consequences to you if you are a United States Holder, as defined under &#8220;Item 10. Additional Information
&#8212; E. Taxation &#8212; Certain United States Federal Income Tax Considerations.&#8221; For example, if we are or become a PFIC,
you may become subject to increased tax liabilities under United States federal income tax laws and regulations, and will become subject
to burdensome reporting requirements. See &#8220;Item 10. Additional Information &#8212; E. Taxation &#8212; Certain United States Federal
Income Tax Considerations &#8212; Passive Foreign Investment Company.&#8221; There can be no assurance that we will not be a PFIC for
the current or any future taxable year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 0.75in; text-transform: uppercase"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="aj_001"></span>ITEM
    4.</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; text-transform: uppercase"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INFORMATION
    ON THE COMPANY</span></td></tr>
  </table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">History
    and Development of the Company</span></td></tr>
  </table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group launched its flagship mobile application, <i>Qutoutiao</i>, in June 2016, the Group&#8217;s mobile literature application, <i>Midu
Novels</i>, in May 2018, and <i>Midu Lite</i>, which combines a loyalty program with the standard offerings from Midu Novels, in May
2019. We primarily operate the Group&#8217;s business through certain of the Group VIEs, Shanghai Jifen and Big Rhinoceros Horn, and
their subsidiaries. To facilitate financing offshores, we incorporated Qtech Ltd. in July 2017. Through a series of transactions, Qtech
Ltd. then became our ultimate holding company. On July 5, 2018, Qtech Ltd. was renamed to Qutoutiao Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently conduct the Group&#8217;s business primarily through the following subsidiaries, the Key VIEs and their subsidiaries:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
    Jifen, a Key VIE, primarily engages in the operation of our <i>Qutoutiao</i> mobile application;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Big
    Rhinoceros Horn, a Key VIE, primarily engaged in the operation of our <i>Midu Novels</i> and <i>Midu Lite</i> mobile application;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 72; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anhui
    Zhangduan, a subsidiary of Shanghai Jifen, primarily engages in content management;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
    Qukandian Internet Technology Co., Ltd., or Beijing Qukandian, a subsidiary of Shanghai Jifen, primarily engages in content procurement;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
    Dianguan Internet Technology Co., Ltd., or Shanghai Dianguan, our subsidiary that primarily provides advertising and marketing services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
    Quyun, our subsidiary, primarily engages in technology R&amp;D;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
    Chenxing, a subsidiary of Shanghai Quyun, primarily engages in technology R&amp;D;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
    Zhicao, our subsidiary, primarily engages in technology R&amp;D;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
    Churun Internet Technology Co., Ltd., or Beijing Churun, primarily engages in the operation of live-streaming business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing
    Supreme Pole International Sports Development Co., Ltd., or Beijing Supreme Pole, a subsidiary of Beijing Churun; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
    Ququanquan Information Technology Co., Ltd., or Shanghai Ququanquan, a Key VIE, primarily engages in software and information technology
    services.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 14, 2018, our ADSs commenced trading on the NASDAQ Global Select Market under the symbol &#8220;QTT.&#8221; We issued and sold
an aggregate of 13,800,000 ADSs (including 1,800,000 ADSs sold upon the full exercise of the underwriters&#8217; option to purchase additional
ADSs) in our initial public offering, representing 3,450,000 Class A ordinary shares, raising approximately US$85.8 million in net proceeds
after deducting underwriting commissions and the offering expenses payable by us. On April 5, 2019, we completed a follow-on public offering
of an aggregate of 10,000,000 ADSs, comprising 3,327,868 ADSs issued and sold by us and 6,672,132 ADSs sold by certain selling shareholders,
representing an aggregate of 2,500,000 Class A ordinary shares. We raised approximately US$31.0 million in net proceeds, after deducting
underwriting discounts and commissions and the offering expenses payable by us. We did not receive any of the proceeds from the sale
of ADSs by the selling shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 10, 2021, we effected a change of the ratio of our ADSs to Class A ordinary shares from the then ADS ratio of four (4) ADSs
to one (1) Class A ordinary share to a new ADS ratio of two (2) ADS representing five (5) Class A ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 14, 2022, we received a written notice from Nasdaq, indicating our failure to comply with the minimum MVPHS requirement for
the previous 30 consecutive business days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 28, 2022, we received a written notice from Nasdaq, indicating the closing bid price of our ADS is below the minimum bid price
of US$1.00 per share requirement for the previous 30 consecutive business days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
January 19, 2023, we received a </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">written <span style="background-color: white">notice
from </span>Nasdaq<span style="background-color: white">, indicating our </span>failure to file <span style="background-color: white">the
Interim Financials on Form 6-K with the SEC. </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 14, 2023, we received a delisting notice from Nasdaq for our failure to comply with the minimum MVPHS requirement for the previous
30 consecutive business days. On April 12, 2023, the staff of the Nasdaq Stock Market LLC filed a Form 25 Notification of Delisting with
the SEC to delist us from Nasdaq, and the delisting became efffective 10 days after filing the Form 25.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at Building No. 2, Shanghai Pudong Software Park, 519 Yi De Road, Pudong New Area, Shanghai,
200124, People&#8217;s Republic of China. Our telephone number at this address is +86-21-5889-0398. Our registered office in the Cayman
Islands is located at the offices of Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands.
Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York,
N.Y. 10168, United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 73; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
Overview </span></td></tr>
  </table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overview</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group operates a mobile content platform in China with a mission to bring fun and value to its users. The Group&#8217;s eponymous mobile
application, <i>Qutoutiao</i>, meaning &#8220;fun headlines&#8221; in Chinese, applies artificial intelligence-based algorithms to deliver
customized feeds of articles and short videos to users based on their unique profiles, interests and behaviors. <i>Qutoutiao</i> has
attracted a large group of users, many of whom are from lower-tier cities in China. They enjoy <i>Qutoutiao</i>&#8217;s fun and entertainment-oriented
content as well as its social-based user loyalty program. Since its beginning as a news aggregator, <i>Qutoutiao</i> has evolved and
developed significantly on the content side and now also has a rich offering in short video content, online games and live-streaming.
Midu, first launched in May 2018 as <i>Midu Novels</i> and with an alternative version <i>Midu Lite</i> launched one year later, pioneered
provision of free online literature supported by advertising. It became one of the market leaders of the free online literature industry.
The Group has also been developing standalone short video applications and mobile games among the many other initiatives in motion since
early 2019 to further diversify the range of products its users can enjoy and the ways in which it can bring value to its users. Although
the Group had been under market expansion pressure in 2021 with further downward trend in 2022 and 2023, the Group&#8217;s mobile applications
still gained a certain level of success and popularity among Chinese mobile internet users, with combined average MAUs of approximately
8.5 million, combined average DAUs of approximately 2.9 million and average daily time spent per DAU of approximately 41.8 minutes in
the three months ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group represents the new generation of technology-driven content platforms. Historically, users were accustomed to consuming content
passively as the media dictated content curation with little or no personalization. However, as the volume and the diversity of content
available on the Internet have grown exponentially, users are demanding content personalization which is only achievable through technology.
We believe the Group&#8217;s technology brings relevant information and entertainment to users, stimulates their desire to read, and
ultimately improves the knowledge exchange in society.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the Group&#8217;s inception, it has strategically targeted users from lower-tier cities in China because of the enormous long-term growth
opportunities in this underserved market, given the significant under-penetration of mobile phones as well as the significant under-usage
of mobile applications. We believe that mobile users in lower-tier cities tend to have a slower pace of life and spend more time on the
Internet given limited offline entertainment venues. Moreover, they enjoy rapidly growing disposable income and bear much lower financial
burdens due to lower housing prices and living expenses. These factors have given rise to a significant need for mobile entertainment
while also creating high monetization potentials. Users from lower-tier cities tend to have different interests and preferences in comparison
to users from tier-1 and tier-2 cities. <i>Qutoutiao</i>&#8217;s light entertainment-oriented and easily digestible content is designed
to resonate with such users and provides the Group with an advantage to capture this underserved market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group operates an innovative user account system and gamified user loyalty program. Registered users can earn loyalty points by referring
new users to register on <i>Qutoutiao</i>, by consuming content or by engaging in activities on <i>Qutoutiao</i>. Although loyalty points
only translate into trivial monetary amounts, they foster users&#8217; loyalty and emotional connection to <i>Qutoutiao</i> as compared
to other platforms. The gamified loyalty point system not only helps the Group keep users more engaged and enhance user stickiness, but
also enables the Group to track users&#8217; long-term behaviors and optimize content recommendation, as almost all of the Group&#8217;s
DAUs are logged-on users.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covering
a broad range of topics, <i>Qutoutiao</i> is focused on humor, stories and other light entertainment content that delight and
inspire. The Group&#8217;s content is generally sourced from third-party professional media companies under licensing arrangements</span>. To improve the efficiency of its business processes, the
Group changed its strategy to focus on developing other content sourcing channels and closed its online content upload system in the
second half of 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 74; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group introduced a separate mobile application, <i>Midu Novels</i>, in May 2018 which offers users free literature online. We further
introduced <i>Midu Lite</i> in May 2019, which includes a loyalty program in addition to the standard offerings of <i>Midu Novels</i>.
They both feature an innovative free-to-read model that appeals to the online literature reading population, especially those who are
keen to read but have a low willingness to pay, who account for the vast majority of online readers in China, and thus having been turned
away by the paid-only model of the traditional online literature industry. Supported by advertising, the Group is able to offer its users
a comprehensive selection of literature covering a wide range of genres for free. While <i>Midu Novels</i> have been very effective in
targeting the existing reading population, <i>Midu Lite</i> has drawn in readers having little or no experience with online literature
who subsequently develop a passion for reading. Therefore, the two applications together have achieved broader coverage of the market
from a product perspective, and form the two strategic pillars with equal importance in our long-term vision for the online literature
market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group currently generates revenues primarily by providing advertising and marketing services. The Group has maintained a strong focus
on R&amp;D since its founding and materially enhanced its proprietary advertising platform&#8217;s monetization efficiency. This has
been achieved by enhanced algorithms and the conversion to an oCPC system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s net revenues decreased from RMB4,339.6 million in 2021 to RMB1,083.0 million in 2022 primarily due to the disruptions from
the COVID-19 pandemic and weakness of macro environment in internet and technology sector, which adversely impacted on advertising demands,
and further decreased to RMB745.6 million (US$105.0 million) in 2023 primarily due to macroeconomic downturn and customer advertising
budget constraints. We have made significant progress on cost optimization and budgeting process to improve operating margin. The Group
incurred net losses attributable to Qutoutiao Inc. of RMB1,239.6 million in 2021, RMB914.8 million in 2022 and RMB185.3 million (US$26.1
million) in 2023. Non-GAAP net losses attributable to Qutoutiao Inc., which represented net losses attributable to Qutoutiao <i>Inc. before
share-based compensation expenses, were RMB1,039.4 million in 2021, RMB969.3 million in 2022 and RMB292.0 million (US$41.1 million) in
2023.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s Mobile Applications</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group primarily delivers content through <i>Qutoutiao</i>, which is the Group&#8217;s flagship mobile application and means &#8220;fun
headlines&#8221; in Chinese. <i>Qutoutiao</i> aggregates articles and videos and presents real-time customized feeds to users based on
each user&#8217;s profile, behavior and social relationships.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feeds
are presented to users on both the main page of <i>Qutoutiao</i> and the topic pages. Both the main page and the topic pages are customized
for each user using the Group&#8217;s content recommendation engine. Topic pages include, among others, videos, entertainment, humor,
anecdote, relationship, family, health, food and pets. A user may also search for content or follow specific content providers. Users
may save their favorite content pages as well as indicate the content pages that they dislike.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group promotes social interaction among users to engage them more closely with the content they have viewed as well as with each other.
Users may post comments and engage in discussions with other users by responding to comments. A user can also share content through a
variety of means, including emails, messaging applications or social networks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group launched its mobile literature application, <i>Midu Novels</i>, in May 2018, which offers users free literature supported by advertising.
Unlike the traditional paid-only model in the online literature industry, which charges users fees for most content offered, users of
<i>Midu Novels</i> can enjoy their favorite literature under an innovative free-to-read model. The Group&#8217;s users have access to
a comprehensive selection of literature covering a wide range of genres, including romance, fantasy, science fiction, history and other
genres for free. The Group classifies the content genres with multi-dimensional reading tags which the Group&#8217;s users can choose
to follow. The Group is able to offer its users free literature as it primarily monetizes through advertisements that its advertising
customers place on <i>Midu Novels</i>. The Group&#8217;s AI-powered content recommendation engine coupled with its strong data analytics
capabilities also enable the Group to improve user experience and increase the time its users spend on <i>Midu Novels</i> by making personalized
recommendation and delivering to them literature that caters to their interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group launched <i>Midu Lite</i> in May 2019, which combines a loyalty program with the standard offerings from <i>Midu Novels</i>. The
differentiated product design has led to <i>Midu Lite</i> attracting an incremental reading population whose needs have not been well
addressed by <i>Midu Novels</i> previously. As a result, we have observed minimal user overlap between the two versions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 75; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below sets forth key operating metrics relating to the Group&#8217;s mobile applications. For more information on the key operating
metrics, see &#8220;Item 5. Operating and Financial Review and Prospects &#8212; A. Operating Results &#8212; Key Operating Metrics.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">(in millions, except for daily time spent data)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Combined Average MAUs during the period</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">31.4</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">8.5</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Combined Average DAUs during the period</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.9</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">New Installed Users</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">76.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17.2</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Average daily time spent per DAU during the period (minutes)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">40.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">41.8</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="6" style="font-weight: bold; font-style: normal; text-align: center">(in RMB)</td><td style="font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; font-weight: normal; font-style: normal">Average net revenue per DAU per day</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">0.43</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">0.69</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">User Engagement Expenses per DAU per day</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.07</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.04</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">User Acquisition Expenses per New Installed User</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.66</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.86</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">User
Account Systems and Loyalty Programs</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group offers user loyalty programs on its mobile applications. Registered users can earn loyalty points if they become active users,
refer others who later register and become active users, or engage in various activities while logged in.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
loyalty points, if exceeding a certain threshold, can be withdrawn by the user in the form of cash by directly crediting the user&#8217;s
electronic wallet. The Group has the sole discretion in determining the withdrawal threshold and the exchange rate between loyalty points
and the monetary value available to be withdrawn. Similar programs have long been in place for various industries such as airlines, hospitality
and credit cards. They have proven to be effective in enhancing user loyalty and engagement all around the world. The Group&#8217;s loyalty
programs serve exactly the same purpose by strengthening users&#8217; connection to the Group&#8217;s products and services. Consuming
content, rather than earning loyalty points, is the main purpose for the Group&#8217;s users, the same as in other industries such as
airlines, hospitality and credit cards where earning loyalty points is a secondary consideration after the services-in-demand. However,
there could occasionally be cases of abuse by a small number of users, and the Group has put in place mechanisms for detection and prevention.
See &#8220;Item 3. Key Information &#8212; D. Risk Factors &#8212; Risks Relating to Our Industry and Business &#8212; The Group&#8217;s
ability to prevent the misuse of its user loyalty programs while ensuring their efficacy in user acquisition and engagement will have
a material effect as to the Group&#8217;s business, results of operations and financial condition.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have set forth in the table below the percentage of DAUs of the Group&#8217;s mobile applications that primarily attract users through
loyalty programs and the percentage of DAUs of mobile applications that primarily attract users through content for each period presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 59%; font-weight: normal; font-style: normal; text-align: left">DAUs of loyalty program inclined apps</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">41.5</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59.3</span></td><td style="width: 2%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">DAUs of other apps</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">58.5</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">40.7</p></td><td style="text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 76; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Referral-based
Loyalty Points</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s registered users earn loyalty points when they invite others to download and register on its mobile applications. After
an invited user registers with the Group, the existing registered user is eligible to receive loyalty points or cash credits. The Group
is thus able to leverage the embedded social relationships of each user and prompt its users to voluntarily invite their families and
friends to become the Group&#8217;s registered users.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Engagement-based
Loyalty Points</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
user is eligible to receive loyalty points for engaging in various activities on the Group&#8217;s mobile applications. Such activities
include viewing and sharing content, providing valuable comments and encouraging inactive users to continuously re-engage with the Group&#8217;s
mobile applications. The Group also creates fun tasks such as daily missions to tap into the competitive reward psyche of users.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s Content</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group strives to become the light entertainment content platform of choice for a growing base of users. We believe that light entertainment-oriented
and easily digestible content resonates with mobile users, and the Group primarily delivers content that can be viewed by users during
a short period of time. The articles on the Group&#8217;s platform generally contain both images and short texts and can be read within
one minute; and a majority of the videos on the Group&#8217;s platform run less than two minutes. In the three months ended December
31, 2023, the average daily time spent per DAU for the Group&#8217;s mobile applications was approximately 41.8 minutes. The Group aims
to deliver quality and relevant content to users, and content sourcing, management and recommendation are among the core focuses of the
Group&#8217;s operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Content
Sourcing</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group sources content from a few professional media outlets under a licensing arrangement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s mobile literature applications, <i>Midu Novels</i> and <i>Midu Lite</i>, primarily source content from traditional PC-based
online literature platforms which grant the Group permits to publish their literature content on the Group&#8217;s platforms for a fee.
The Group curates quality literature content that caters to its users&#8217; interests based on the Group&#8217;s analysis of users&#8217;
profiles and their reading histories. As of December 31, 2023, the Group offers more than 220,543 pieces of literature on <i>Midu Novels
</i>and <i>Midu Lite</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
improve the efficiency of its business processes, the Group changed its strategy to focus on developing other content sourcing channels
and closed its online content upload system in the second half of 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Content
Management</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a gatekeeper for the Group&#8217;s platform, the Group&#8217;s content management system is designed to ensure both the quality and appropriateness
of information presented to users, which include content and comment postings. Content may be declined for quality reasons, such as videos
or pictures of low resolution or duplicative content. The Group also declines content and comment postings that appear to violate relevant
laws and regulations or are otherwise inappropriate for the Group&#8217;s platform. The Group undertakes an efficient and thorough screening
process that involves both algorithm-based screening and manual review. The Group has also implemented a complaint procedure that enables
the Group to identify inappropriate content utilizing its users&#8217; feedback.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Algorithm-based
    Screening</i>. The Group applies algorithms to screen texts as well as images and videos. The Group&#8217;s system screens texts
    based on pre-set keywords, and it utilizes artificial intelligence to identify inappropriate images and videos. The screening system
    automatically declines content that does not meet the standards of the Group&#8217;s platform and flags suspicious content for manual
    review by the Group&#8217;s content management team.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 77; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Manual
    Review</i>. The Group&#8217;s content management team, which consisted of 82 employees as of December 31, 2023, is responsible for
    monitoring all information before delivery through the Group&#8217;s platform. The content management team reviews suspicious content
    identified in the algorithm-based screening process and makes the final decision as to whether to decline such content. Given the
    complexity and diversity of information submitted to the Group&#8217;s platform, the Group&#8217;s content management team also reviews
    all content that has not earlier been flagged up in the algorithm-based screening process.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Complaint
    Procedure</i>. A user may submit a complaint about a particular piece of content through the Group&#8217;s mobile applications. The
    user is prompted to identify the basis for the complaint, such as duplication to pre-existing content, violation of law, factual
    mistake, low quality or plagiarism. The user also needs to provide a written commentary to support the complaint. The Group removes
    the relevant content if it concludes that the complaint is valid. In addition, while the complaint is under review, the Group may
    also temporarily block the relevant content from being further delivered until the Group can investigate the complaint and reach
    a conclusion.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Content
Recommendation</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s platform intelligently delivers personalized light entertainment content to users. The content recommendation process involves
the following components.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Content
    Tagging</i>. Each piece of content is multi-tagged with references to the key topics it covers. Before submitting an article or video,
    the content provider may provide up to six tags. Such tags range from general topics such as &#8220;entertainment news&#8221; to
    specific topics such as the name of an actor. The Group utilizes both algorithm-based screening and manual review to further refine
    such tags. Furthermore, the Group&#8217;s smart video tagging technology uses deep learning that further increases the accuracy of
    tags. The Group&#8217;s technology also automatically selects and displays to users the most appropriate &#8220;cover images&#8221;
    for videos. We believe the Group&#8217;s technology has the potential to improve the quality and relevance of video content shown
    to its users, thereby enhancing user experience.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
    and Social Graphs</i>. Through an automated process, the Group develops interests and social graphs for each user based on the user&#8217;s
    profile, behavior and social relationships. User profile data are provided by users when registering for an account on the Group&#8217;s
    mobile applications. In addition, the Group is also able to gain a fairly accurate picture of a user&#8217;s profile, including age,
    gender and location, based on the user&#8217;s behavior on the Group&#8217;s platform. The user&#8217;s behavior also provides the
    Group with a granular view of the topics and content characteristics that could be of interest to the user. In addition, the interest
    and social graphs take into account the user&#8217;s social relationships with other users and such other users&#8217; interests
    and behaviors.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Recommendation</i>.
    The Group&#8217;s content recommendation engine suggests content based on each user&#8217;s interests and social graphs, and continuously
    receives behavioral data inputs to update and refine its recommendations in real time to identify content that is most likely of
    interest to each user.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monetization</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group places advertisements on its main pages, topic pages as well as content pages. We believe that the Group&#8217;s differentiated
user base represents an attractive demographic target for businesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has an in-house advertising platform, which is a full-fledged and technology-driven advertising exchange capable of not only monetizing
internet media traffic generated in-house but also that originating from third-party media platforms which operate a programmatic advertising
system. It has a programmatic advertising system that utilizes a bidding system for advertising customers to bid for the targeted audience
on mainly the Group&#8217;s platform. The Group&#8217;s programmatic advertising system considers a wide range of parameters to determine
which advertisement to show, including price bid, predicted click-through rate, predicted user conversion metrics and content relevance,
to dynamically maximize the Group&#8217;s advertising customer&#8217;s return on investment (ROI) as well as its revenue potential. The
Group&#8217;s advertising technology aims to maximize its revenue potential by rewarding the more relevant advertisement with a more
prominent position, despite the potentially lower price bid of such advertisement. The Group actively monitors the advertisements placed
to help ensure their relevance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 78; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customers
for the Group&#8217;s programmatic advertising system are comprised of advertising agents and end advertisers. The Group has its own
sales personnel who are responsible for supporting and monitoring the performance of advertising agents and to attract advertising customers
to use the Group&#8217;s programmatic advertising system directly. The Group enters into standard agreements with advertising agents
generally for a term of one year. The Group&#8217;s advertising agents are responsible for identifying end advertisers, confirming payments
and setting up accounts on the Group&#8217;s programmatic advertising system for advertising customers. The Group provides ongoing training
to advertising agents to help them become familiarized with the functionalities and capabilities of the Group&#8217;s programmatic advertising
system. These advertising agents are responsible for collecting and submitting the relevant documentation and licenses from advertising
customers for the Group&#8217;s approval to open accounts on the Group&#8217;s programmatic advertising system, and are also liable for
any infringement of third-party rights or violation of regulatory requirements caused by advertisements placed by their end advertisers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Through
collaboration with third-party merchandise suppliers, the Group offers an online marketplace on <i>Qutoutiao</i> in which users merchandise
offered by third-party merchandise suppliers. The Group does not carry any inventory, and each merchandise supplier merchandise directly
to users. A user pays the purchase price for a merchandise to the Group. The Group deducted its commission related to the merchandise
and remitted the remainder to the relevant merchandise supplier.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technology</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has focused on and will continue to invest in its technological infrastructure. The Group&#8217;s business is supported by the
following key technologies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
    and Social Graphing</i></b>. Through an automated process, the Group develops interest and social graphs for each user based on such
    person&#8217;s profile, behavior and social relationships. The Group assesses the user&#8217;s desired content characteristics through
    technologies including natural language processing, image analysis, and content tagging. The interest and social graphs take into
    account the user&#8217;s social relationships with other users and such other users&#8217; interests, including their behaviors.
    The Group continuously refines each user&#8217;s graphs based on the user&#8217;s behavior over time through artificial intelligence.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Content
    Recommendation Engine</i></b>. The Group&#8217;s content recommendation engine recommends content based on user behavior, and continuously
    receives behavioral data inputs to update and refine its recommendations in real time to identify content that is most likely of
    interest to each user. The Group&#8217;s content recommendation engine is capable of processing large quantities of data, and currently
    can handle several billion inputs per day. In addition, new content is aggregated and recommended in real time from among millions
    of new contents added, reducing the possibility that the Group&#8217;s users are missing the content that may interest them when
    they next update their view in the Group&#8217;s mobile application.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Advertising</i></b>.
    The Group&#8217;s advertising technology enables advertising customers to bid for audience and automatically deliver relevant, targeted
    promotional links to users. The Group&#8217;s system rewards more relevant advertisements with more prominent positions, despite
    the potentially lower priced bids of such advertisements. The Group&#8217;s audience segmentation technology helps ensure the relevance
    of advertisements shown to users by analyzing their interests through browsing activity, viewed content and commenting history. In
    addition, the Group has the ability to predict click-through rates for advertisements using logistic regression, gradient boosting
    decision tree and linear and nonlinear modeling algorithms. Enhanced precision of these click-through rate projections can help maximize
    the cost effectiveness of customers&#8217; advertising budgets. The Group&#8217;s oCPC system further takes into consideration customers&#8217;
    overall return requirements by assessing their desired end results in the context of their budgets and the availabilities of relevant
    advertising inventories, providing a holistic solution to their marketing needs rather than a simple product amid their marketing
    strategy.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 5.4pt; text-align: center; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 79; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Content
    Screening Technology</i></b>. The Group&#8217;s text screening system screens information based on pre-set keywords. The Group utilizes
    artificial intelligence to identify inappropriate or objectionable content from images, speeches and videos, significantly increasing
    efficiency over manual review. The Group also applies deep learning methods to analyze complex visual content. Through big data and
    continuous training, the Group&#8217;s system is able to monitor and identify objectionable visual content with a high degree of
    accuracy. The screening system automatically declines content that does not meet the standards of the Group&#8217;s platform and
    flags suspicious content for manual review by the Group&#8217;s content management team.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fraud
    Detection</i></b>. The Group&#8217;s fraud detection technology focuses on ensuring that the Group&#8217;s user loyalty programs
    are not abused by fraudulent users or activities. The Group&#8217;s anti-fraud system employs self-encoding and deep learning methods
    such as sophisticated neural networks in analyzing users&#8217; behaviors as well as the locations of and the data from their devices
    to detect fraud. The Group&#8217;s anti-fraud system assigns a fraud score to users based on the inputs it receives, with higher
    scores signifying a greater suspicion of fraudulent activity. The Group also utilizes artificial intelligence methods including decision
    trees, random decision forests, naive Bayes classifier, Gaussian mixed model, and logistic regression to maximize the predictive
    accuracy of the Group&#8217;s anti-fraud system while minimizing the need for manual review.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketing
and Promotion</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group grows its user base through advertisements and paid-for traffic on mobile channels. We intend to continue to implement innovative
and cost-effective marketing initiatives. Historically, the Group also expanded its user base through word-of-mouth referrals by existing
users. For more information on the Group&#8217;s user loyalty programs, see &#8220;&#8212; User Account Systems and Loyalty Programs
&#8212; Referral-based Loyalty Points.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competition</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
industry the Group operates in is highly competitive and rapidly changing due to the fast growing market and technological developments.
The Group&#8217;s ability to compete successfully depends on many factors, including the quality and relevance of the Group&#8217;s content,
the robustness of the Group&#8217;s technology platform, user experience, brand recognition and reputation, the value of the Group&#8217;s
services to advertising customers and its relationship with content providers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group competes with other mobile content platform companies for user traffic. The Group&#8217;s primary competitors include content aggregators
such as Jinritoutiao (operated by Bytedance), Kuaibao (operated by Tencent) and Yidianzixun (an affiliate of Phoenix News). We believe
the Group has differentiated itself from other content aggregators because of its focus on light entertainment content and users from
lower-tier cities. To a lesser extent, the Group also competes with mobile news portals such as Tencent News, SINA News, Sohu News, NetEase
News and Phoenix News. We believe such mobile news portals tend to concentrate on current affairs such as political and economic news.
As such, their content offerings tend to differ from the Group&#8217;s. The Group also competes with other mobile literature applications,
such as iReader, QQ Reading, Qimao Free Novels and Fanqie Novels, as well as mobile literature applications that have a business model
similar to the Group&#8217;s. To a much lesser extent, the Group competes with traditional PC-based online literature platforms. We believe
the Group has differentiated itself from other online literature applications and platforms because it is able to offer high quality
online literature for free with effective recommendation algorithms helping readers to discover books they enjoy, and the Group can efficiently
monetize the traffic through its proprietary programmatic advertising system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intellectual
Property</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
regard the Group&#8217;s intellectual property as critical to its success. Such intellectual properties include trademarks, patents,
domain names, copyrights, know-how and proprietary technologies. We currently rely on trademarks, copyrights, trade secret law and confidentiality,
invention assignment and non-compete agreements with the Group&#8217;s employees and others to protect the Group&#8217;s proprietary
rights. As of December 31, 2023, the Group had registered 873 trademarks, including trademark for &#8220;Qutoutiao,&#8221; and owned
21 patents in the PRC. The Group was the registered holder of 141 domain names in the PRC, and had been granted 867 software copyrights
and 48 artwork copyrights as of the same date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 80; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Insurance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group provides social security insurance including pension insurance, unemployment insurance, work-related injury insurance and medical
insurance for the Group&#8217;s employees. The Group also purchased employer&#8217;s liability insurance and additional commercial health
insurance to increase insurance coverage of its employees. In addition, we maintain directors and officers liability insurance for our
directors and officers. The Group does not maintain property insurance policies covering its equipment and other property that are essential
to its business operation to safeguard against risks and unexpected events. The Group does not maintain business interruption insurance
or general third-party liability insurance, nor does it maintain product liability insurance or key-man insurance. We consider the Group&#8217;s
insurance coverage to be sufficient for its business operations in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations</span></td></tr>
  </table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Licenses
and Permissions Requirements</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
below table sets forth the material permissions and/or licenses the Group has obtained for its main operations in China. Except as disclosed
in &#8220;Item Key Information &#8212; D. Risk Factors &#8212; Risk Related to Our Business and Industry &#8212; The Group&#8217;s inability
to fully comply with Audio-visual Program Provisions may expose it to administrative sanctions, which would materially and adversely
affect the Group&#8217;s business, results of operations and financial condition&#8221; and &#8220;&#8212; The Group may be adversely
affected by the complexity, uncertainties and changes in PRC regulation of Internet businesses and companies, including limitations on
its ability to own key assets such as its mobile applications,&#8221; the Group has received all material permissions and approvals that
are, or may be, required for the Group&#8217;s main operations in China, including the main operations of the Key VIEs. No material permission
or approval for the Group has been denied by relevant authorities in China. Given the uncertainties of interpretation and implementation
of relevant laws and regulations and the enforcement practice by relevant government authorities, we may be required to obtain additional
licenses, permits, filings or approvals for the functions and services of our platform in the future, and may not be able to maintain
or renew our current licenses, permits, filings or approvals. In addition, rules and regulations in China can change quickly with little
advance notice. Uncertainties due to evolving laws and regulations could impede the ability of a China-based issuer, such as us, to obtain
or maintain permits or licenses required to conduct business in China. In the absence of required permits or licenses, governmental authorities
could impose material sanctions or penalties on us. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Company
    Name</b></span></p></td>
    <td style="padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Name
    of Permission/License</b></span></p></td>
    <td style="padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 17%"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Governing
    Government Authority</b></span></p></td>
    <td style="padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Grant
    Date</b></span></p></td>
    <td style="padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Expiration
    Date</b></span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Jifen</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Value-added
    Telecommunications Service License (the &#8220;VAT License&#8221;)</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Communications Administration</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">September
    23, 2022</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">September
    25, 2027</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Jifen</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Network
    Cultural Business Permit</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Municipal Administration of Culture and Tourism</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">October
    21, 2022</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">October
    21, 2025</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Jifen</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Registration
    in the National Internet Audio-visual Platforms Information Management System</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">National
    Radio and Television Administration</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">January
    18, 2023</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">June
    30, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Jifen</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Radio
    and Television Programme Production Business Permit</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Radio
    and Television Station of Shanghai</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">April
    1, 2023</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">March
    31, 2025</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Jifen</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Internet
    News Information Services License</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Cyberspace
    Administration of China</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">July
    30, 2022</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">July
    29, 2025</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Big
    Rhinoceros Horn</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Value-added
    Telecommunications Service License (the &#8220;VAT License&#8221;)</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Communications Administration</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">December 29, 2023</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">March
8, 2029</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Big
    Rhinoceros Horn</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Network
    Cultural Business Permit</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Municipal Administration of Culture and Tourism</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">December
    17, 2021</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">December
    17, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Big
    Rhinoceros Horn</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Publication
    Operation License<sup></sup></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Municipal Bureau of Press and Publication </span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">May 11, 2023</p><span style="font: normal 10pt Times New Roman, Times, Serif"></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">April
30, 2027</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 81; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><b>Company
    Name</b></td>
    <td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Name
    of Permission/License</b></span></td>
    <td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><b>Governing
    Government Authority</b></td>
    <td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><b>Grant
    Date</b></td>
    <td style="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><b>Expiration
    Date</b></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Big
    Rhinoceros Horn</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Radio
    and Television Programme Production Business Permit</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 17%; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Radio
    and Television Station of Shanghai</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">April
    1, 2023</span></td>
    <td style="width: 2%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">March
    31, 2025</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Beijing
    Supreme Pole </span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Value-added
    Telecommunications Service License (the &#8220;VAT License&#8221;)</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Beijing
    Communications Administration</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">November
    25, 2020</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">September
    28, 2025</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Beijing
    Supreme Pole</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Network
    Cultural Business Permit<sup>(1)</sup></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Beijing
    Municipal Administration of Culture and Tourism</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">June
    1, 2022</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">June
    10, 2025</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Beijing
    Supreme Pole</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">License
    for Publication of Audio-Visual Programs through Information Network<sup>(2)</sup></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">National
    Radio and Television Administration</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">October
    31, 2021</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">October
    31, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Beijing
    Supreme Pole</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Publication
    Operation License<sup></sup></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Beijing
    Municipal Bureau of Press and Publication</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">August 28, 2023</p></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">April
    30, 2028</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Xike</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Value-added
    Telecommunications Service License (the &#8220;VAT License&#8221;)<sup>(3)</sup></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Communications Administration</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">October
13, 2023</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">November
    30, 2028</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Xike</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Network
    Cultural Business Permit</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Municipal Administration of Culture and Tourism</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">March
4, 2024</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">March
4, 2027</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Xike</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Radio
    and Television Programme Production Business Permit<sup>(4)</sup></span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Radio
    and Television Station of Shanghai</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">April
    1, 2023</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">March
    31, 2025</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Manchuan Information Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Value-added
    Telecommunications Service License (the &#8220;VAT License&#8221;)</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Communications Administration</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">April
    28, 2023</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">November
    9, 2025</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Manchuan Information Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Network
    Cultural Business Permit</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Municipal Administration of Culture and Tourism</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">April
10, 2024</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">July 17, 2026</p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Shanghai
    Manchuan Information Technology Co., Ltd.</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Radio
    and Television Programme Production Business Permit</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">Radio
    and Television Station of Shanghai</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">April
9, 2024</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif">March
    31, 2025</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Shanghai Ququanquan Information Technology Co., Ltd.</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Value-added Telecommunications Service License (the &#8220;VAT
    License&#8221;)<sup>(5)</sup></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Shanghai Communications Administration</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">September 30, 2020</td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">September 30, 2025</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div>

<div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><i>Notes:</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">In
    the process of modification registration with regard to the </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">registered
    address.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">In
    the process of modification registration with regard to the </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">registered
    address <span style="font-style: normal; font-weight: normal">and the domain name.</span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In the process of modification registration with regard to the legal representative</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">(4)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In the process of modification registration with regard to the legal representative.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">(5)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In the process of modification registration with regard to the legal representative.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary
of Significant Rules and Regulations</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of the most significant rules and regulations that affect the Group&#8217;s business activities in China or the
rights of our shareholders to receive dividends and other distributions from us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
Investment Law</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2019, the National People&#8217;s Congress of the PRC adopted the <i>Foreign Investment Law</i>, which came into force on January
1, 2020. On December 26, 2019, the State Council issued the Implementation Rules of the Foreign Investment Law, which came into effect
on January 1, 2020, to clarify and elaborate relevant provisions of the Foreign Investment Law. The Foreign Investment Law defines the
&#8220;foreign investment&#8221; as the investment activities in China conducted directly or indirectly by foreign investors in the following
manners: (i) the foreign investor, by itself or together with other investors establishes foreign invested enterprises in China; (ii)
the foreign investor acquires shares, equities, asset tranches, or similar rights and interests of enterprises in China; (iii) the foreign
investor, by itself or together with other investors, invests and establishes new projects in China; (iv) the foreign investor invests
through other approaches as stipulated by laws, administrative regulations or otherwise regulated by the State Council. The Foreign Investment
Law keeps silent on how to define and regulate the VIEs, while adding a catch-all clause that &#8220;other approaches as stipulated by
laws, administrative regulations or otherwise regulated by the State Council&#8221; can fall into the concept of &#8220;foreign investment,&#8221;
which leaves uncertainty as to whether the foreign investor&#8217;s controlling PRC onshore variable interest entities via contractual
arrangements will be recognized as &#8220;foreign investment.&#8221; Pursuant to the Foreign Investment Law, PRC governmental authorities
will regulate foreign investment by applying the principle of pre-entry national treatment together with a &#8220;negative list,&#8221;
which will be promulgated by or promulgated with approval by the State Council. Foreign investors are prohibited from making any investments
in the industries which are listed as &#8220;prohibited&#8221; in such negative list; and, after satisfying certain additional requirements
and conditions as set forth in the &#8220;negative list,&#8221; are allowed to make investments in the industries which are listed as
&#8220;restricted&#8221; in such negative list. For any foreign investor that fails to comply with the negative list, the competent authorities
are entitled to ban its investment activities, require such investor to take measures to correct its non-compliance and impose other
penalties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 82; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
on Value-added Telecommunications Services</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
<i>Telecommunications Regulations of the PRC</i>, or the Telecom Regulations, implemented on September 25, 2000 and amended on July 29,
2014 and February 6, 2016, are the primary PRC law governing telecommunication services and set out the general framework for the provision
of both &#8220;basic telecommunication services&#8221; and &#8220;value-added telecommunication services&#8221; by domestic PRC companies.
&#8220;Value-added telecommunication services&#8221; is defined as telecommunications and information services provided through public
networks, and, according to the Telecom Regulations, operators of value-added telecommunications services shall obtain operating licenses
prior to commencing operations from the Ministry of Industry and Information Technology, or the MIIT, or its provincial level counterparts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
<i>Catalogue of Telecommunications Business</i>, or the Catalogue, which was issued as an attachment to the Telecom Regulations and revised
and promulgated on June 6, 2019, further identifies information services and online data processing and transaction processing services
as value-added telecommunications services. The Group engages in business activities that are value-added telecommunications services
as defined and described by the Telecom Regulations and the Catalogue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 1, 2009, the MIIT issued the <i>Measures on the Administration of Telecommunications Business Operating Permits</i>, or the Telecom
License Measures, which initially became effective on April 10, 2009 and was amended on July 3, 2017, effective on September 1, 2017,
to supplement the Telecom Regulations. The Telecom License Measures provide that there are two types of telecommunications operating
licenses for operators in China, one for basic telecommunications services and one for value-added telecommunications services. A distinction
is also made to licenses for value-added telecommunications services as to whether a license is granted for &#8220;intra-provincial&#8221;
or &#8220;trans-regional&#8221; (inter-provincial) activities. The license will detail the permitted activities of the enterprise to
which it was granted. An approved telecommunication services operator must conduct its business (whether basic or value-added) in accordance
with the specifications recorded in its telecommunications operating License.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s current and future business activities include providing information services and content to users through its mobile applications
including <i>Qutoutiao</i>, <i>Midu Novels</i>, <i>Midu Lite</i> and providing online data processing and transaction processing services
and providing 1v1 audio and video real-time communication service within mobile applications, all of which might be regarded as value-added
telecommunications services under the Catalogue. Certain of the Group VIEs have been granted the VAT Licenses which authorize relevant
companies&#8217; provision of information services through the Internet. Please refer to &#8220;&#8212; Licenses and Permissions Requirements&#8221;
for more details. All of the licenses are also subject to annual inspection.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
on Foreign Direct Investment in Value-Added Telecommunications Companies</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
activities in China by foreign investors are principally governed by the Special Administrative Measures (Negative List) for Foreign
Investment Access, or the Negative List and the Industry Guidelines on Encouraged Foreign Investment, or the Encouraging Catalog, which
were promulgated and were amended from time to time by the MOFCOM and the NDRC. The Negative List and Encouraging Catalog classify the
industries into three categories with regard to foreign investment: (i) &#8220;encouraged,&#8221; (ii) &#8220;restricted&#8221; and (iii)
&#8220;prohibited.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current effective negative list is the Special Administrative Measures (Negative List) for Foreign Investment Access (2021 Version),
or the 2021 Negative List, which became effective on January 1, 2022. Industries that are not listed in the 2021 Negative List are permitted
areas for foreign investments and are generally open to foreign investment unless specifically restricted by other PRC regulations. Some
restricted industries are limited to equity or contractual joint ventures, while in some cases Chinese partners are required to hold
majority interests in such joint ventures. In addition, projects in the restricted category may be subject to higher-level government
approval requirements. Foreign investors are not allowed to invest in industries in the prohibited category.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 83; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, foreign direct investment in telecommunications companies in China is governed by the Provisions on the Administration of Foreign-Invested
Telecommunications Enterprises, or the FITE Regulations, which were issued by the State Council on December 11, 2001, became effective
on January 1, 2002 and amended and issued on September 10, 2008, on February 6, 2016 and on March 29, 2022 (became effective on May 1,
2022). Pursuant to the FITE Regulations and the 2021 Negative List, subject to undertakings for opening telecommunication industries
made by China for joining World Trade Organization, the ultimate foreign equity ownership in a value-added telecommunications services
provider cannot exceed 50%, except for e-commerce, domestic multiparty communications, store-and-forward and call centers. Furthermore,
the prior FITE Regulations used to require that, for a foreign investor to own any equity interest in a value-added telecommunication
business in China, it must satisfy a number of stringent performance and operational experience requirements, including demonstrating
a good track record and experience in operating a value-added telecommunications business, and obtain approvals from the MIIT and the
MOFCOM or their authorized local counterparts, which retain considerable discretion in granting approvals. Although the previous requirement
of good track record and experience has been cancelled in the newly modified FITE Regulation since May 1, 2022, this modification is
relatively new and uncertainties exist in relation to its interpretation and implementation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 13, 2006, the MIIT issued the Notice of the Ministry of Information Industry on Intensifying the Administration of Foreign Investment
in Value-added Telecommunications Services, or the MIIT Notice, which reiterates certain provisions of the FITE Regulations. In addition
to the provisions stated in FITE Regulations, the MIIT Notice further provide that a domestic company that holds a license for the provision
of Internet information services, or an ICP license, is prohibited from leasing, transferring or selling the ICP license to foreign investors
in any form, and from providing any assistance, including providing resources, sites or facilities, to foreign investors to conduct value-added
telecommunications businesses illegally in China. The MIIT Notice also requires each ICP license holder to have appropriate facilities
for its approved business operations and to maintain such facilities in the regions covered by its license, and specifically, with regard
to the domain names and trademarks, the MIIT Notice required that trademarks and domain names that are used in the provision of Internet
content services must be owned by the ICP license holder or its shareholders. One of the Group VIEs, Shanghai Jifen, which holds the
ICP license, owns the Group&#8217;s major domain names, and holds or has applied for registration in the PRC of trademarks related to
the Group&#8217;s business and owns and maintains facilities that we believe are appropriate for the Group&#8217;s business operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
view of these restrictions on foreign direct investment in the value-added telecommunications sector, the Group established various domestic
consolidated affiliated entities to engage in value-added telecommunications services. For a detailed discussion of the Group VIEs and
their subsidiaries, please refer to &#8220;Item 4. Information on the Company &#8212; D. Organizational Structure.&#8221; Due to a lack
of interpretative materials from the relevant PRC governmental authorities, there are uncertainties regarding whether PRC governmental
authorities would consider the Group&#8217;s corporate structure and contractual arrangements to constitute foreign ownership of a value-added
telecommunications business. For details, please refer to &#8220;Item 3 Key Information &#8212; D. Risk Factors &#8212; Risks Relating
to Our Industry and Business &#8212; If the PRC government deems that the contractual arrangements in relation to the Group VIEs do not
comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation
of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those
operations. In addition, our ADSs may significantly decline in value or become worthless if we are unable to assert our contractual control
over the assets of the Group VIEs.&#8221; In order to comply with PRC regulatory requirements, the Group operates a portion of its business
through the Group VIEs and their subsidiaries, with which we have contractual relationships but in which we do not have an actual ownership
interest. If the Group&#8217;s current ownership structure is found to be in violation of current or future PRC laws, rules or regulations
regarding the legality of foreign investment in the PRC Internet sector, we could be subject to severe penalties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 84; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
on the Provision of Internet Content</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulation
on Internet Information Services</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
<i>Administrative Measures on Internet Information Services</i>, or the Internet Content Measures, which was promulgated by the State
Council on September 25, 2000 and amended on January 8, 2011, set out guidelines on the provision of Internet information services. The
Internet Content Measures classifies Internet information services into commercial Internet information services and non-commercial Internet
information services, and commercial Internet information services refer to services that provide information or services to Internet
users with charge. A provider of commercial Internet information services must obtain an ICP License, and, prior to the application for
such ICP License from the MIIT or its local branch at the provincial or municipal level, entities providing online information services
regarding news, publishing, education, medicine, health, pharmaceuticals and medical equipment must procure the consent of the national
authorities responsible for such areas. As a provider of commercial Internet information services, Shanghai Jifen, Big Rhinoceros Horn
and other relevant entities have been granted the ICP Licenses as mentioned above, which authorize relevant companies&#8217; provision
of information services via the Internet.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 8, 2021, the CAC issued the <i>Administrative Measures on Internet Information Services (Draft for Public Comments)</i>, or the
Draft Measures, which states that the provider of Internet information services for cultural, publishing and audio-visual programs shall
obtain permission from relevant departments and the entities that engage in Internet news and information services shall submit an application
to the network information department. As of the date of this annual report, the Draft Measures has not been enacted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the approval and license requirements, various ministries and agencies in the PRC, including the MIIT, the News Office
of the State Council, the Ministry of Culture and Tourism and the General Administration of Press and Publication, have promulgated
multiple measures relating to internet content, all of which specifically prohibit internet activities that result in the
dissemination of any content that infringes the legal rights of others, is found to contain pornography, promotes gambling or
violence, instigates crimes, undermines public morality or the cultural traditions of the PRC, or compromises state security or
secrets. For example, the Internet Content Measures specifies a list of prohibited content. Internet information providers are
prohibited from producing, copying, publishing or distributing information that is humiliating or defamatory to others or that
infringes the legal rights of others. Internet information providers that violate these measures may face criminal charges or
administrative sanctions, such as fines and revoking any relevant business operation licenses. Internet information providers must
monitor and control the information posted on their websites. If any prohibited content is found, they must remove the content
immediately, keep a record of such content and report to the relevant authorities. On December 15, 2019, the CAC promulgated the
Provisions on Ecological Governance of Network Information Content, which became effective on March 1, 2020, to further regulate the
network information and content. On November 29, 2021, the Office of the Ministry of Culture and Tourism issued the Opinions on
Strengthening the Protection of Minors in the Network Cultural Market, which propose the entities to strengthen the construction of
online content, explore the establishment of the review and judgment standards of the content unsuitable for minors to access,
continue to improve the ability to identify illegal content models and improve the professionalism and effectiveness of manual audit
to block and clean up the harmful content timely and effectively such as cult, pornography, illegal missionary, dangerous behavior,
negative values and so on. On October 16, 2023, the State Council issued the Regulation on the Protection of Minors in Cyberspace
which took effect on January 1, 2024. The Regulation provides that the organization or individual that produces, reproduces,
releases or disseminates the information that may affect the physical and mental health of minors, such as information that may
cause or induce minors to imitate unsafe acts, to commit acts in violation of social morality, to produce extreme emotions or to
develop bad hobbies shall give a conspicuous reminder before displaying such information and the providers of cyber products and
services, personal information handlers, manufacturers and sellers of intelligent terminal products shall abide by laws,
administrative regulations and the relevant provisions of the State, respect social moralities, follow business ethics, act in good
faith, fulfill the obligation of protecting minors in cyberspace, assume social responsibilities and cooperate with the relevant
authorities in carrying out the supervision and inspection involving the protection of minors in cyberspace in accordance with the
law. Regulation on Internet News Dissemination Pursuant to the <i>Provisions for the Administration of Internet News Information
Services</i> promulgated by the CAC, which was issued on May 2, 2017 and became effective on June 1, 2017, an Internet news
information services license shall be obtained from CAC by the service provider for the provision of internet news information
services to the public in a variety of ways, including offering platforms for such dissemination. &#8220;News information&#8221; as
mentioned therein includes reports and comments relating to social and public affairs such as politics, economy, military affairs
and foreign affairs, as well as relevant reports and comments on social emergencies. The service providers shall meet various
qualifications and requirements as listed in such regulation, and further, to provide Internet-based news information services, the
service providers are also required to complete formalities for ICP License or filing with the competent telecommunications
authorities in accordance with the law. In practice, Internet news information service providers that are not state-owned, such as
our company, are required to introduce a state-owned shareholder in order to apply for the Internet news information services
license.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the above, such regulation also stipulates that no organization may establish Internet-based news information service agencies
in the form of Sino-foreign joint ventures, Sino-foreign cooperative ventures or wholly foreign-owned enterprises. Any cooperation involving
Internet-based news information services and between Internet-based news information service agencies and foreign-invested enterprises,
or FIEs, shall be reported to the national CAC for security assessment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 85; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->
<!-- Field: Split-Segment; Name: Split_002 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group is required to obtain an Internet news information services license from CAC for the dissemination of news through the Group&#8217;s
mobile application. On July 30, 2019, Shanghai Jifen Culture Communications Co., Ltd., or Shanghai Jifen, one of the Group VIEs, obtained
an Internet News Information Services License from CAC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulation
on Online Transmission of Audio-visual Programs</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 13, 2005, the State Council promulgated Decisions on the Entry of the Non-state owned Capital into the Cultural Industry, according
to which non-state-owned capital and foreign investors are generally not allowed to conduct the business of transmitting audio-visual
programs via information network.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 20, 2007, the NRTA (previously known as SART, GAPPRFT and SARFT) and MIIT jointly issued the Administrative Provisions for the
Internet Audio-Video Program Service, or the Audio-visual Program Provisions, which came into effect on January 31, 2008 and was amended
on August 28, 2015. The Audio-visual Program Provisions define &#8220;Internet audio-visual programs services&#8221; as the production,
edition and integration of audio-video programs, the supply of audio-video programs to the public via the Internet, and the provision
of upload and audio-video programs transmission services to a third party. Entities engaging in Internet audio-visual programs services
must obtain an internet audio-visual program transmission license, which will only be issued to state-owned or state-controlled entities.
According to the Categories of the Internet Audio-Video Program Services (Trial) modified by the NRTA on March 10, 2017, &#8220;aggregation
of Internet audio-visual programs&#8221;, which means &#8220;editing and arranging the Internet audio-visual programs on the same website
and providing searching and watching services to public users&#8221;, falls into the definition of the aforementioned &#8220;Internet
audio-visual programs services.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 31, 2009, the NRTA promulgated the Notice on Strengthening the Administration of the Content of Internet Audio-Visual Programs,
which reiterates the pre-approval requirements for the internet audio-visual programs, including those on mobile network (if applicable),
and prohibits internet audio-visual programs containing violence, pornography, gambling, terrorism, superstition, or other prohibited
elements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
NRTA issued the Supplemental Notice on Improving the Administration of Online Audio-visual Content Including Internet Drama and Micro
Films on January 2, 2014. This notice emphasizes that entities producing online audio-visual content, such as internet drama and micro
films, must obtain a Radio and Television Program Production and Operation License, and that online audiovisual content service providers
cannot release any internet drama or micro films that were produced by any entity lacking such license. For internet drama or micro films
produced and uploaded by individual users, the online audio-visual service providers transmitting such content will be deemed responsible
as a producer. Further, under this notice, online audio-visual service providers can only transmit content uploaded by individuals whose
identity has been verified and such content shall comply with the relevant content management rules. This notice also requires that online
audio-visual content, including internet drama and micro films, to be filed with the relevant authorities before release.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2018, the SAPPRFT issued the Notice on Further Regulating the Transmission Order of Internet Audio-visual Programs, which requires
that, among others, audio-visual platforms shall: (i) not produce or transmit programs intended to parody or denigrate classic works,
(ii) not re-edit, re-dub, re-caption or otherwise ridicule classic works, radio and television programs, or original internet audio-visual
programs without authorization, (iii) not transmit re-edited programs which unfairly distort the original content, (iv) strictly monitor
the adapted content uploaded by platform users and not provide transmission channels for illicit content, (v) immediately take down unauthorized
content upon receipt of complaints from copyright owners, radio and television stations, or film and television production institutions,
(vi) strengthen the administration of movie trailers and prevent improper broadcasting of movie clips and trailers prior to authorized
release, and (vii) strengthen the administration of sponsorship and endorsement for internet audio-visual programs. Pursuant to this
notice, the provincial branches of SAPPRFT shall have the authority to supervise radio and television stations and websites that offer
audio-visual programs within its jurisdiction and require them to further improve their content management systems and implement relevant
management requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 86; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 9, 2019, the China Net-casting Services Association, or the CNSA, issued the Regulations on Administration of Network Short Video
Platforms, pursuant to which a network platform is required to obtain the Audio-Visual Permit and relevant qualifications to provide
short video services, and to strictly operate within the scope of such permit. The network short video platform is required to establish
a chief-editor content management and responsibility system, and all content of a short video, including but not limited to its title,
description, bullet-chats and comments shall be reviewed in advance before the content is broadcasted. Furthermore, the number of content
reviewers a platform is required to host should, in principle, be more than one-thousandth of the number of short videos newly broadcasted
on the platform per day. The content reviewers are expected to have high political awareness and professionality. On the same day, CNSA
issued the Censoring Criteria for Network Short Video Content, which was amended in December 2021 and set forth certain details of content
prohibited to be broadcasted, such as violence, pornography, gambling, terrorism, and other illegal or immoral content.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Administrative Provisions on Online Audio-Visual Information Services, promulgated jointly by the CAC, the MCT and the NRTA on
November 18, 2019 and became effective on January 1, 2020, online audio-visual information service providers shall authenticate user&#8217;s
real identity information based on organization code, identity card number, mobile phone number, etc. Online audio-visual information
service providers shall not serve users who fail to provide their real identity information. Online audio-visual information service
providers shall strengthen the management of the audio-visual information posted by users, deploy and apply identification technologies
for illegal and non-real audio and video; if any user is found to produce, post or disseminate content prohibited by laws or regulations,
the transmission of such information shall be ceased, and disposal measures such as deletion shall be taken to prevent the information
from spreading, and such service providers shall save relevant records, and report to the CAC, the MCT, the NRTA, etc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Group has been taking measures to ensure compliance, it may not be able to fully comply with Audio-visual Program Provisions. See
&#8220;Item 3. Key Information &#8212; D. Risk Factors &#8212; Risks Relating to Our Industry and Business &#8212; The Group&#8217;s
inability to fully comply with Audio-visual Program Provisions may expose it to administrative sanctions, which would materially and
adversely affect the Group&#8217;s business, results of operations and financial condition.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
Related To Online Live Streaming Services</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 4, 2016, the CAC issued the <i>Administrative Regulations on Online Live Streaming Services</i>, or the Online Live Streaming
Regulations, which came into effect on December 1, 2016. According to the Online Live Streaming Regulations, all online live streaming
service providers shall take various measures during operation of live streaming services, including, but not limited to: (i) establish
platforms for reviewing live streaming content, conducting classification and grading management according to the online live streaming
content categories, user scale and others, add tags to graphics, video, audio or broadcast tag information for platforms; (ii) conduct
verification on online live streaming users with valid identification information (e.g., authentic mobile phone numbers) and validate
the registration of online live streaming publishers based on their identification documents (such as identity documents, business licenses
and organization code certificates); (iii) examine and verify the authenticity of the identification information of online live streaming
service publishers, classify and file such identification information records with the Internet information offices at the provincial
level where they are located and provide such information to relevant law enforcement departments upon legal request; (iv) enter into
a service agreement with the users of online live streaming services of which the essential clauses shall be under guidance of Internet
information offices at the provincial level, to clarify the rights and obligations of the parties and require them to comply with the
laws, regulations and platform conventions; and (v) establish a credit-rating system and a blacklist system, to provide management and
services according to such credit rating, prohibit re-registration of accounts by online live streaming service users on the black list
and promptly report such users to relevant Internet information offices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 2, 2016, the State Administration of Press, Publication, Radio, Film and Television, or the SAPPRFT (currently known as the
NRTA), issued the Circular on Issues concerning Strengthening the Administration of Online Live Streaming of Audio-Visual Programs, or
the Online Live Streaming Circular. According to the Online Live Streaming Circular, appropriate Audio-Visual Permit is a prerequisite
for online audio-visual live streaming of general cultural events of social communities, sports events, important political, military,
economic, social, and cultural events. Relevant information about specific activities to be streamed shall be filled in advance to the
provincial counterparts of the SAPPRFT. Online audio-visual live streaming service providers shall censor and tape such programs and
retain them for at least 60 days for future check by the administrative departments; and they shall have an emergency plan in place to
replace programs in violation of laws and regulations. Bullet-screen comments shall be forbidden in the live streaming of important political,
military, economic, social, sports and cultural events. Special censor shall be appointed for bulletscreen comments in the live streaming
of general cultural events of social communities and sports events. Hosts, guests and targets hired or invited by online audio-visual
live streaming programs shall meet the following requirements: (i) patriotic and law-abiding; (ii) good public reputation and social
image, no scandals and misdeeds; and (iii) dress, hairstyle, language and actions are consistent with public order and good morals, and
not drawing topics with vulgar content or content inappropriate to discuss in public.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 87; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Measures for the Administration of Cyber Performance Business Operations, promulgated by the Ministry of Culture on December 2,
2016 and became effective on January 1, 2017, a cyber-performance business entity engaging in cyber performance business operations shall,
in accordance with the Internet Culture Provisions, apply to the cultural administrative department at the provincial level for an Internet
Cultural Business Licenses, or ICB License, and the license shall specify the scope of its cyber performance. A cyber-performance business
entity shall indicate the number of its ICB License in a conspicuous position on its homepage. According to the 2021 Negative List, foreign
investors are prohibited from investing in an entity holding an ICB License (except for music). Consequently, foreign investors are prohibited
from investing in businesses that carry out and operate the short video and live streaming and online game via platform(s), as these
businesses are deemed as businesses subject to foreign-investment prohibition by virtue of the platform&#8217;s need to obtain an ICB
License (except for music).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Notice on Strengthening the Management of Internet Live Streaming Service issued by the Office of the National &#8220;Anti-pornography
and Anti-illegal&#8221; Working Group, MIIT, the Ministry of Public Security, MCT, NRTA and CAC on August 1, 2018, live streaming service
providers shall perform website ICP filing procedures with the competent telecommunication department according to law, and live streaming
service providers involved in operating telecommunication business and internet news information, network performance, live streaming
of audio-visual programs and other businesses shall apply to the relevant departments to obtain licenses for telecommunication business
operation, internet news information services, network culture operation, and Audio-Visual Permit, etc., and within 30 days of the live
streaming service going online, shall carry out public security registration procedures in accordance with relevant regulations with
the public security authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to Circular 78 issued by the NRTA on November 12, 2020, platforms providing online show live streaming or e-commerce live streaming services
shall register their information and business operations by November 30, 2020 on the National Internet Audio-visual Platforms Information
Management System. The overall ratio of front-line content analysts to live streaming rooms shall be 1:50 or higher on such platforms.
The training for content analysts shall be strengthened and content analysts who have passed the training shall be registered in the
system. A platform shall report the number of its live streaming rooms, streamers and content analysts to the provincial branch of the
NRTA on a quarterly basis. If celebrities or persons of non-PRC nationality intend to open live streaming rooms on a platform, they shall
also report to competent authorities in advance. Online show live streaming platforms shall tag content and streamers by category. A
streamer cannot change the category of the programs offered in his or her live streaming room without prior approval from the platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to further strengthen the standardized management of the online live streaming industry, the CAC, the National Office of Anti-Pornography
and Anti-Illegal, the MIIT, the Ministry of Public Security, or the MPS, the MCT, the SAMR and the NRTA jointly issued the Circular on
the Guiding Opinions on Strengthening Standardized Management of Online Live Streaming on February 9, 2021, which further states that
live-streaming platforms which carry out commercial online performances shall hold the ICB License, and go through ICP record-filing
and live streaming platforms which provide online audio-visual program services must obtain the Audio-Visual Permit (or complete the
registration on the National Internet Audio-visual Platforms Information Management System) and complete the ICP filing procedure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 25, 2022, the CAC, the SAT and the SAMR jointly issued Opinions on Further Regulating Profit-making Behaviors of Webcast to Promote
the Healthy Development of the Industry, which provides that online live streaming platforms shall, on a semi-annual basis, submit to
the cyberspace administration at the provincial level and the competent tax authorities in the places where they are located information
such as the personal identity of an online live streaming publisher who engages in online live streaming for profit, his or her live
streaming account, online nickname, account name, type of income, and profitability and cooperate with cyberspace, market regulation,
taxation and other authorities to conduct supervision and inspection according to the relevant laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 88; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Law of the PRC on the Protection of Minors (Revised in 2020) promulgated on October 17, 2020 and effective on June 1, 2021, provide that,
among others, internet live streaming service providers shall not provide minors under age 16 with online live streaming publisher account
registration service, and must obtain the consent from parents or guardians and verify the identity of the minors before allowing minors
aged 16 or above to register live streaming publisher accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 16, 2023, the State Council issued the Regulation on the Protection of Minors in Cyberspace which took effect on January 1,
2024. The Regulation provides that cyber service providers that provide minors with information release, instant messaging and other services
shall require the minors or their guardians to provide the real identity information of the minors in accordance with the law; if the
minors or their guardians refuse to provide the real identity information of the minors, cyber service providers shall not provide relevant
services for the minors. Furthermore, the online live-streaming service providers shall establish a dynamic verification mechanism for
the real identity information of an online live-streaming uploader and shall not provide online live-streaming uploading services for
minor users who do not conform to the legal provisions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, the Group has completed the registration on the National Internet Audio-visual Platforms Information
Management System with our <i>Qutoutiao</i> app. Uncertainty remains as to the interpretation of the online live streaming regulations,
which may require the Group to take further actions and/or subject it to penalties. See &#8220;Item 3. Key Information &#8212; D. Risk
Factors &#8212; Risks Relating to Our Industry and Business &#8212; The Group may be adversely affected by the complexity, uncertainties
and changes in PRC regulation of Internet businesses and companies, including limitations on its ability to own key assets such as its
mobile applications.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
on Internet Publishing</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 4, 2016, the SAPPRFT and MIIT jointly issued the <i>Internet Publishing Rules</i>, which took effect on March 10, 2016. &#8220;Online
publications&#8221; is defined, under the Internet Publishing Rules, as digital works that are edited, produced, or processed to be published
and provided to the public through the Internet, including (a) original digital works, such as articles, pictures, maps, games, and comics;
(b) digital works with content that is consistent with the type of content that, prior to the Internet age, typically was published in
media such as books, newspapers, periodicals, audio-visual products, and electronic publications; (c) digital works in the form of online
databases compiled by selecting, arranging, and compiling other types of digital works; and (d) other types of digital works identified
by the SAPPRFT. Under the Internet Publishing Rules, Internet operators distributing such online publications through information network
are required to obtain an Internet publishing license from SAPPRFT. Wholly foreign-owned enterprises, Sino-foreign equity joint ventures
and Sino-foreign cooperative enterprises are prohibited from engaging in the provision of Internet publishing services. In addition,
project cooperation between an Internet publishing service provider and a wholly foreign-owned enterprise, Sino-foreign equity joint
venture, or Sino-foreign cooperative enterprise within China or an overseas organization or individual involving Internet publishing
services shall be subject to examination and approval by the NRTA in advance. A company that fails to comply with these rules may be
ordered to close the website or pay fines or be subject to other penalties imposed by relevant authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the <i>Administrative Regulations on Publishing</i> (2020 Revised) promulgated by the State Council on November 29, 2020, organizations
and individually owned businesses engaging in distribution of publications through information network such as the Internet shall obtain
a Publication Operation License pursuant to the provisions of these regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uncertainty
remains as to the interpretation of the Internet Publishing Rules which may require the Group to take further actions and/or subject
it to penalties. See &#8220;Item 3. Key Information &#8212; D. Risk Factors &#8212; Risks Relating to Our Industry and Business &#8212;
The Group may be adversely affected by the complexity, uncertainties and changes in PRC regulation of Internet businesses and companies,
including limitations on its ability to own key assets such as its mobile applications.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
on Online Advertising Services</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 27, 1994, the SCNPC enacted the <i>Advertising Law of the PRC</i>, which was last amended on April 29, 2021, or the New Advertising
Law, to increase the potential legal liability of providers of advertising services, and to include provisions intended to strengthen
identification of false advertising and the power of regulatory authorities. On July 4, 2016, the SAIC issued the <i>Interim Measures
of the Administration of Online Advertising</i>, or the SAIC Interim Measures, which took effect on September 1, 2016, to further regulate
Internet advertising activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
New Advertising Law and the SAIC Interim Measures both provide that advertisements posted or published through the Internet may not affect
users&#8217; normal usage of a network, and advertisements published in the form of pop-up windows on the Internet must display a &#8220;close&#8221;
sign prominently and ensure one-key closing of the pop-up windows. The SAIC Interim Measures provide that all online advertisements must
be marked &#8220;Advertisement&#8221; so that viewers can easily identify them as such.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 89; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
regard to the content of the advertisement, according to the above laws and regulations, any advertisement that contains false or misleading
information to deceive or mislead consumers shall be deemed false advertising. The New Advertisement Law explicitly stipulates detailed
requirements for the content of several different kinds of advertisement, including advertisements for medical treatment, pharmaceuticals,
medical instruments, health food, alcoholic drinks, education or training, products or services having an expected return on investment,
real estate, pesticides, feed and feed additives, and some other agriculture-related advertisement. Also, according to the SAIC Interim
Measures, no advertisement of such special products or services which are subject to examination by an advertising examination authority
shall be published unless it has passed such examination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 26, 2021, the SAMR publicly solicited opinions on the Measures for the Administration of Online Advertising (Draft for Comments),
or the Draft Internet Advertising Measures. On February 25, 2023, the SAMR issued the Measures for the Administration of Online Advertising,
or the Internet Advertising Measures, which took effect on May 1, 2023. The Internet Advertising Measures states that platform operators
providing Internet information services shall take measures to prevent and stop false and illegal advertisements. The Internet Advertising
Measures further strengthen the one-click-to-close requirement and prohibit advertisements for certain items on Internet media that targets
minors, including, among others, advertisements related to online games that are harmful to the physical or mental health of minors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
New Advertising Law, the SAIC Interim Measures and Internet Advertising Measures require the Group to monitor the advertising content
shown on the Group&#8217;s mobile applications to ensure that such content is true, accurate and in full compliance with applicable laws
and regulations. However, we cannot assure you that all of the content contained in such advertisements is true and accurate as required
by the advertising laws and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
on November 1, 2021, the MIIT promulgated the Notice of the Ministry of Industry and Information Technology on Launching the Action for
Improvements to the Perception of Information and Communications Services, under which, internet enterprises shall set obvious and effective
close buttons in the splash ads of their apps. On September 9, 2022, the Administrative Provisions on Internet Pop-up Window Information
Notification Services was issued by the CAC, the MIIT and the SAMR, effective from September 30, 2022, which requires that pop-up ads
shall be subject to content compliance review and shall be identifiable, prominently marked as &#8220;advertisement,&#8221; and users
shall be notified expressly. Besides, pop-up ads shall be able to be closed with a single click, it is not allowed to present such information
as third-party links and QR codes leading and redirecting malicious traffic by way of pop-up information push services, or induce users
to click through such services to falsify or hijack traffic.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
details, please see &#8220;Item 3. Key Information &#8212; D. Risk Factors &#8212; Risks Relating to Our Industry and Business &#8212;
Advertisements on the Group&#8217;s mobile applications may subject us to penalties and other administrative actions.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulation
on Mobile Internet Applications Information Services</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 28, 2016, the CAC issued the <i>Provisions on the Administration of Mobile Internet Applications Information Services</i>, or
the APP Provisions, which became effective on August 1, 2016 and was amended on August 1, 2022. Under the APP Provisions, an app
provider providing Internet news information services through an app shall obtain a permit for Internet news information services,
and be prohibited from carrying out Internet news information service activities without permission or beyond the permitted scope
and an app provider providing other Internet information services that must be subject to examination and approval of the competent
authority or have obtained relevant permit in accordance with the law may only provide services upon examination and approval of the
competent authority or with the relevant permit. Furthermore, an app provider that launches new technologies, a new app, and new
functions with public opinion attributes or social mobilization capabilities shall conduct security assessment in accordance with
relevant provisions of the state.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">On July 21, 2023, the MIIT issued the Notice of the Ministry of Industry and Information Technology on the Record-filing of Mobile Internet
Apps which became effective on July 21, 2023. The Notice provides that the app sponsor that engages in Internet information services within
the territory of the PRC shall go through the record-filing formalities in accordance with the relevant laws and regulations. Any app
sponsor that fails to complete the record-filing formalities shall not engage in app Internet information services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 90; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulation
on Online Cultural Products</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 17, 2011, the MOC issued the new <i>Provisional Regulations for the Administration of Online Culture</i>, or the New Online
Culture Regulations, which took effect on April 1, 2011 and was amended on December 15, 2017, to replace the previous regulations which
were issued by MOC on May 10, 2003. The New Online Culture Regulations apply to entities engaging in activities related to &#8220;Internet
cultural products&#8221;, which include those cultural products that are produced specially for Internet use, such as online music and
entertainment, online games, online plays, online performances, online works of art and Web animations, and those cultural products that,
through technical means, produce or reproduce music, entertainment, games, plays and other artworks for Internet dissemination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the New Online Culture Regulations, commercial entities are required to apply to the relevant local branch of the MOC for an Online
Culture Operating Permit if they engage in any of the following types of activities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    production, duplication, importation, release or broadcasting of Internet cultural products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    dissemination of online cultural products on the Internet or transmission thereof via Internet or mobile phone networks to users&#8217;
    terminals such as computers, fixed-line or mobile phones, television sets, gaming consoles and Internet surfing service sites such
    as Internet caf&#233;s for the purpose of browsing, using or downloading such products; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    exhibition or holding of contests related to Internet cultural products.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
New Online Culture Regulations further classifies Internet cultural activities into commercial Internet cultural activities and non-commercial
Internet cultural activities. Entities engaging in commercial Internet cultural activities must apply to the relevant authorities for
an Internet Cultural Business License, or ICB License, while non-commercial cultural entities are only required to report to related
culture administration authorities within 60 days of the establishment of such entity. According to the 2021 Negative List, foreign investors
are prohibited from investing in an entity holding an ICB License (except for music). Consequently, foreign investors are prohibited
from investing in businesses that carry out and operate the short video and live streaming and online game via platform(s), as these
businesses are deemed as businesses subject to foreign-investment prohibition by virtue of the platform&#8217;s need to obtain an ICB
License (except for music).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MOC issued the <i>Notice of Adjusting the Scope of Internet Cultural Business License and Further Regulating the Approval</i> on May
14, 2019. Under such notice, the MOC will no longer accept new application for certain scopes including &#8220;game products (including
issuance of virtual currencies in online games)&#8221; while the permits which have already been approved with such scope are still valid
until expiration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of the Group VIEs have obtained the Internet Cultural Business Licenses. Please refer to &#8220;Item 4. Information on the Company &#8212;
C. Regulations &#8212; Licenses and Permissions Requirements&#8221; for more details. All of the permits are also subject to annual inspection.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulation
on Cybersecurity and Data Security</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internet
security in China is regulated and restricted from a national security standpoint. On July 1, 2015, the SCNPC promulgated the new <i>National
Security Law</i>, which took effect on the same date and replaced the former National Security Law promulgated in 1993. According to
the new National Security Law, the state shall ensure that the information system and data in important areas are secure and controllable.
In addition, according to the new National Security Law, the state shall establish national security review and supervision institutions
and mechanisms, and conduct national security reviews of key technologies and IT products and services that affect or may affect national
security. There are uncertainties on how the new National Security Law will be implemented in practice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 91; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SCNPC enacted the <i>Decisions on the Maintenance of Internet Security</i> on December 28, 2000, which was amended in August 27, 2009.
Such decision makes it unlawful to: (i) gain improper entry into a computer or system of strategic importance; (ii) disseminate politically
disruptive information; (iii) leak state secrets; (iv) spread false commercial information; or (v) infringe intellectual property rights.
The Ministry of Public Security has promulgated measures as below that prohibit the use of the Internet in ways which, among other things,
result in a leakage of State secrets or distribution of socially destabilizing content. The Ministry of Public Security has supervision
and inspection rights in this regard. If an ICP license holder violates these measures, the PRC government may revoke its ICP license
and shut down its websites.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 16, 1997, the Ministry of Public Security issued the <i>Administration Measures on the Security Protection of Computer Information
Network with International Connections</i>, amended on January 8, 2011, which prohibits using the Internet to leak state secrets or to
spread socially destabilizing materials. If an ICP license holder violates these measures, the PRC government may revoke its ICP license
and shut down its websites. Pursuant to the <i>Ninth Amendment to the Criminal Law</i> issued by the SCNPC on August 29, 2015 and becoming
effective on November 1, 2015, any ICP provider that fails to fulfill the obligations related to Internet information security administration
as required by applicable laws and refuses to rectify upon orders, will be subject to criminal liability for (i) any dissemination of
illegal information in large scale; (ii) any severe effect due to the leakage of the client&#8217;s information; (iii) any serious loss
of evidence of criminal activities; or (iv) other severe situations, and any individual or entity that (i) sells or provides personal
information to others unlawfully, or (ii) steals or illegally obtains any personal information, will be subject to criminal liability
in severe situations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 7, 2016, the SCNPC promulgated the <i>PRC Cybersecurity Law</i>, which took effect on June 1, 2017. The PRC Cybersecurity Law
applies to the construction, operation, maintenance, and use of networks as well as the supervision and administration of Internet security
in the PRC. The PRC Cybersecurity Law defines &#8220;networks&#8221; as systems that are composed of computers or other information terminals
and relevant facilities used for the purpose of collecting, storing, transmitting, exchanging, and processing information in accordance
with certain rules and procedures. &#8220;Network operators,&#8221; who are broadly defined as owners and administrator of networks and
network service providers, shall meet their cyber security obligations and shall take technical measures and other necessary measures
to protect the safety and stability of their networks. Under the Cybersecurity Law, network operators are subject to various security
protection-related obligations, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">complying
    with security protection obligations in accordance with tiered requirements with respect to maintenance of the security of Internet
    systems, which include formulating internal security management rules and developing manuals, appointing personnel who will be responsible
    for Internet security, adopting technical measures to prevent computer viruses and activities that threaten Internet security, adopting
    technical measures to monitor and record status of network operations, holding Internet security training events, retaining user
    logs for at least six months, and adopting measures such as data classification, key data backup, and encryption for the purpose
    of securing networks from interference, vandalism, or unauthorized visits, and preventing network data from leakage, theft, or tampering;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">verifying
    users&#8217; identities before signing agreements or providing services such as network access, domain name registration, landline
    telephone or mobile phone access, information publishing, or real-time communication services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">clearly
    indicating the purposes, methods and scope of the information collection, the use of information collection, and obtain the consent
    of those from whom the information is collected when collecting or using personal information;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">strictly
    preserving the privacy of user information they collect, and establish and maintain systems to protect user privacy; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">strengthening
    management of information published by users. When the network operators discover information prohibited by laws and regulations
    from publication or dissemination, they shall immediately stop dissemination of that information, including taking measures such
    as deleting the information, preventing the information from spreading, saving relevant records, and reporting to the relevant governmental
    agencies.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 92; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 15, 2018, the Cyberspace Administration issued the Provisions on Security Assessment of the Internet Information Services with
Public Opinion Attributes or Social Mobilization Capacity, which came into effect on November 30, 2018. The provisions require internet
information providers to conduct security assessments on their internet information services if their services include forums, blogs,
microblogs, chat rooms, communication groups, public accounts, short-form videos, online live-streaming, information sharing, mini programs
or other functions that provide channels for the public to express opinions or have the capability of mobilizing the public to engage
in specific activities. Internet information providers must conduct self-assessment on, among other things, the legality of new technology
involved in the services and the effectiveness of security risk prevention measures, and file the assessment report with the local competent
cyberspace administration authority and public security authority.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 13, 2019, the Office of the Central Cyberspace Affairs Commission and the SAMR jointly issued the Notice on App Security Certification
and the Implementation Rules on Security Certification of Mobile Internet Application, which encourages mobile application operators
to voluntarily obtain app security certification, and search engines and app stores are encouraged to recommend certified applications
to users.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 13, 2020, the CAC, together with 11 other government agencies, jointly issued the Cybersecurity Review Measures, or the Review
Measures. The Review Measures, under which the scope of application, reporting procedures, evaluation factors and legal responsibilities
are stipulated, was implemented on June 1, 2020 to replace the <i>Measures for Security Review of Cyber Products and Services (for Trial
Implementation)</i> issued by the CAC on May 2, 2017. According to the Review Measures, if any operator of critical information infrastructure,
or the CIIOs, which, according to the Answers to Questions on the Review Measures published by the CAC on April 27, 2020, shall include
operators of telecommunication, purchases any network product or service which may bring potential risks to or may affect national security,
shall apply for a cybersecurity review to be conducted by Cybersecurity Review Office.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2020, the SCNPC released a draft data security law, or the Draft Data Security Law, for public comment. The Draft Data Security
Law provides for data security and privacy obligations on entities and individuals carrying out data activities. The Draft Data Security
Law also introduces a national security review procedure for those data activities which may affect national security and imposes export
restrictions on certain data information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 10, 2021, the Standing Committee of the National People&#8217;s Congress, or the SCNPC, promulgated the PRC Data Security Law, which
came into effect on September 1, 2021. The PRC Data Security Law imposes data security and privacy protection obligations on entities
and individuals carrying out data activities, including but not limited to the collection, storage, use, processing, transmission, provision,
and public disclosure of data. Furthermore, the PRC Data Security Law proposes to establish a data classification and hierarchical protection
system to protect data by classification and level, depending on the importance of the data in economic and social development, and the
damage caused to national security, public interests, or the legitimate rights and interests of individuals and organizations if the
data is falsified, damaged, disclosed, illegally obtained or illegally used. The law also provides a national security review procedure
for data activities that may affect national security and imposes export restrictions on certain data and information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Administrative Provisions on Security Vulnerability of Network Products, or the Provisions on Security Vulnerability, was jointly promulgated
by the MIIT, the CAC and the Ministry of Public Security on July 12, 2021 and became effective on September 1, 2021. Network product
providers, network operators as well as organizations or individuals engaging in the discovery, collection, release and other activities
of network product security vulnerability are subject to the Provisions. Network product providers, network operators and network product
security vulnerability collection platforms shall establish sound unimpeded channels to receive information of security vulnerability.
Cyber product providers shall perform the obligations to manage security vulnerabilities of cyber products, ensure that security vulnerabilities
of their products are timely repaired and released in a reasonable manner and guide users of their products to take preventive measures.
In response to the PRC Cybersecurity Law, network product providers are required to report relevant information of security vulnerability
of network products with the MIIT within two days and to provide technical support for network product users. Network operators shall
take measures to examine and fix security vulnerability after discovering or acknowledging that their networks, information systems or
equipment have security loopholes. According to the Provisions on Security Vulnerability, the breaching parties may be subject to monetary
fine as regulated in accordance with the PRC Cybersecurity Law. Since the Provisions on Security Vulnerability is relatively new, uncertainties
still exist in relation to its interpretation and implementation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 93; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 30, 2021, the State Council of the PRC promulgated the Provisions on Protection of the Security of Critical Information Infrastructure,
which took effect on September 1, 2021. Pursuant to the Provisions on Protection of the Security of Critical Information Infrastructure,
critical information infrastructure shall mean any important network facilities or information systems of the important industry or field
such as public communication and information service, energy, communications, water conservation, finance, public services, e-government
affairs and national defense science, which may endanger national security, people&#8217;s livelihood and public interest in case of
damage, function loss or data leakage. In addition, relevant administration departments of each critical industry and sector, which are
referred to as the &#8220;Protection Departments,&#8221; shall be responsible for formulating eligibility criteria and identifying the
critical information infrastructure operator in the respective industry or sector. The operators shall be informed about the final determination
as to whether they are categorized as critical information infrastructure operators.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 14, 2021, the CAC issued the Draft Network Data Security Management Regulations for public comments, pursuant to which, data
processors carrying out the following activities must, in accordance with the relevant national regulations, apply for a cybersecurity
review: (i) the merger, reorganization or spin-off of internet platform operators that possess a large number of data resources related
to national security, economic development and public interests that affects or may affect national security; (ii) listing in a foreign
country of data processors that process the personal information of more than one million users; (iii) listing in Hong Kong of data processors
and such listing affects or may affect national security; and (iv) other data processing activities that affect or may affect national
security. The scope of and threshold for determining what &#8220;affects or may affect national security&#8221; is still subject to uncertainty
and further elaboration by the CAC. It further requires that a data processor which processes important data or is listed overseas shall
complete an annual data security assessment either self-conducted or conducted by a data security service organization engaged, and before
January 31 of each year, submit the annual data security assessment report of the previous year to the local cyberspace affairs administration
department. As of the date of this annual report, the Network Data Security Management Regulations was released for public comment only,
and no interpretation or implementation rules for this proposed regulation have been issued by the CAC or any other PRC regulatory authorities.
It remains uncertain when the Network Data Security Management Regulations will be adopted and become effective and whether it will be
adopted as was initially proposed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 28, 2021, the CAC and 12 other PRC regulatory authorities jointly issued the revised Cybersecurity Review Measures, which became
effective from February 15, 2022. The revised Cybersecurity Review Measures require that, (i) any procurement of network products and
services by critical information infrastructure operators, which affects or may affect national security, (ii) any data processing activities
by network platform operators, which affects or may affect national security, or (iii) any network platform operators which has personal
information of more than one million users and is going to be listed abroad, shall be subject to cybersecurity review. Furthermore, the
relevant PRC governmental authorities may initiate cybersecurity review if they determine certain network products, services, or data
processing activities affect or may affect national security. If the Group was found to be in violation of applicable laws and regulations
of the PRC during such review, it could be subject to administrative penalties, such as warnings, fines, service suspension or removal
of the Group&#8217;s apps from the relevant app stores. Therefore, cybersecurity review could have a material and adverse impact on the
Group&#8217;s business, results of operations and financial condition. Since the measures were recently promulgated, there exist uncertainties
with respect to their interpretation and implementation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 17, 2021, the CAC, together with eight other government authorities, jointly issued the Guidelines on Strengthening the Comprehensive
Regulation of Algorithms for Internet Information Services. The guidelines provide that daily monitoring of data use, application scenarios,
and effects of algorithms must be carried out by the relevant regulators, and relevant regulators should conduct security assessments
of algorithms. The guidelines also provide that an algorithm filing system should be established, and classified security management
of algorithms should be promoted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 94; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 7, 2022, the CAC promulgated the Measures for the Security Assessment of Cross-Border Data Transfer, which took effect on September
1, 2022 and requires the data processor providing data overseas and falling under any of the following circumstances apply for the security
assessment of cross-border data transfer by the national cybersecurity authority through its local counterpart: (i) where the data processor
intends to provide important data overseas; (ii) where the critical information infrastructure operator and any data processor who has
processed personal information of more than 1,000,000 individuals intend to provide personal information overseas; (iii) where any data
processor who has provided personal information of 100,000 individuals or sensitive personal information of 10,000 individuals to overseas
recipients accumulatively since January 1 of the last year intends to provide personal information overseas; and (iv) other circumstances
where the security assessment of cross-border data transfer is required as prescribed by the CAC. Furthermore, the data processor shall
conduct a self-assessment on the risk of cross-border data transfer prior to applying for the foregoing security assessment, under which
the data processor shall focus on certain factors, including, among others, the legitimacy, fairness and necessity of the purpose, scope
and method of cross-border data transfer and the data processing of overseas recipients, the risks that the cross-border data transfer
may bring to national security, public interests and the legitimate rights and interests of individuals or organizations as well as whether
the cross-border data transfer related contracts or the other legally binding documents to be entered with overseas recipients have fully
included the data security protection responsibilities and obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 22, 2023, the CAC issued the Measures for the Standard Contract for Outbound Transfer of Personal Information, which will take
effect on June 1, 2023. It provides that the personal information handler transferring personal information abroad by entering into the
standard contract shall meet all of the following conditions: (i) it is not a critical information infrastructure operator; (ii) it processes
the personal information of less than one million individuals; (iii) it has cumulatively transferred abroad the personal information
of less than 100,000 individuals since January 1 of the previous year; and (iv) it has cumulatively transferred abroad the sensitive
personal information of less than 10,000 individuals since January 1 of the previous year and prior to the outbound transfer of personal
information, the personal information handler shall conduct a personal information protection impact assessment. Furthermore, the personal
information handler shall, within ten working days after the standard contract enters into effect, apply for filing with the cyberspace
administration at the provincial level.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 22, 2024, the CAC issued the Provisions on Promoting and Regulating the Cross-border Flow of Data, or the Cross-border Flow of
Data Provisions, which took effect on the same day and provides that unless the otherwise provided, the data processor shall apply for
security assessment for cross-border data transfer to the CAC through the local cyberspace administration at the provincial level if any
of the following conditions is met (i) the critical information infrastructure operator transfers personal information or important data
abroad, or (ii) the data processor other than a critical information infrastructure operator transfers important data abroad, or has,
since January 1 of the current year, transferred the personal information of more than 1 million users (excluding sensitive personal information)
or the sensitive personal information of more than 10,000 users abroad cumulatively. Furthermore, the Cross-border Flow of Data Provisions
also provides that unless the otherwise provided therein, the data processor other than a critical information infrastructure operator
who has, since January 1 of the current year, transferred the personal information of more than 100,000 users, less than 1 million users
(excluding sensitive personal information) or the sensitive personal information of more than 10,000 users abroad cumulatively shall conclude
a standard contract for outbound transfer of personal information with overseas recipients or go through the authentication for protection
of personal information in accordance with the law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2021, the CAC, the MIIT, the Ministry of Public Security, and the SAMR jointly promulgated the Administrative Provisions
on Internet Information Service Algorithm Recommendation, which took effect on March 1, 2022. The Administrative Provisions on Internet
Information Service Algorithm Recommendation, among others, implements classification and hierarchical management for algorithm recommendation
service providers based on various criteria, requires algorithm recommendation service providers to inform users of their provision of
algorithm recommendation services in a conspicuous manner, and publicize the basic principles, purpose intentions, and main operating
mechanisms of algorithm recommendation services in an appropriate manner, and requires such service providers to provide users with options
that are not specific to their personal profiles, or convenient options to cancel algorithmic recommendation services. In addition, the
Administrative Provisions on Internet Information Service Algorithm Recommendation states that an algorithm recommendation service provider
with public opinion attribute or social mobilization ability shall, within ten working days from the date of provision of services, fill
in such information as the service provider&#8217;s name, service form, application field, algorithm type, algorithm self-assessment
report and content to be disclosed via the internet information service algorithm record-filing system to go through record-filing formalities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 12, 2022, the CAC issued Decision on Amending the Cybersecurity Law of the People&#8217;s Republic of China (Draft), which
mainly increases penalties for violations of network operation security, user personal information protection, critical information infrastructure
security protection and network information security, and to make transferable provisions on specific liability provisions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 25, 2022, the CAC issued Administrative Provisions on Deep Synthesis of Internet-based Information Services, which took effect
on January 10, 2023 and provides that the deep synthesis service providers shall implement principal responsibility for information security,
establish sound management systems for user registration, algorithmic mechanism review, scientific and technological ethics review, information
release review, data security, personal information protection, anti-telecommunication and Internet fraud, emergency response and other
management systems, and have safe and controllable technical support measures in place. In addition, the deep synthesis service providers
shall authenticate the real identity information of deep synthesis service users and shall not provide information publishing services
for deep synthesis service users who have not gone through the authentication of their real identity information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 95; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 8, 2022, the CAC promulgated the Administrative Measures on Data Security in the Field of Industry and Information Technology
(for Trial Implementation), or the Administrative Measures, which became effective on January 1, 2023. According to the Administrative
Measures, the data in the field of industry and information technology are divided into three levels, namely general data, important
data and core data, based on the degree of hazard caused to national security, public interests or the legitimate rights and interests
of individuals and organizations due to the tampering, destruction, leakage or illegal acquisition or illegal use of data. The data for
the degree of hazard meeting any of the following conditions is important data: (i) posing threats to politics, land, military, economy,
culture, society, science and technology, electromagnetism, network, ecology, resources, nuclear security, etc., and affecting overseas
interests, biology, outer space, polar region, deep sea, artificial intelligence and other key fields related to national security; (ii)
having a serious impact on the development, production, operation and economic interests of the field of industry and information technology;
(iii) causing major data security incidents or work safety accidents, with a serious impact on public interests or the legitimate rights
and interests of individuals and organizations, with great adverse social impact; (iv) triggering obvious cascading effects, with the
scope of impact involving multiple industries, regions or multiple enterprises within an industry, or the impact lasting for a long time,
and having a serious impact on the industrial development, technological progress, industrial ecology, etc.; and (v) other important
data evaluated and determined by the MIIT. The data for the degree of hazard meeting any of the following conditions is core data: (i)
posing serious threats to politics, land, military, economy, culture, society, science and technology, electromagnetism, network, ecology,
resources, nuclear security, etc., and seriously affecting overseas interests, biology, outer space, polar region, deep sea, artificial
intelligence and other key fields related to national security; (ii) having a significant impact on the field of industry and information
technology and the important backbone enterprises, critical information infrastructure, important resources, etc. thereof; (iii) causing
material damage to industrial production and operation, operation services of telecommunications network and Internet, development of
radio business, etc., resulting in large-scale shutdown and production suspension, large-scale radio business interruption, large-scale
network and service breakdown, loss of large amount of business handling capacity, etc.; and (iv) other core data evaluated and determined
by the MIIT. The data handlers in the field of industry and information technology, refer to industrial enterprises, software and information
technology service providers, telecommunications business operators obtaining a license for operation of telecommunications business,
entities using radio frequencies and stations and other subjects in the field of industry and information technology that independently
determine handling purposes and handling methods in the data handling activities, shall file their catalogues of important data and core
data with the local industrial regulatory authorities for the record.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has been making constant efforts to comply with the above PRC laws and regulations on cybersecurity and censorship. Any failure
or delay in the completion of the cybersecurity review procedures or any other non-compliance with the related laws and regulations may
result in fines or other penalties, including suspension of business, website closure, removal of the Group&#8217;s app from app stores,
and revocation of licenses, as well as reputational damage or legal proceedings or actions against the Group, which may have a material
adverse effect on the Group&#8217;s business, financial condition or results of operations. See &#8220;Item 3. Key Information &#8212;
D. Risk Factors &#8212; Risks Relating to Our Industry and Business &#8212; We may be subject to cybersecurity review by regulatory authorities
of the PRC in the future.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulation
on Privacy Protection</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 28, 2012, the SCNPC enacted the <i>Decision to Enhance the Protection of Network Information</i>, or the Information Protection
Decision, to enhance the protection of User Personal Information in electronic form. The Information Protection Decision provides that
Internet services providers must expressly inform their users of the purpose, manner and scope of the Internet services providers&#8217;
collection and use of User Personal Information, publish the Internet services providers&#8217; standards for their collection and use
of User Personal Information, and collect and use User Personal Information only with the consent of the users and only within the scope
of such consent. The Information Protection Decision also mandates that Internet services providers and their employees must keep strictly
confidential User Personal Information that they collect, and that Internet services providers must take such technical and other measures
as are necessary to safeguard the information against disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Several Provisions on Regulating the Market Order of Internet Information Services, issued by the MIIT on December 29, 2011 and became
effective on March 15, 2012, an Internet information service provider may not collect any user personal information or provide any such
information to third parties without the consent of a user, unless otherwise provided by laws or regulations. And the Internet information
service provider must expressly inform the users of the method, content and purpose of the collection and processing of such user&#8217;s
personal information and may only collect and use such information as necessary for the provision of its services. An Internet information
service provider is also required to properly maintain the user&#8217;s personal information, and in case of any leak or possible leak
of the user&#8217;s personal information, the Internet information service provider must take immediate remedial measures and, in severe
circumstances, make an immediate report to the relevant telecommunications regulatory authority.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 96; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 16, 2013, the MIIT issued the <i>Order for the Protection of Telecommunication and Internet User Personal Information</i>, or the
Order. Most of the requirements under the Order that are relevant to Internet services providers are consistent with the requirements
already established under the provisions discussed above, except that under the Order the requirements are often more strict and have
a wider scope. If an Internet services provider wishes to collect or use personal information, it may do so only if such collection is
necessary for the services it provides. Further, it must disclose to its users the purpose, method and scope of any such collection or
use, and must obtain consent from the users whose information is being collected or used. Internet services providers are also required
to establish and publish their protocols relating to personal information collection or use, keep any collected information strictly
confidential, and take technological and other measures to maintain the security of such information. Internet services providers are
also required to cease any collection or use of the user personal information, and de-register the relevant user account, when a given
user stops using the relevant Internet service. Internet services providers are further prohibited from divulging, distorting or destroying
any such personal information, or selling or providing such information unlawfully to other parties. The Order states, in broad terms,
that violators may face warnings, fines, and disclosure to the public and, in the most severe cases, criminal liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
draft Measures on Security Assessment of Cross-Border Transfer of Personal Information and Important Data released in April 2017, which
requires the personal information should be stored within the PRC. If it is necessary to transmit data abroad due to business needs,
security assessment shall be conducted. Furthermore, for the transmission of personal information abroad, an explanation on the purpose,
scope, content and receiver of the data to be transmitted abroad, and the country or region where the receiver is located shall be given
to the owner of the personal information, and the transmission shall be consented by such owners.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
draft Measures on Security Assessment of Cross-Border Transfer of Personal Information was released in June 2019. According to the measures,
prior to the intended cross-border data transmission, an official security assessment carried out by the PRC government authorities should
had been completed and a number of other specified criteria should had been met.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 23, 2019, the Office of the Central Cyberspace Affairs Commission, the MIIT, the MPS, and the SAMR jointly issued the Notice
on Special Governance of Illegal Collection and Use of Personal Information via Apps, which restates the requirement of legal collection
and use of personal information, encourages app operators to conduct security certifications, and encourages search engines and app stores
to clearly mark and recommend those certified apps.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 22, 2019, the CAC issued the Regulation on Cyber Protection of Children&#8217;s Personal Information effective on October 1, 2019.
Network operators are required to establish special policies and user agreements to protect children&#8217;s personal information, and
to appoint special personnel in charge of protecting children&#8217;s personal information. Network operators who collect, use, transfer
or disclose personal information of children are required to, in a prominent and clear way, notify and obtain consent from children&#8217;s
guardians.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 28, 2019, the CAC, MIIT, the MPS and the SAMR jointly issued the Measures to Identify Illegal Collection and Usage of Personal
Information by Apps, which lists six types of illegal collection and usage of personal information, including, but not limited to &#8220;not
publishing rules on the collection and usage of personal information,&#8221; &#8220;not providing privacy rules,&#8221; and &#8220;collecting
and using users&#8217; personal information without consent.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 28, 2020, the NPC adopted the Civil Code of the PRC, effective on January 1, 2021. According to the Civil Code, individuals have
the right of privacy. No organization or individual shall process any individual&#8217;s private information or infringe an individual&#8217;s
right of privacy, unless otherwise prescribed by law or with the consent of such individual or such individual&#8217;s guardian. In addition,
personal information is protected by the PRC laws. Any processing of personal information shall be subject to the principles of legitimacy,
legality and necessity. An information processor must not divulge or falsify the personal information collected and stored by it, or
provide the personal information of an individual to others without the consent of such individual.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 5, 2015, the SAIC promulgated the <i>Measures on Punishment for Infringement of Consumer Rights</i> and amended on October 23,
2020, pursuant to which business operators collecting and using personal information of consumers must comply with the principles of
legitimacy, propriety and necessity, specify the purpose, method and scope of collection and use of the information, and obtain the consent
of the consumers whose personal information is to be collected. Business operators may not: (i) collect or use personal information of
consumers without their consent; (ii) unlawfully divulge, sell or provide personal information of consumers to others; (iii) send commercial
information to consumers without their consent or request, or when a consumer has explicitly declined to receive such information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 97; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MIIT issued the Notice on the Further Special Rectification of App Infringing upon Users&#8217; Personal Rights and Interests on July
22, 2020, which requires that certain conducts of app service providers should be inspected, including, among others, (i) collecting
or using personal information without the user&#8217;s consent, collecting or using personal information beyond the necessary scope of
providing services, and forcing users to receive advertisements; (ii) requesting user&#8217;s permission in a compulsory and frequent
manner, or frequently launching third-parties apps; and (iii) deceiving and misleading users into downloading apps or providing personal
information. It also sets forth that the period for the regulatory specific inspection on apps and that the MIIT will order the noncompliant
entities to modify their business within five business days, or otherwise the MIIT will make public announcement, remove the apps from
the app stores or impose other administrative penalties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 12, 2021, the CAC, the MIIT, the MPS and the SAMR jointly issued the Rules on the Scope of Necessary Personal Information for Common
Types of Mobile Internet Applications, or the Necessary Personal Information Rules, which came into effect on May 1, 2021. According
to the Necessary Personal Information Rules, mobile app operators shall not deny users&#8217; access to its basic functions and services
on the basis that such user disagrees with the provision of their personal information that is not necessary. The Necessary Personal
Information Rules further provides relevant scopes of necessary personal information for different types of mobile apps.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 1, 2021, the Law of the PRC on the Protection of Minors (Revised in 2020), promulgated by the SCNPC, has come into effect, which
specifies stringent requirements for the protection of minors&#8217; information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 20, 2021, the SCPNC adopted the <i>Personal Information Protection Law</i>, or the Personal Information Protection Law, which
became effective on November 1, 2021. The law aims at protecting the personal information rights and interests, regulating the processing
of personal information, and promoting the reasonable use of personal information. The law requires personal information processors to
be responsible for its processing of personal information and take necessary measures to ensure the security of the personal information
processed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 26, 2021, the CAC published the Provisions on the Administrative of Account Names Information of Internet Users (Draft for Comments)
for public comments. Pursuant to these provisions, internet user account service platforms shall, among others, establish, improve and
strictly implement account name information management system, information content security system, and personal information protection
system, and establish an account name information dynamic check patrol system for the verification of real identity information, improve
their technical measures for purposes of account information legal compliance, and support account name authenticity checks. On June
27, 2022, the CAC promulgated the Administrative Provisions on the Account Information of Internet Users, which became effective on August
1, 2022. The internet information service provider shall, among others, (i) authenticate the identity information of the users who apply
for registration of relevant account and verify the account information submitted by users upon registration; and (ii) equip themselves
with professional and technical capabilities appropriate to the scale of services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On October 16, 2023, the State Council issued the Regulation on the Protection of Minors in Cyberspace which took effect on January 1,
2024. The Regulation provides that the personal information handlers shall strictly abide by the provisions of the Cyberspace Administration
of China and relevant authorities on the scope of necessary personal information for cyber products and services, and shall not compel
minors or their guardians to consent to non-necessary personal information processing, nor shall they refuse minors to use their basic
functional services because the minors or their guardians do not agree to handle non-necessary personal information of minors or withdraw
their consent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
Related to Intellectual Property Rights</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trademarks</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 23, 1982, the SCNPC promulgated the Trademark Law of the PRC, or the Trademark Law, which was amended in 1993, 2001, 2013 and
2019. The Implementation Regulation for the Trademark Law promulgated by the State Council came into effect on September 15, 2002 and
was further amended on April 29, 2014.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trademark Law and the implementing regulation, the Trademark Office of the State Administration for Market Regulation, or the Trademark
Office, is responsible for the registration and administration of trademarks. The Trademark Office handles trademark registrations. China
has adopted a &#8220;first-to-file&#8221; principle for trademark registration. If two or more applicants apply for registration of identical
or similar trademarks for the same or similar commodities, the application that was filed first will receive preliminary approval and
will be publicly announced. Registered trademarks are valid for ten years from the date the registration is approved. A registrant may
apply to renew a registration within twelve months before the expiration date of the registration. If the registrant fails to apply in
a timely manner, a grace period of six additional months may be granted. If the registrant fails to apply before the grace period expires,
the registered trademark shall be deregistered. Renewed registrations are valid for ten years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 98; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the above, the SAIC has established a Trademark Review and Adjudication Board for resolving trademark disputes. According
to the Trademark Law, within three months since the date of the announcement of a preliminarily validated trademark, if a titleholder
is of the view that such trademark in application is identical or similar to its registered trademark for the same type of commodities
or similar commodities which violates relevant provisions of the Trademark Law, such titleholder may raise an objection to the Trademark
Office within the aforesaid period. In such event, the Trademark Office shall consider the facts and grounds submitted by both the dissenting
party and the party being challenged and shall decide on whether the registration is allowed within 12 months upon the expiration of
the announcement after investigation and verification, and notify the dissenting party and the person challenged in writing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Group had registered 873 trademarks in the PRC, including the trademark for &#8220;Qutoutiao,&#8221; and filed
1,358 trademark applications in the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patents</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
National People&#8217;s Congress adopted the <i>Patent Law of the People&#8217;s Republic of China</i> in 1984 and amended it in 1992,
2000, 2008 and 2020, respectively. Under the newly issued version of the Patent Law, which became effective on June 1, 2021, a patentable
invention or utility model must meet three conditions: novelty, inventiveness and practical applicability. A patentable design shall
not be an existing design, nor shall any entity or individual has filed an application for the same design with the competent authorities
prior to the filing date and recorded in the patent documents published after the filing date. Patents cannot be granted for scientific
discoveries, rules and methods for intellectual activities, methods used to diagnose or treat diseases, animal and plant breeds, means
of nuclear transformation or substances obtained by means of nuclear transformation, etc. The Patent Office under the State Intellectual
Property Office is responsible for receiving, examining and approving patent applications. A patent is valid for a twenty-year term for
an invention, a ten-year term for a utility model and a fifteen-year term for a design, starting from the application date. Except under
certain specific circumstances provided by law, any third-party user must obtain consent or a proper license from the patent owner to
use the patent, or else the use will constitute an infringement of the rights of the patent holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Group had owned 20 patents and filed 74 patent applications in the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copyrights</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 7, 1990, The National People&#8217;s Congress promulgated the Copyright Law, which took effect on June 1, 1991 and was amended
in 2001, 2010 and 2020 (the 2020 amendment became effective on June 1, 2021). The Copyright Law extends copyright protection to Internet
activities, products disseminated over the Internet and software products. In addition, there is a voluntary registration system administered
by the China Copyright Protection Center.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to further implement the Computer Software Protection Regulations, promulgated by the State Council on December 20, 2001 and amended
on January 30, 2013, which provides that a software copyright owner may register with the software registration institution recognized
by the copyright administration department of the State Council.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Group had been granted 581 software copyrights and 48 artwork copyrights in the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 99; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domain
Names</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MIIT promulgated the <i>Measures on Administration of Internet Domain Names</i>, or the Domain Name Measures, on August 24, 2017, which
took effect on November 1, 2017 and replaced <i>the Administrative Measures on China Internet Domain Name</i> promulgated by MIIT on
November 5, 2004. According to the Domain Name Measures, the MIIT is in charge of the administration of PRC Internet domain names. The
domain name registration follows a first-to-file principle. Applicants for registration of domain names shall provide the true, accurate
and complete information of their identifications to domain name registration service institutions. The applicants will become the holder
of such domain names upon the completion of the registration procedure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Group was the registered holder of 141 domain names in the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
on Foreign Exchange</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the <i>Foreign Currency Administration Rules of the PRC</i> promulgated on January 29, 1996 and amended on August 5, 2008 and various
regulations issued by the State Administration of Foreign Exchange, or the SAFE, and other relevant PRC government authorities, Renminbi
is convertible into other currencies for current account items, such as trade-related receipts and payments and payment of interest and
dividends. The conversion of Renminbi into other currencies and remittance of the converted foreign currency outside the PRC for of capital
account items, such as direct equity investments, loans and repatriation of investment, requires the prior approval from the SAFE or
its local office. Payments for transactions that take place within the PRC must be made in Renminbi. Unless otherwise approved, PRC companies
may not repatriate foreign currency payments received from abroad or retain the same abroad. FIEs may retain foreign exchange in accounts
with designated foreign exchange banks under the current account items subject to a cap set by the SAFE or its local office. Foreign
exchange proceeds under the current accounts may be either retained or sold to a financial institution engaged in settlement and sale
of foreign exchange pursuant to relevant SAFE rules and regulations. For foreign exchange proceeds under the capital accounts, approval
from the SAFE is generally required for the retention or sale of such proceeds to a financial institution engaged in settlement and sale
of foreign exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the <i>Circular of the SAFE on Further Improving and Adjusting Foreign Exchange Administration Policies for Direct Investment</i>,
or the SAFE Circular 59 promulgated by SAFE on November 19, 2012, which became effective on December 17, 2012 and was further amended
on May 4, 2015, October 10, 2018 and December 30, 2019, approval is not required for opening a foreign exchange account and depositing
foreign exchange into the accounts relating to the direct investments. SAFE Circular 59 also simplified foreign exchange-related registration
required for the foreign investors to acquire the equity interests of PRC companies and further improve the administration on foreign
exchange settlement for FIEs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 13, 2015, the SAFE promulgated <i>the Circular on Simplifying and Improving the Foreign Currency Management Policy on Direct
Investment</i>, or the SAFE Circular 13, effective from June 1, 2015, which was amended on December 30, 2019. The SAFE Circular 13 cancels
the administrative approvals of foreign exchange registration of direct domestic investment and direct overseas investment and simplifies
the procedure of foreign exchange-related registration. Pursuant to SAFE Circular 13, investors should register with banks for direct
domestic investment and direct overseas investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SAFE promulgated the Notice of the State Administration of Foreign Exchange on Reforming the Administration of Foreign Exchange
Settlement of Capital of Foreign-invested Enterprises, or Circular 19, effective on June 1, 2015 which was amended on December 30,
2019 and on March 23, 2023. According to Circular 19, the flow and use of the Renminbi capital converted from foreign currency denominated registered
capital of a foreign-invested company is regulated such that Renminbi capital may not be used for the issuance of Renminbi entrusted
loans except for which permitted under business operation scope, the repayment of inter-enterprise loans or the repayment of banks
loans that have been transferred to a third party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAFE
promulgated the Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange
Settlement Management Policy of Capital Account, or Circular 16, effective on June 9, 2016 and amended on December 4, 2023, which reiterates some of the rules set
forth in Circular 19, but changes the prohibition against using Renminbi capital converted from foreign currency-denominated
registered capital of a foreign-invested company to issue Renminbi entrusted loans to a prohibition against using such capital to
issue loans to non-associated enterprises.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 100; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 23, 2019, SAFE promulgated the Circular of the State Administration of Foreign Exchange on Further Promoting the
Facilitation of Cross-Border Trade and Investment, or SAFE Circular 28, which became effective on the same day and was amended on December 4, 2023. SAFE Circular 28
allows non-investment foreign-invested enterprises to use their capital funds to make equity investments in China as long as such
investments do not violate the currently effective Negative List and the target investment projects are genuine and in compliance
with laws. In addition, SAFE Circular 28 stipulates that qualified enterprises in certain pilot areas may use their capital income
from registered capital, foreign debt, and overseas listing for the purpose of domestic payments without providing authenticity
certifications to the relevant banks in advance for those domestic payments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
on Dividend Distribution</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal laws and regulations regulating the dividend distribution of dividends by FIEs in the PRC include the <i>Company Law of the
PRC</i>, as amended in 2018 and Foreign Investment Law promulgated by SCNPC on March 15, 2019 and came into effect on January 1, 2020
and its implementation regulations that took effect on the same day.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the current regulatory regime in the PRC, FIEs in the PRC may pay dividends only out of their retained earnings, if any, determined in
accordance with PRC accounting standards and regulations. A PRC company is required to set aside as statutory reserve funds at least
10% of its after-tax profit, until the cumulative amount of such reserve funds reaches 50% of its registered capital unless laws regarding
foreign investment provide otherwise. A PRC company shall not distribute any profits until any losses from prior fiscal years have been
offset. Profits retained from prior fiscal years may be distributed together with distributable profits from the current fiscal year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our wholly foreign-owned subsidiaries, Shanghai Quyun and Shanghai Zhicao, had incurred losses and would not be
able to pay dividends to our offshore entities until they generate accumulated profits and meet the requirements for statutory reserve
funds.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
on Taxation</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Enterprise
Income Tax </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 16, 2007, the SCNPC promulgated the <i>Law of the PRC on Enterprise Income Tax</i> which was amended on December 29, 2018, and
on December 6, 2007, the State Council enacted the <i>Regulations for the Implementation of the Law on Enterprise Income Tax</i> (collectively,
the &#8220;EIT Law&#8221;), which was amended on April 23, 2019. Under the EIT Law, both resident enterprises and non-resident enterprises
are subject to tax in the PRC. Resident enterprises are defined as enterprises that are established in China in accordance with PRC laws,
or that are established in accordance with the laws of foreign countries but are actually or in effect controlled from within the PRC.
Non-resident enterprises are defined as enterprises that are organized under the laws of foreign countries and whose actual management
is conducted outside the PRC, but have established institutions or premises in the PRC, or have no such established institutions or premises
but have income generated from and inside the PRC. Under the EIT Law and relevant implementing regulations, a uniform corporate income
tax rate of 25% is applied. However, if non-resident enterprises have not formed permanent establishments or premises in the PRC, or
if they have formed permanent establishment or premises in the PRC but there is no actual relationship between the relevant income derived
in the PRC and the established institutions or premises set up by them, enterprise income tax is set at the rate of 10% with respect
to their income sourced from inside the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value-added
Tax</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
<i>Provisional Regulations of the PRC on Value-added Tax</i>, or the VAT Regulations, were promulgated by the State Council on December
13, 1993 and were last amended on November 19, 2017. The <i>Detailed Rules for the Implementation of the Provisional Regulations of the
PRC on Value-added Tax</i> (Revised in 2011) were promulgated by the Ministry of Finance on December 25, 1993 and were last amended
on October 28, 2011 (collectively with the VAT Regulations, the &#8220;VAT Law&#8221;). According to the VAT Law, all enterprises and
individuals engaged in the sale of goods, the provision of processing, repair and replacement services, and the importation of goods
within the territory of the PRC must pay value-added tax. For taxpayers selling or importing goods other than those specifically listed
in the VAT Law, the value-added tax rate is 17%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 101; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 16, 2011, the MOF and the SAT promulgated the <i>Pilot Plan for Imposition of Value-Added Tax to Replace Business Tax</i>, to
lay out main content of the pilot scheme for the reform of levying value-added tax in place of business tax. Further on March 23, 2016,
the MOF and the SAT jointly promulgated the <i>Notice on Fully Promoting the Pilot Plan for Replacing Business Tax by Value-Added Tax</i>,
which became effective on May 1, 2016 and was amended on July 11, 2017 and on March 20, 2019. Pursuant to the above mentioned notices,
VAT is generally imposed in lieu of business tax in the modern service industries, including the VATS, on a nationwide basis. VAT of
a rate of 6% applies to revenue derived from the provision of some modern services. Unlike business tax, a taxpayer is allowed to offset
the qualified input VAT paid on taxable purchases against the output VAT chargeable on the modern services provided.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 19, 2017, the State Council promulgated the Decision of State Council on Abolition of the Provisional Regulations of the PRC
on Business Tax and Revision of the Provisional Regulations of the PRC on Value-added Tax, which took effective on the same date, to
formally abolish the Provisional Regulations of the People&#8217;s Republic of China on Business Tax and amend the VAT Regulations accordingly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 20, 2020, Shanghai Chenxing performed record-filing for VAT tax invoice of software products and licenses of software products
and was subject to the VAT rate of 13%. As of the date of this annual report, Shanghai Chenxing is the only company in the Group that
is subject to the VAT rate of 13%. Besides that, as of December 31, 2023, our PRC subsidiaries, the Group VIEs and their subsidiaries
were generally subject to the VAT rate of 6%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Withholding
Tax</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
EIT Law provides that since January 1, 2008, an income tax rate of 10% will normally be applicable to dividends declared to non-PRC resident
investors which do not have an establishment or place of business in the PRC, or which have such establishment or place of business but
the relevant income is not effectively connected with the establishment or place of business, to the extent such dividends are derived
from sources within the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to an Arrangement Between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation
and the Prevention of Fiscal Evasion with respect to Taxes on Income, or the Double Tax Avoidance Arrangement, and other applicable PRC
laws, if a Hong Kong resident enterprise is determined by the competent PRC tax authority to have satisfied the relevant conditions and
requirements under such Double Tax Avoidance Arrangement and other applicable laws, the 10% withholding tax on the dividends the Hong
Kong resident enterprise receives from a PRC resident enterprise may be reduced to 5%. However, based on the Circular on Certain Issues
with Respect to the Enforcement of Dividend Provisions in Tax Treaties, or the SAT Circular 81, issued on February 20, 2009 by the SAT,
if the relevant PRC tax authorities determine, at their discretion, that a company benefits from such reduced income tax rate due to
a structure or arrangement that is primarily tax-driven, such PRC tax authorities may adjust the preferential tax treatment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
on Employment</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Labor
Law and Labor Contract Law</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Labor Law, which was promulgated on July 5, 1994 and amended on December 29, 2018, and the <i>Labor Contract Law of the PRC</i>, or the
Labor Contract Law, which took effect on January 1, 2008 and was amended on December 28, 2012, are primarily regulating rights and obligations
of employer and employee relationships, including the establishment, performance and termination of labor contracts. Pursuant to the
Labor Contract Law, labor contracts shall be concluded in writing if labor relationships are to be or have been established between employers
and employees. Employers are prohibited from forcing employees to work above certain time limit and employers shall pay employees for
overtime work in accordance to national regulations. In addition, employee wages shall be no lower than local standards on minimum wages
and shall be paid to employees timely. Violations of the Labor Contract Law and the Labor Law may result in the imposition of fines and
other administrative and criminal liability in the case of serious violations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 102; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
on Social Insurance and Housing Fund</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the <i>Social Insurance Law of the PRC</i> that was promulgated by the SCNPC on October 28, 2010, came into force as of July 1, 2011
and was amended on December 29, 2018 and the Interim Regulations on the Collection and Payment of Social Insurance Premiums that was
promulgated by the State Council on and came into force as of January 22, 1999 and was amended on March 24, 2019, employers are
required to pay basic endowment insurance, unemployment insurance, basic medical insurance, employment injury insurance, maternity
insurance and other social insurance for its employees at specified percentages of the salaries of the employees, up to a maximum
amount specified by the local government regulations from time to time. Where an employer fails to fully pay social insurance
premiums, relevant social insurance collection agency shall order it to make up for any shortfall within a prescribed time limit,
and may impose a late payment fee at the rate of 0.05% per day of the outstanding amount from the due date. If such employer still
fails to make up for the shortfalls within the prescribed time limit, the relevant administrative authorities shall impose a fine of
1 to 3 times the outstanding amount upon such employer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the <i>Regulations on the Management of Housing Fund,</i> which was promulgated by the State Council in 1999 and amended
in 2002 and 2019, employers must register at the designated administrative centers and open bank accounts for depositing employees&#8217;
housing funds. Employer and employee are also required to pay and deposit housing funds, with an amount no less than 5% of the monthly
average salary of the employee in the preceding year in full and on time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
on Employee Share Incentive Plans</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the <i>Notice of Issues Related to the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan
of Overseas Listed Company</i>, or SAFE Circular 7, which was issued by the SAFE on February 15, 2012, employees, directors, supervisors,
and other senior management participating in any share incentive plan of an overseas publicly-listed company who are PRC citizens or
who are non-PRC citizens residing in China for a continuous period of not less than one year, subject to a few exceptions, are required
to register with SAFE through a domestic agency as regulated in SAFE Circular 7.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the SAT has issued certain circulars concerning employee stock options and restricted shares, including the <i>Circular on
Issues Concerning the Individual Income Tax on Share-option Incentives</i>, or the Circular 461, which was promulgated and took
effective on August 24, 2009 and was amended on April 18, 2011. Under Circular 461 and other relevant laws and regulations, employees working in the PRC who exercise
stock options or are granted restricted shares will be subject to PRC individual income tax. The PRC subsidiaries of an overseas
listed company are required to file documents related to employee stock options and restricted shares with relevant tax authorities
and to withhold individual income taxes of employees who exercise their stock options or purchase restricted shares. If the
employees fail to pay or the PRC subsidiaries fail to withhold income tax in accordance with relevant laws and regulations, the PRC
subsidiaries may face sanctions imposed by the tax authorities or other PRC governmental authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
Related to Mergers and Acquisitions and Overseas Listings</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M&amp;A
Rules</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 8, 2006, six PRC governmental and regulatory agencies, including MOFCOM and the China Securities Regulatory Commission, or the
CSRC, promulgated the <i>Rules on Acquisition of Domestic Enterprises by Foreign Investors</i>, or the M&amp;A Rules, governing the mergers
and acquisitions of domestic enterprises by foreign investors that became effective on September 8, 2006 and was revised on June 22,
2009 and was amended on April 18, 2011. The M&amp;A Rules, among other things, require that offshore special purpose vehicles that are
controlled by PRC companies or individuals and that have been formed for overseas listing purposes through acquisitions of PRC domestic
interest held by such PRC companies or individuals using shares of such special purpose vehicles or shares held by its shareholders as
considerations to obtain the approval of the CSRC prior to publicly listing and trading of such special purpose vehicle&#8217;s securities
on an overseas stock exchange.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 103; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SAFE
Circular 37</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Circular of the State Administration of Foreign Exchange on Issues Concerning the Foreign Exchange Administration over the <i>Overseas
Investment and Financing and Round-trip Investment by Domestic Residents via Special Purpose Vehicles</i>, or the SAFE Circular 37, issued
by the SAFE and effective on July 4, 2014, PRC residents are required to register with the local SAFE branch prior to the establishment
or control of an offshore special purpose vehicle, or the SPV, which is defined as offshore enterprises directly established or indirectly
controlled by PRC residents for offshore equity financing with the enterprise assets or interests they hold in China. An amendment to
registration or subsequent filing with the local SAFE branch by such PRC residents is also required if there is any change in basic information
of the offshore company or any material change with respect to the capital of the offshore company. At the same time, the SAFE has issued
the Operation Guidance for the Issues Concerning Foreign Exchange Administration over Round-trip Investment regarding the procedures
for SAFE registration under the SAFE Circular 37, which became effective on July 4, 2014 as an attachment of Circular 37.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the relevant rules, failure to comply with the registration procedures set forth in the SAFE Circular 37 may result in bans on the foreign
exchange activities of the relevant onshore company, including the payment of dividends and other distributions to its offshore parent
or affiliates, and may also subject relevant PRC residents to penalties under PRC foreign exchange administration regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Eric Siliang Tan and Mr. Lei Li have completed their initial SAFE registration pursuant to SAFE Circular 37 in 2017, with Innotech Group
Holdings Ltd. and News Optimizer (BVI) Ltd. being separately registered as the respective &#8220;special purpose vehicle.&#8221; After
transferring all shares in Innotech Group Holdings Ltd. to the trust of which himself is also a beneficiary, Mr. Eric Siliang Tan, as
well as all the other beneficiaries of the trust who are PRC residents are required to complete relevant registrations pursuant to SAFE
Circular 37. We have notified substantial beneficial owners of our ordinary shares and the beneficiaries of the trust who we know are
PRC residents of their filing obligation, including the obligation to make updates under SAFE Circular 37, and the beneficial owners
have undertaken to complete relevant registrations as soon as such registration is practical with local SAFE. Nevertheless, we may not
be aware of the identities of all of our beneficial owners who are PRC residents, and we do not have control over our beneficial owners
and there can be no assurance that all of our PRC-resident beneficial owners will comply with SAFE Circular 37 and subsequent implementation
rules, and there is no assurance that the registration under SAFE Circular 37 and any amendment will be completed in a timely manner,
or will be completed at all. See &#8220;Item. 3 Key Information &#8212; D. Risk Factors &#8212; Risks Relating to Our Industry and Business
&#8212; PRC regulations relating to investments in offshore companies by PRC residents may subject our PRC-resident beneficial owners
or our PRC subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiaries or limit our PRC subsidiaries&#8217;
ability to increase their registered capital or distribute profits.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
on Overseas Listing</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 6, 2021, Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law was jointly issued by the General
Office of the Communist Party of China Central Committee and the General Office of the State Council, which steps-up scrutiny of overseas
listings by companies and calls for strengthening cooperation in cross-border regulation, improving relevant laws and regulations on
cyber security, cross-border data transmission and confidential information management, including the confidentiality requirement and
file management related to the issuance and listing of securities overseas, enforcing the primary responsibility of the enterprises for
information security of China-based overseas listed companies and promoting the construction of relevant regulatory systems to deal with
the risks and incidents faced by China-based overseas-listed companies. As these opinions are recently issued, official guidance and
related implementation rules have not been issued yet and the interpretation of these opinions remains unclear at this stage. We cannot
assure you that any new rules or regulations promulgated in the future will not impose additional requirements on us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 24, 2021, the CSRC published the draft Regulations of the State Council on the Administration of Overseas Issuance and Listing
of Securities by Domestic Companies (Draft for Comments) (the &#8220;Administrative Provisions&#8221;) and the draft Measures for the
Record-Filing of Overseas Issuance and Listing of Securities by Domestic Companies (Draft for Comments) (the &#8220;Filing Measures&#8221;),
or collectively, the Draft Overseas Listing Regulations for public comments, which set out the new regulatory requirements and filing
procedures for domestic companies seeking direct or indirect listing in overseas markets. On February 17, 2023, the CSRC, as approved
by the State Council, released Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the
Overseas Listing Trial Measures and relevant guidelines, which came into effect on March 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 104; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Overseas Listing Trial Measures stipulate that domestic companies that seek to offer and list securities in overseas markets shall strictly
comply with laws, regulations and relevant provisions concerning national security in spheres of foreign investment, cybersecurity, and
data security, and earnestly fulfill their obligations to protect national security. Domestic companies seeking to list abroad must carry
out relevant security review procedures if their businesses involve such supervision. It further requires that subsequent securities
offerings and listings of an issuer in other overseas markets than where it has offered and listed shall be filed with the CSRC within
three working days after the relevant application is submitted overseas. And upon the occurrence of any of the material events specified
below after an issuer has offered and listed securities in an overseas market, the issuer shall submit a report thereof to CSRC within
three working days after the occurrence and public disclosure of the event: (i) change of control; (ii) investigations or sanctions imposed
by overseas securities regulatory agencies or other relevant competent authorities; (iii) change of listing status or transfer of listing
segment; (iv) voluntary or mandatory delisting. Given that the Overseas Listing Trial Measures were recently promulgated, there remain
substantial uncertainties as to their interpretation, application, and enforcement and how they will affect our operations and our future
financing. Moreover, an overseas offering and listing is prohibited under circumstances if (i) it is prohibited by PRC laws, (ii) it
may constitute a threat to or endanger national security as reviewed and determined by competent PRC authorities, (iii) in the past three
years, the Chinese operating entities, and their controlling shareholders or actual controllers have committed crimes such as corruption,
bribery, embezzlement, misappropriation of property or undermining the order of the socialist market economy, (iv) the domestic company
intending to make the securities offering and listing is suspected of committing crimes or major violations of laws and regulations,
and is under investigation according to law, and no conclusion has yet been made thereof, or (v) there are material ownership disputes
over equity held by the domestic company&#8217;s controlling shareholder or by other shareholders that are controlled by the controlling
shareholder and/or actual controller.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Overseas Listing Trial Measures further stipulate that a fine between RMB1 million and RMB10 million may be imposed if an applicant fails
to fulfill the filing requirements with the CSRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the same day, the CSRC circulated the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises
and the relevant CSRC Answers to Reporter Questions on the official website of CSRC, which, among others, state that the companies that
have already been listed on overseas stock exchanges are not required to make immediate filings for its listing yet need to make filings
for subsequent offerings in accordance with the Overseas Listing Trial Measures and the relevant guidelines.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 24, 2023, the CSRC, the MOF, the National Administration of State Secrets Protection and the National Archives Administration
of China jointly issued the Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and
Listing of Securities by Domestic Enterprises, or the Confidentiality and Archives Provisions, which took effect on March 31, 2023, regulating
the secrets protection and archives administration behaviors relevant to the overseas listing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 105; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Organizational
                                            Structure</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates the Group&#8217;s corporate structure with our principal subsidiaries, the Key VIEs and their subsidiaries
as of the date of this annual report. Except as otherwise specified, equity interests depicted in this diagram are held as to 100%. The
relationships between Shanghai Quyun, Shanghai Zhicao, the Key VIEs and their respective shareholders as illustrated in this diagram
are governed by contractual arrangements and do not constitute equity ownership. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_001.jpg" alt="" style="height: 375px; width: 670px"/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Eric Siliang Tan, Mr. Lei Li, Tianjin Shanshi Technology L.P. and Shanghai Xinpai Management Consulting Co., Ltd., an affiliate of
    The Paper, hold 64.35%, 14.85%, 19.80% and 1% equity interest in Shanghai Jifen, respectively. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tianjin
    Shanshi Technology L.P. is controlled by Mr. Eric Siliang Tan.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
    Dianguan operates our in-house advertising platform.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Include
    Beijing Qukandian, Shanghai Xike, Shanghai Tuile Information Technology Service Co., Ltd., Tianjin Quwen Internet Technology Co.,
    Ltd., Shanghai Xixia and Anhui Zhangduan Network Technology Co., Ltd.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
    Jifen holds 39.9% equity interest in Shanghai Xiaoqiao Information Technology Co., Ltd.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
    Miaoliang Information Technology Co., Ltd. and Shanghai Zishu Information Technology Co., Ltd. held 60% and 40% equity interest in
    Big Rhinoceros Horn, respectively. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mrs.
Yunhong Li and Mrs. Mengdie Hua held 60% and 40% equity interest in Beijing Churun, respectively. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mainly
    include Beijing Supreme Pole. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Yang Hong and Mr. Yukun Wang hold 60% and 40% equity interest in Shanghai Ququanquan, respectively. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractual
Arrangements among Our Key WFOEs, the Key VIEs and Their Respective Shareholders</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
laws and regulations place certain restrictions on foreign investment in and ownership of internet-based businesses. Accordingly, we
conduct the Group&#8217;s operations mainly through Shanghai Jifen, Big Rhinoceros Horn, Beijing Churun, Shanghai Ququanquan, which we
collectively refer to as the Key VIEs, and their subsidiaries. We effectively control the Key VIEs through a series of contractual arrangements
with the Key VIEs, their respective shareholders and Shanghai Quyun or Shanghai Zhicao, as applicable, as described in more detail below,
which collectively enables us to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise
    effective control over the Key VIEs and their subsidiaries;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">receive
    substantially all the economic benefits of the Key VIEs; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
    an exclusive option to purchase all or part of the equity interests and assets of the Key VIEs when and to the extent permitted by
    PRC law.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 106; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of these contractual arrangements, we are the primary beneficiary of the Key VIEs and their subsidiaries. We have consolidated
their financial results in our consolidated financial statements in accordance with U.S. GAAP. In the opinion of King &amp; Wood Mallesons,
our PRC legal counsel:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ownership structures of Shanghai Quyun and Shanghai Zhicao, or our Key WFOEs, and the Key VIEs in China, do not violate any applicable
    PRC law, regulation, or rule currently in effect; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    contractual arrangements among our Key WFOEs, the Key VIEs and their respective shareholders governed by PRC laws are valid, binding
    and enforceable in accordance with their terms and applicable PRC laws, rules, and regulations currently in effect, and will not
    violate any applicable PRC law, regulation, or rule currently in effect.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
we have been further advised by our PRC legal counsel, King &amp; Wood Mallesons, that there are substantial uncertainties regarding
the interpretation and application of current and future PRC laws, rules and regulations. In particular, in January 2015, the MOFCOM
published a discussion draft of the proposed Foreign Investment Law, or the 2015 Draft, for public review and comments. The 2015 Draft
was replaced by the draft <i>Foreign Investment Law (2018)</i>, which was published by the SCNPC in December 2018 and further amended
in January 2019. The new Foreign Investment Law was approved by the National People&#8217;s Congress on March 15, 2019 and came into
effect on January 1, 2020. Among other things, the 2015 Draft expands the definition of foreign investment and introduces the principle
of &#8220;actual control&#8221; in determining whether a company is considered a foreign-invested enterprise, or an FIE. Under the 2015
Draft, VIEs would also be deemed as FIEs, if they are ultimately &#8220;controlled&#8221; by foreign investors, and be subject to restrictions
on foreign investments. However, the relevant terms with regard to the VIE structure in the 2015 Draft have been removed in their entirety
in the newly effective Foreign Investment Law and there are significant uncertainties as to how the control status of the Key VIEs would
be determined under the Foreign Investment Law, and furthermore, whether any of the businesses that we currently operate or plan to operate
in the future through any of the Key VIEs would be subject to any foreign investment restrictions or prohibitions under the &#8220;negative
list&#8221; then effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
the PRC regulatory authorities may in the future take a view that is contrary to the opinion of our PRC legal counsel. We have been further
advised by our PRC legal counsel that if the PRC government finds that the agreements that establish the structure for operating the
Group&#8217;s business do not comply with PRC government restrictions on foreign investment in the aforesaid business the Group engages
in, the Group could be subject to severe penalties including being prohibited from continuing operations. Our ADSs may significantly
decline in value or become worthless if we are unable to effectively assert contractual control over the assets and operations of the
Key VIEs. See &#8220;Item 3. Key Information &#8212; D. Risk Factors &#8212; Risks Relating to Our Corporate Structure.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
the agreements under our contractual arrangements are governed by PRC laws and provide for the resolution of disputes through arbitration
in China. For additional information, see &#8220;Item 3. Key Information &#8212; D. Risk Factors &#8212; Risks Relating to Our Corporate
Structure &#8212; Any failure by the Group VIEs or their respective shareholders to perform their obligations under our contractual arrangements
with them would have a material adverse effect on the Group&#8217;s business.&#8221; Such arbitration provisions have no effect on the
rights of our shareholders to pursue claims against us under United States federal securities laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of the currently effective contractual arrangements by and among our Key WFOEs, the Key VIEs and their subsidiaries,
and their respective shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 107; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreements
that Provide Us with Effective Control over the Key VIEs and Their Subsidiaries</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity
Interest Pledge Agreements</i>. Pursuant to the equity interest pledge agreements, each shareholder of the Key VIEs has pledged all of
such shareholder&#8217;s equity interest in such Key VIE as a security interest to respectively guarantee such Key VIE and its shareholders&#8217;
performance of their obligations under the relevant contractual arrangement, which include the voting rights proxy agreement, loan agreement,
exclusive technology and consulting service agreement and exclusive option agreement. If the Key VIEs or any of their respective shareholders
breaches their contractual obligations under these agreements, our Key WFOEs, as pledgee, will be entitled to certain rights regarding
the pledged equity interests. In the event of such breaches, our Key WFOEs&#8217; rights include being paid in priority with the equity
interest of the relevant Key VIE based on the monetary valuation that such equity interest is converted into or from the proceeds from
auction or sale of the equity interest. Each of the shareholders of the Key VIEs agrees that, during the term of the equity interest
pledge agreements, such shareholder shall not transfer the equity interest, place or permit the existence of any security interest or
other encumbrance on the equity interest or any portion thereof, without the prior written consent of the relevant Key VIE, except for
the performance of the relevant contractual agreement. Our Key WFOEs are entitled to receive dividends distributed on the equity interest
of the relevant Key VIEs, and the shareholders of such Key VIE may receive dividends distributed on the equity interest only with prior
written consent of the Key WFOEs, as applicable. The equity interest pledge agreements remain effective until all obligations under the
relevant contractual agreements have been fully performed and all secured indebtedness have been fully paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
Rights Proxy Agreements</i>. Pursuant to the voting rights proxy agreements, each shareholder of the Key VIEs has irrevocably authorized
the Key WFOEs, as applicable, to exercise the following rights relating to all equity interests held by such shareholder in the relevant
Key VIE during the term of the voting rights proxy agreement: to act on behalf of such shareholder as its exclusive agent and attorney
with respect to all matters concerning its shareholding in the relevant Key VIE, including without limitation: (1) proposing and attending
shareholders&#8217; meetings of the relevant Key VIE; (2) exercising all the shareholder&#8217;s voting rights such shareholder is entitled
to under the laws of China and the relevant Key VIE&#8217;s articles of association, including but not limited to designate and appoint
on behalf of such shareholder the directors and other senior management members of the relevant Key VIE. Under most of the voting rights
proxy agreements, during the period that each of our Key WFOEs and the Key VIEs remains in operation, the voting rights proxy agreements
shall be irrevocable and continuously effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Spousal
Consent Letters</i>. Pursuant to the spousal consent letters, each spouse unconditionally and irrevocably waives any rights or entitlements
whatsoever to such shares and assets that may be granted to him or her pursuant to applicable laws and undertakes not to make any assertion
of rights to such shares and assets. Each spouse agrees and undertakes that he or she will take all necessary actions to ensure the proper
performance of the contractual arrangements, and will be bound by the contractual arrangements in case he or she obtains any equity of
the Key VIEs due to any reason.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreements
that Allow Us to Receive Economic Benefits from the Key VIEs and Their Subsidiaries</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exclusive
Technology and Consulting Service Agreements</i>. Under the exclusive technology and consulting service agreements, the Key VIEs appoint
our Key WFOEs, as applicable, as their exclusive services provider to provide the Key VIEs with comprehensive technical support, business
support and relevant consulting services during the term of the exclusive technology and consulting service agreements. In return, our
Key WFOEs are entitled to receive a monthly service fee from the relevant Key VIEs at an amount to be determined at the sole discretion
of our Key WFOEs. Our Key WFOEs shall have exclusive and proprietary ownership, rights and interests in any and all intellectual properties
arising out of or created during the performance of the exclusive technology and consulting service agreements. Under most of the exclusive
technology and consulting service agreements, unless terminated in accordance with the provisions of the exclusive technology and consulting
service agreements or in accordance with written decision of our Key WFOEs, the terms of the exclusive technology and consulting agreements
are indefinite.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreements
that Provide Us with the Option to Purchase the Equity Interest in the Key VIEs</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Loan
Agreement</i>. Our Key WFOEs have entered into loan agreements with each shareholder of the relevant Key VIEs. Pursuant to the loan agreements,
our Key WFOEs have granted an interest-free loan to each shareholder of the relevant Key VIEs, the amount of which are to be separately
agreed to between our Key WFOEs and the relevant Key VIEs in writing, which may only be used by such shareholder for the purpose of capital
contribution to such Key VIE as to its business development. Our Key WFOEs also have agreed to provide the relevant Key VIEs with unconditional
financial support pursuant to the loan agreement. The shareholders of the Key VIEs pledge all of their share equity in the relevant Key
VIE as security for the outstanding loans. Unless otherwise agreed by all the parties of the loan agreement, the term of the loan is
the earlier of ten years, the end of our Key WFOEs&#8217; operation or the end of the relevant Key VIEs&#8217; operation. Our Key WFOEs
also have the right to accelerate the date of maturity of such loans at their sole discretion. Upon maturity, our Key WFOEs or their
designated third party may purchase the equity interests in the relevant Key VIEs held by the shareholders of such Key VIE at a price
equal to the lowest allowable amount for a similar transaction pursuant to relevant PRC laws, rules and regulations instead of cash repayment.
The loan agreements also prohibit the shareholders of the Key VIEs from entering into any transactions that could materially affect the
assets, liabilities, interests or operations of such Key VIE or its subsidiaries without prior written consent from the relevant Key
WFOE.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 108; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exclusive
Option Agreements</i>. Pursuant to the exclusive option agreements, each of the Key VIEs&#8217; shareholders has irrevocably granted
the relevant Key WFOE an unconditional and exclusive right to purchase, or designate one or more persons agreed by the board of directors
of the relevant Key WFOE to purchase the equity interests in such Key VIE then held by its shareholders once or at multiple times at
any time in part or in whole at the relevant Key WFOE&#8217;s sole and absolute discretion to the extent permitted by PRC laws. The purchase
price of the optioned interests shall be the minimum price permitted under PRC laws when the relevant Key WFOE exercises equity interest
purchase option. The shareholders of the Key VIEs have agreed the consideration received from the exercise of such equity interest purchase
option shall be used to settle the outstanding loans under the loan agreements as described above and/or transferred back to the relevant
WFOE as permitted under relevant PRC laws. Under most of the exclusive option agreements, the Key VIEs and their respective shareholders
have agreed that, without the relevant Key WFOE&#8217;s prior written consent, such Key VIE shall not, among others, in any manner supplement,
change or amend its articles of association; increase or decrease its registered capital, change its structure of registered capital
in other manners; sell, transfer, mortgage or dispose of in any other manner any legal or beneficial interest in the equity interests
in such Key VIE held by such shareholders, or allow the encumbrance thereon; entry into, inherit, or tolerant any existence of any loan
or other debtor-creditor relationship with any third party; enter into any material contract outside the ordinary course of business;
merge with any other persons or make any investments exceeding US$2 million; or distribute dividends. The exclusive option agreements
shall remain effective until all the equity interest held by the shareholders in such Key VIE has been transferred to our Key WFOEs or
the person designated by our Key WFOEs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
Agreement to the Contractual Arrangements in Connection with The Paper</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2018, Shanghai Quyun, Shanghai Jifen, Mr. Tan, Mr. Li, Tianjin Shanshi Technology Partnership (Limited Partnership) and Shanghai
Xihu Culture Communication Co., Ltd. entered into a supplemental agreement as to the contractual arrangements as described above, pursuant
to which, Mr. Tan, Mr. Li, Tianjin Shanshi Technology Partnership (Limited Partnership) and Shanghai Xihu Culture Communication Co.,
Ltd. agreed to be bound by the existing contractual arrangements as described above as to their equity interests (99% in total) in Shanghai
Jifen. As Shanghai Xinpai is not a party to the existing contractual arrangements, it is not bound by such arrangements, nor does it
have any obligation to perform or assume any liability under the contractual arrangements. In contrast to what we have been granted by
other shareholders of Shanghai Jifen under the contractual arrangements, the voting rights over these 1% equity interests are held by
Shanghai Xinpai itself and we have not been granted the authorization of the voting rights over such 1% equity interests. Accordingly,
we are not able to request Shanghai Xinpai to sell or pledge such 1% equity interests in the way agreed under existing contractual arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
the above, The Paper will not absorb the losses allocation, if any, from Shanghai Jifen. Unless otherwise instructed and approved by
the competent governmental authority, The Paper may not transfer its equity interests in Shanghai Jifen to any third party. Based on
the foregoing, we believe Shanghai Quyun, our wholly-owned PRC subsidiary, still controls and is the primary beneficiary of Shanghai
Jifen as it continues to have a controlling financial interest in Shanghai Jifen pursuant to ASC 810-10-25-38A.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
Agreement II to the Contractual Arrangements</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Tan obtained equity interests representing 64.35% of Shanghai Jifen&#8217;s share capital following Shanghai Xihu Culture Communication
Co., Ltd. transferred 19.8% of equity interests in Shanghai Jifen to him in July 2022. On July 13, 2022, Shanghai Quyun, Shanghai Jifen
and Mr. Tan entered into Supplemental Agreement II, pursuant to which, Mr. Tan agreed to be bound by the existing contractual arrangements
as described above as to his 64.35% equity interests in Shanghai Jifen. Accordingly, we still have the above contractual arrangements
on equity interests representing 99% of Shanghai Jifen&#8217;s share capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 109; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
Transfers Through Our Organization</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a summary of cash transfers that have occurred between our subsidiaries and the Group VIEs for the years ended
December 31, 2021, 2022 and 2023, respectively:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">(RMB in thousands)</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Cash paid by the Group VIEs to our subsidiaries under service agreements</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">(756,962</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">(376,184</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">(571,434</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Cash received by the Group VIEs from our subsidiaries under service agreements</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">188,798</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">236,903</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">420,855</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cash received by the Group VIEs from our subsidiaries for intra-Group financing</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">137,515</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">606,146</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">66,034</td><td style="text-align: left">&#160;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to restrictions on currency exchange. In particular, the PRC government imposes controls on the convertibility of Renminbi
into foreign currencies and, in certain cases, currency remittance out of the PRC. Since the Group receives substantially all of its
revenues in Renminbi and cash flow will be denominated in Renminbi, any existing and future restrictions on currency exchange may limit
the Group&#8217;s ability to utilize cash generated in Renminbi to fund the Group&#8217;s business activities outside of the PRC or pay
dividends in foreign currencies to our shareholders, including holders of the ADSs, and may limit our ability to obtain foreign currency
through debt or equity financing for our PRC subsidiaries and the Group VIEs. In addition, there are certain limitations on the ability
of our PRC subsidiaries and the Group VIEs to distribute earnings to our offshore holding companies and the U.S. investors. In particular,
each of our PRC subsidiaries, the Group VIEs and their subsidiaries are required to set aside at least 10% of its net income each year
to fund certain statutory reserves until the cumulative amount of such reserves reaches 50% of its registered capital. These reserves,
together with the registered capital, are not distributable as cash dividends. See &#8220;Item 3. Key Information &#8212; D. Risk Factors
&#8212; Risks Relating to Our Corporate Structure &#8212; We rely to a significant extent on dividends and other distributions on equity
paid by our principal operating subsidiaries and the Group VIEs to fund offshore cash and financing requirements. Any limitation on the
ability of our PRC operating subsidiaries or the Group VIEs to make payments to us could materially and adversely affect our ability
to conduct the Group&#8217;s business.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Facilities</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s corporate headquarters are located in Shanghai, China, where it leased approximately 3,211 square meters of office space
as of December 31, 2023. The Group also maintained other leased offices in Beijing and Wuhu City in Anhui Province, totaling approximately
1,069 square meters. We believe that the Group has the adequate facilities to accommodate its operational needs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_001"></span>ITEM
                                            4A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNRESOLVED
                                            STAFF COMMENTS</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_002"></span>ITEM
5.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPERATING
                                            AND FINANCIAL REVIEW AND PROSPECTS</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should read the following discussion and analysis of the Group&#8217;s financial condition and results of operations in conjunction with
the Group&#8217;s consolidated financial statements and the related notes included elsewhere in this annual report. This discussion may
contain forward-looking statements based upon current expectations that involve risks and uncertainties. The Group&#8217;s actual results
may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set
forth under &#8220;Item 3. Key Information &#8212; D. Risk Factors&#8221; or in other parts of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 110; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Operating
                                            Results</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overview</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group operates a mobile content platform in China with a mission to bring fun and value to its users. The Group&#8217;s eponymous mobile
application, <i>Qutoutiao</i>, meaning &#8220;fun headlines&#8221; in Chinese, applies artificial intelligence-based algorithms to deliver
customized feeds of articles and short videos to users based on their unique profiles, interests and behaviors. <i>Qutoutiao</i> has
attracted a large group of users, many of whom are from lower-tier cities in China. They enjoy <i>Qutoutiao</i>&#8217;s fun and entertainment-oriented
content as well as its social-based user loyalty program. Midu, first launched in May 2018 as Midu Novels and with an alternative version
Midu Lite launched one year later, pioneered the provision of free online literature supported by advertising. It has grown tremendously
and has been one of the leaders of the free online literature industry. Although the Group had been under its market expansion pressure
in 2021 with further downward trend in 2022 and 2023, the Group&#8217;s mobile applications still gained a certain level of success and
popularity among Chines mobile internet users, with combined average MAUs of approximately 8.5 million, combined average DAUs of approximately
2.9 million and average daily time spent per DAU of approximately 41.8 minutes in the three months ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s sizable user base has provided it with strong monetization potentials. The Group currently generates revenue primarily
by providing advertising and marketing services. The Group places advertisements on the main pages, topic pages as well as content pages
of its mobile applications. The Company has an in-house advertising platform with a technology driven system that has powered the Group&#8217;s
advertising solutions while reducing the use of third-party advertising platforms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group also sells advertising and marketing solutions to advertising agents or advertising customers directly. The Group&#8217;s differentiated
user base represents an attractive demographic target for businesses. The Group launched its integrated and customized marketing solution
services to its customers in 2019 to enhance the Group&#8217;s monetization ability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group also generates revenue by providing agent and platform service between the advertising customers and third-party advertising platforms.
The Group provides a variety of content formats offered by its mobile applications to capture additional monetization opportunities.
The additional content formats include paid content such as memberships to the Group&#8217;s online literature platforms, online games,
live-streaming, and short videos.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group&#8217;s net revenues decreased from RMB4,339.6 million in 2021
to RMB1,083.0 million in 2022 primarily due to the disruptions from the COVID-19 pandemic and weakness of macro environment in internet
and technology sector, which adversely impacted on advertising demands, and further decreased to RMB745.5 million (US$105.0 million) in
2023 primarily due to macroeconomic downturn and customer advertising budget constraints. The Group incurred net losses attributable to
Qutoutiao Inc. of RMB1,239.6 million in 2021, RMB914.8 million in 2022 and RMB185.3 million (US$26.1 million) in 2023. Non-GAAP net losses
attributable to Qutoutiao Inc., which represented net losses attributable to Qutoutiao Inc. before share-based compensation expenses,
were RMB1,039.4 million in 2021, RMB844.7 million in 2022 and RMB148.0 million (US$20.8 million) in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
Factors Affecting Our Results of Operations</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the most significant drivers for the Group&#8217;s revenues are user engagement and its ability to monetize. On the other hand,
we believe the most significant drivers behind the Group&#8217;s costs and expenses are those related to its user acquisition and engagement
efforts, and to a lesser extent R&amp;D and content procurement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">User
Base and Level of Engagement</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
size of the Group&#8217;s revenue is affected by the size of its user base both on its applications and external medias, and the level
of engagement of its users, which contribute to the Group&#8217;s ability to attract advertising customers to its advertising and marketing
services. A change in the number of DAUs and the amount of time they spend on the Group&#8217;s platform will lead to change in the number
of advertisements served and potential clicks and impressions from users. User engagement in turn will depend on the quality and attractiveness
of content on the Group&#8217;s platform and the Group&#8217;s continued ability to fine tune its understanding of users to deliver content
that is most likely to interest them. The Group&#8217;s ability to maintain high user engagement will also be affected by its planned
introduction of new content formats, users&#8217; reception to them and the growth in the volume of such content. Users&#8217; engagement
with these new content formats will not only help drive demand for the Group&#8217;s advertising and marketing services but also create
further monetization opportunities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 111; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s Ability to Monetize</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s current financial condition and results of operations depend substantially on the demand for its advertising and marketing
solutions. Demand for the Group&#8217;s advertising and marketing solutions will be affected by the size of the Group&#8217;s user base
and their continued engagement. Such demand will also be dependent on the Group&#8217;s ability to enhance the efficacy of its advertising
and marketing solutions through technology and an even deeper understanding of the Group&#8217;s user base. The Group operates a proprietary
programmatic advertising system and directly sells its advertising and marketing solutions to advertising customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s user base, which has attracted a large number of advertising agents and advertising customers, has provided a solid basis
for us to achieve a high monetization capability. To endeavor towards such a goal, the Group has taken certain steps, such as improving
the efficiency of its platform, to drive advertising conversion, which involves algorithm improvement driven by data collection and analytics
and conversion to an oCPC system. The Group has been forming partnerships with advertising customers from an expanding range of industries
and offering an increasing variety of formats such as brand advertising in order to provide more comprehensive solutions for the Group&#8217;s
customers. The Group has also managed to diversify its revenue streams by generating income from non-advertising activities such as live-streaming
and membership fees, thanks to the diversification of content formats available from the Group&#8217;s mobile applications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of User Acquisition and Engagement</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group offers loyalty programs on its mobile applications. The cost of users&#8217; loyalty points associated with the Group&#8217;s user
loyalty programs is recognized as sales and marketing expenses. A majority of such cost of users&#8217; loyalty points is currently associated
with engagement-based loyalty points to promote user engagement and retention, with the remainder related to referral-based loyalty points
to acquire new users. The Group designs its user loyalty programs to ensure the cost of the loyalty points provided is appropriate in
relation to the overall economics of the Group&#8217;s business model. The Group&#8217;s ability to operate loyalty programs effectively
will have an effect on its results of operations. The Group also engages a variety of other online and offline marketing channels to
acquire users and promote brand awareness in combination with its user loyalty programs. These efforts may also affect the Group&#8217;s
overall user acquisition and engagement costs in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Content
Procurement</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group encourages its content providers to actively contribute quality content that will resonate with the Group&#8217;s users by implementing
a system in which fees paid to them are related to the number of views of the content they contribute. These fees are accounted for as
part of the Group&#8217;s cost of revenues. The Group&#8217;s ability to balance its content procurement cost while ensuring content
providers continue to contribute content that is attractive to users will affect the Group&#8217;s results of operations going forward.
The Group will also need to manage the relevant content cost while taking into account its revenue potential to ensure value is realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seasonality</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group generates most of its revenues from providing advertising and marketing services. The advertising industry in China experiences
seasonality. Historically, advertising spending and user activities on the Group&#8217;s platform tend to be the lowest in the first
quarter of each calendar year due to long holidays around the Lunar New Year, during which users tend to spend more time with family
and celebrations offline and less time online, including on the Group&#8217;s mobile applications. In addition, advertising customers,
such as those in the e-commerce industry, may also reduce their advertising spending during the holidays around the Lunar New Year due
to reduced consumer spending or reduced or suspended production and logistics activities by manufacturers or other service providers.
We believe this seasonality affects the Group&#8217;s quarterly results, especially its results of operations in the first quarter of
each year. For example, the Group&#8217;s net revenues in the first quarter may be lower than those of other quarters, and may experience
a slower rate of growth or even decline from the last quarter in the prior year. On the other hand, the Group&#8217;s cost of revenues
and operating expenses as a percentage of its net revenues may be higher in the first quarter as compared to other quarters, which may
lead to lower profit margin.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 112; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impact
of the COVID-19 Pandemic</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
COVID-19 pandemic has impacted and may continue to impact the Group&#8217;s results of operations. The COVID-19 pandemic has negatively
affected the global and Chinese economy as well as the advertising market in China since the beginning of 2020, and put constraint on
the advertising budget of the Group&#8217;s advertising customers, which has had and may continue to have an adverse impact on our business
and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been closely monitoring the impact of COVID-19 on macro economy and advertising market in general, as well as the impact on the
Group&#8217;s business, results of operations and financial condition. The extent to which COVID-19 may continue to impact the Group&#8217;s
results is uncertain and difficult to predict and will depend on future developments, including the duration, severity and reach of the
COVID-19 pandemic, and actions taken to contain the outbreak or treat its impacts. For additional details, see &#8220;Item 3. Key Information
&#8212; D. Risk Factors &#8212; Any catastrophe, including natural catastrophes and outbreaks of health pandemics and other extraordinary
events, could disrupt the Group&#8217;s business operation. For example, the COVID-19 pandemic may have a material adverse effect on
the Group&#8217;s business, results of operations and financial condition, as well as the trading price of the ADSs.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
Operating Metrics </span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
regularly review a number of key operating metrics to evaluate the Group&#8217;s business and measure our performance. The table below
sets forth key operating metrics relating to the Group&#8217;s mobile applications.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended December 31,</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center">(in millions, except for daily time spent data)</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Combined Average MAUs during the period</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">31.4</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">8.5</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Combined Average DAUs during the period</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.9</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">New Installed Users</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">76.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17.2</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Average daily time spent per DAU during the period (minutes)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">40.93</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">41.8</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Average net revenues per DAU per day (RMB)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.43</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.69</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">User Engagement Expenses per DAU per day</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.07</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.04</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">User Acquisition Expenses per New Installed User</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.66</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.86</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
view combined average MAUs and combined average DAUs as measures of the size of active user base and user engagement. Combined average
MAUs and combined average DAUs generally experienced a downward trend in 2022 and 2023 primarily because the Group adjusted the pace
of its operation expansion and paid closer attention to the quality and profile of the Group&#8217;s user base than its absolute size
and growth. Since the Group had a lower level of combined average MAUs and combined average DAUs in 2023 than in 2022, its advertising
and marketing revenue decreased on a year-over-year basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
monitor the number of new installed users closely to maintain a sizable user base. The steep downward trend in the number of new installed
users during 2022 and 2023 was primarily due to the fact that the Group adjusted the pace of its operation expansion and paid closer
attention to quality and profile of the user base than to its absolute size and growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
monitor average daily time spent per DAU to measure the level of user engagement on the Group&#8217;s platform. We had a relatively stable
level of average daily time spent per DAU in 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
monitor average net revenues per DAU per day, or ARPU, to measure the Group&#8217;s ability to monetize. In general, the Group generally
had a higher level of ARPU in 2023 compared with 2022 primarily due to improvement in the efficiency of monetization.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use user engagement expenses per DAU per day to measure our user engagement efforts and reliance on loyalty programs. There is a decrease
in user engagement expenses per DAU per day starting in 2023 compared with 2022, primarily due to our cost saving strategy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 113; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use user acquisition expenses per new installed user to measure our efforts to acquire new users. The Group adjusted the pace of its
operation expansion and purposefully purchased high-quality users, which led to an increase in such metric in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-GAAP
Financial Measure</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-GAAP
net loss attributable to Qutoutiao Inc. represents net loss attributable to Qutoutiao Inc. before share-based compensation expenses.
We use such non-GAAP financial measure in evaluating the Group&#8217;s results of operation and for financial and operational decision-making
purposes. We believe that such non-GAAP financial measure helps identify underlying trends in the Group&#8217;s business that could otherwise
be distorted by the effect of such share-based compensation expenses that the Group includes in cost of revenues, total operating expenses
and net loss attributable to Qutoutiao Inc. We believe that such non-GAAP financial measure also provides useful information about the
Group&#8217;s operating results, enhances the overall understanding of the Group&#8217;s past performance and future prospects and allows
for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. It should not be considered
in isolation or construed as alternatives to net loss or any other measure of performance or as an indicator of the Group&#8217;s operating
performance. Investors are encouraged to review the historical non-GAAP financial measure in light of the most directly comparable GAAP
measures, as shown below. The non-GAAP financial measure presented here may not be comparable to similarly titled measures presented
by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures
to the Group&#8217;s data. We encourage investors and others to review the Group&#8217;s financial information in its entirety and not
rely on a single financial measure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below sets forth a reconciliation of the non-GAAP financial measure for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">2022</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">2023</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">US$</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="14" style="text-align: center; font-weight: bold; font-style: normal">(in thousands)</td><td style="text-align: center; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 44%; font-weight: bold; font-style: normal; text-align: left">Net loss attributable to Qutoutiao Inc.</td><td style="width: 2%; font-weight: bold; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="width: 10%; font-weight: bold; font-style: normal; text-align: right">(1,239,617</td><td style="width: 1%; font-weight: bold; font-style: normal; text-align: left">)</td><td style="width: 2%; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 10%; font-weight: bold; text-align: right">(914,767</td><td style="width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 2%; font-weight: bold; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="width: 10%; font-weight: bold; font-style: normal; text-align: right">(185,313</td><td style="width: 1%; font-weight: bold; font-style: normal; text-align: left">)</td><td style="width: 2%; font-weight: bold; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="width: 10%; font-weight: bold; font-style: normal; text-align: right">(26,101</td><td style="width: 1%; font-weight: bold; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Add: share-based compensation expenses:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; text-align: left; font-weight: normal; font-style: normal">Cost of revenues</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">1,187</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">392</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">240</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">34</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Research and development</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">102,838</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">46,811</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">25,471</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">3,587</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Sales and marketing</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">32,122</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">5,601</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">1,960</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="font-weight: bold; font-style: normal; text-align: right">276</td><td style="font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">General and administrative</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">64,039</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">17,301</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">9,638</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">1,358</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left">Non-GAAP net loss attributable to Qutoutiao Inc.</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">(1,039,431</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left">)</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">(844,662</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left">)</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">(148,005</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left">)</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: right">(20,846</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal; text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
Components of the Group&#8217;s Results of Operations</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group generates most of its revenues from advertising and marketing services. The following table sets forth a breakdown of the Group&#8217;s
revenues, both in absolute amount and as a percentage of its net revenues, for the years indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="26" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">2022</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">2023</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">US$</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="26" style="text-align: center; font-weight: bold; font-style: normal">(in thousands, except for percentages)</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font-weight: bold; font-style: normal">Revenues:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; width: 37%; font-weight: normal; font-style: normal; text-align: left">Advertising and marketing revenues</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 5%; font-weight: normal; font-style: normal; text-align: right">4,090,383</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 5%; font-weight: normal; font-style: normal; text-align: right">94.3</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">839,377</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 5%; font-weight: normal; font-style: normal; text-align: right">77.5</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 5%; font-weight: normal; font-style: normal; text-align: right">56<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,568</span></td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 5%; font-weight: normal; font-style: normal; text-align: right">80,223</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 5%; font-weight: normal; font-style: normal; text-align: right">7<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4</span></td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt; font-weight: normal; font-style: normal; text-align: left">Other revenue</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">249,220</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">5.7</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">243,668</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">22.5</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">175,988</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">24,788</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">2<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</span></td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0pt; padding-bottom: 2.5pt; font-style: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-style: normal"><b>Net revenues</b><span style="font-weight: normal"></span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">4,339,603</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">1,083,045</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">745,557</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">105,011</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
                                            from transactions with related parties are set forth below for the periods indicated:</span></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>


<!-- Field: Page; Sequence: 114; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">Year Ended December 31,</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">US$</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="14" style="font-weight: bold; font-style: normal; text-align: center">(in thousands)</td><td style="text-align: center; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 44%; font-weight: normal; font-style: normal; text-align: left">Advertising and marketing revenue</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 10%; font-weight: normal; font-style: normal; text-align: right">40,263</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 10%; font-weight: normal; font-style: normal; text-align: right">2,451</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 10%; font-weight: normal; font-style: normal; text-align: right">16</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 10%; font-weight: normal; font-style: normal; text-align: right">2</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group charges its advertising and marketing services mainly on an optimized cost-per-click, or oCPC, basis, and in certain circumstances,
on an optimized cost-per-thousand-impressions, or oCPM, basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group recognizes advertising and marketing revenues from its proprietary advertising platform on a gross basis as clicks are delivered
on an oCPC basis. The Group also engages certain other advertising agents in selling its advertising and marketing solutions to its advertising
customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Group collaborates with various third-party advertising platforms to place advertisements on the Group&#8217;s platform.
Under the Group&#8217;s arrangements with these advertising platforms, these advertising platforms are the Group&#8217;s customers and
the Group&#8217;s performance obligation is to provide traffic to these advertising platforms. As such, the Group recognizes advertising
and marketing revenues based on the net amount as impressions or clicks are delivered on an oCPC or oCPM basis. The Group started reducing
the utilization of third-party advertising platforms in 2017 and we expect such collaboration to continue to decrease in the future as
the Group further increases direct sales of its advertising and marketing solutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
revenue includes revenues from providing agent and platform service between the advertising customers and third-party advertising platforms
by facilitating the advertising customers to select third-party advertising platforms to display their advertisements. The Group recognizes
revenues from the advertising customers based on the net amount equal to certain agreed percentage of the gross revenue earned by the
third-party advertising platforms when impressions or clicks are successfully delivered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
revenue also includes revenues from live-streaming and online games. The Group started to offer live-streaming content in January 2019.
Users can access our mobile applications and view the live-streaming content for free. We generate revenues when users purchase and send
in-show virtual items to broadcasters, and when users become members by paying membership fees. Game related revenues are mostly generated
from the consumption of virtual items by game players through the Group&#8217;s platform and from the placement of advertising. The Group
generally offers mobile games developed by third-party game developers non-exclusively, and the Group shares payments from users or advertisers
with such game developers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of Revenues</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of revenues consists primarily of (i) bandwidth and server costs, (ii) costs incurred to vendors and suppliers for advertising and marketing
services, (iii) content procurement costs paid to third-party professional media companies and freelancers, (iv) direct cost related
to in-house content, rental cost, depreciation, salary and welfare for cost personnel and other miscellaneous costs, (v) costs incurred
for mobile gaming and live streaming content, and (vi) cultural development fee and surcharges. The Group is subject to a cultural development
fee on the provision of advertising services in the PRC. The applicable tax rate prior to June 30, 2019 was 3% of the net advertising
revenues, and was changed to 1.5% from July 1, 2019 to December 31, 2024, according to the relevant preferential tax policy. Due to the
COVID-19 pandemic, the Group was exempted from the cultural development fee for 2020 and such exemption period has been further extended
until December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of revenues from transactions with related parties are set forth below for the years indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="26" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">Year Ended December 31,</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">%</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">%</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">US$</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">%</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="26" style="font-weight: bold; font-style: normal; text-align: center">(in thousands, except for percentages)</td><td style="text-align: center; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 37%; font-weight: normal; font-style: normal; text-align: left">Cost of revenues-related party</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 5%; font-weight: normal; font-style: normal; text-align: right">103,286</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 5%; font-weight: normal; font-style: normal; text-align: right">2.4</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 5%; font-weight: normal; font-style: normal; text-align: right">14,564</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 5%; font-weight: normal; font-style: normal; text-align: right">1.3</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 5%; font-weight: normal; font-style: normal; text-align: right">345</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 5%; font-weight: normal; font-style: normal; text-align: right">49</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 5%; font-weight: normal; font-style: normal; text-align: right">0.0</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 115; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
Expenses</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth our operating expenses, both in absolute amount and as a percentage of our net revenues, for the years indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; font-size: 11pt">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="26" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year Ended December 31,</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; font-size: 11pt">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">US$</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; font-size: 11pt">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="26" style="text-align: center; font-weight: bold">(in thousands, except for percentages)</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating expenses<sup>(1)</sup>:</span></td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td style="font-size: 11pt; text-align: left">&#160;</td><td style="font-size: 11pt; text-align: right">&#160;</td><td style="font-size: 11pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 37%; text-align: left">Research and development expenses</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">551,612</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">12.7</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">184,604</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">17.0</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">1<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">06,592</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">15,013</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">14.3</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Sales and marketing expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,483,773</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">80.3</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">560,716</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">51.8</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">188,700</p></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26,578</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25.3</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left">General and administrative expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">431,913</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">10.0</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">155,445</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">14.4</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,853</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,867</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7.5</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total operating expenses</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,467,298</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">103.0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">900,765</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">83.2</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>351,145</b></p></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">49,458</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">4<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
                                            expenses from transactions with related parties are set forth below for the years indicated:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="26" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">US$</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; font-size: 11pt">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="26" style="text-align: center; font-weight: bold">(in thousands, except for percentages)</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 37%; text-align: left">Sales and marketing-related party</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">15,840</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">0.4</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">7,945</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">0.7</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research
and Development Expenses</i>. The Group&#8217;s research and development expenses consist primarily of salaries and benefits for the
Group&#8217;s research and development personnel, including share-based compensation, rental expenses, IT service fees and deprecation
of office premises and servers utilized by the Group&#8217;s research and development personnel.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sales
and Marketing Expenses</i>. The Group&#8217;s sales and marketing expenses consist primarily of user engagement expenses, user acquisition
expenses and other sales and marketing expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">User
engagement expenses consist of the costs of engagement-based loyalty points associated with our user loyalty programs to promote user
engagement and retention for the Group&#8217;s mobile applications. Cost of users&#8217; loyalty points is comprised of amount of loyalty
points redeemed by users during a specific period and the change in estimated liabilities as to accumulated unredeemed loyalty points
during such period. Pursuant to the Group&#8217;s user agreements, the Group can adjust at any time the minimum amount of loyalty points
that must be earned before users can redeem their loyalty points. As such, change to such threshold in any specific period will affect
the amount of sales and marketing expenses recorded during such period. For additional information on the accounting policy of our loyalty
programs, see Note 2(v) to our audited consolidated financial statements included elsewhere in this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">User
acquisition expenses consist of the costs of both word-of-mouth referrals and third-party marketing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
sales and marketing expenses represent advertising and marketing expenses through third-party online and offline channels to promote
brand recognition, short mobile messaging expenses and salaries and benefits for the Group&#8217;s sales and marketing personnel, including
share-based compensation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
and Administrative Expenses</i>. The Group&#8217;s general and administrative expenses consist primarily of salaries and benefits for
our general and administrative personnel, including share-based compensation, office expense and professional service fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 116; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
Compensation</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the effect of share-based compensation expenses on the Group&#8217;s operating costs and expenses line items,
both in an absolute amount and as a percentage of the Group&#8217;s revenues, for the years presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="26" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">US$</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; font-size: 11pt">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="26" style="text-align: center; font-weight: bold">(in thousands, except for percentages)</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="2" style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="2" style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="2" style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="2" style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="2" style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="2" style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td>
    <td colspan="2" style="font-size: 11pt">&#160;</td><td style="font-size: 11pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 37%">Cost of revenues</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">1,187</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">0.0</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">392</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">0.0</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">240</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">34</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">0.0</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Research and development expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">102,835</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">46,811</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25,470</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,588</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.4</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Sales and marketing expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">32,122</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,601</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,960</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">276</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.3</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left">General and administrative expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">64,039</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1.5</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,301</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1.6</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,638</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,357</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1.3</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; text-align: left; font-weight: bold">Total</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">200,183</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4.6</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">70,105</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6.5</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">37,308</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,255</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5.0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Note 15 to our audited consolidated financial statements included elsewhere in this annual report for a description of what the Group
accounts for the compensation cost from share-based payment transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
Islands</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company with limited liability incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, we are
not subject to tax based upon profits, income, gains or appreciations, and there is no taxation in the nature of inheritance tax or estate
duty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable
on instruments executed in, or brought within the jurisdiction of the Cayman Islands. In addition, the Cayman Islands does not impose
withholding tax on dividend payments. No stamp duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies
except those which hold interests in land in the Cayman Islands. The Cayman Islands is not a party to any double tax treaties that are
applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman
Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
of dividends and capital in respect of the ADSs or ordinary shares will not be subject to taxation in the Cayman Islands and no withholding
will be required on the payment of a dividend or capital to any holder of the ADSs or ordinary shares, nor will gains derived from the
disposal of the ADSs or ordinary shares be subject to Cayman Islands income or corporation tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
Kong</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subsidiary incorporated in Hong Kong is subject to Hong Kong profits tax at the rate of 8.25% for profit of up to HK$2.0 million and 16.5%
for the remainder of taxable income. Hong Kong does not impose a withholding tax on dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
our subsidiaries and the Group VIEs and their subsidiaries in China are subject to enterprise income tax on their taxable income in China
at a rate of 25%. The enterprise income tax is calculated based on the entity&#8217;s global income as determined under PRC tax laws
and accounting standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 20, 2020, Shanghai Chenxing performed record-filing for VAT tax invoice of software products and licenses of
software products and were subject to the VAT rate of 13%. As of the date of this annual report, Shanghai Chenxing is the only company
in the Group that is subject to the VAT rate of 13%. Besides that, the Group&#8217;s revenues are subject to value-added tax at a rate
of approximately 6%. The provision of advertising services in China is subject to a cultural development fee. The fee was charged at
an applicable rate of 3% of the net advertising revenues prior to June 30, 2019, which was reduced to 1.5% commencing on July 1, 2019,
according to a preferential tax policy issued on June 12, 2019 by the government of Shanghai. The preferential policy is said to be in
effect until December 31, 2024. Moreover, pursuant to the Announcement on the Supporting Tax and Fee Policy for Film Industry and Other
Industries issued by the MOF and the SAT on May 13, 2020, the cultural development fee was waived from January 1, 2020 until December
31, 2020. Pursuant to the Announcement on the Extension of Certain Tax Preferential Policies in Response to COVID-19 Epidemic, the exemption
period of the cultural development fee was extended until December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 117; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
dividends paid by our wholly foreign-owned subsidiaries in China to our intermediary holding company in Hong Kong will be subject to
a withholding tax rate of 10%, unless the relevant Hong Kong entity satisfies all the requirements under the Arrangement between the
Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion
with respect to Taxes on Income and receives approval from the relevant tax authority, in which case the dividends paid to the Hong Kong
subsidiary would be subject to withholding tax at the standard rate of 5%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our holding company in the Cayman Islands or any of our subsidiaries outside of China were deemed to be a &#8220;resident enterprise&#8221;
under the PRC Enterprise Income Tax Law, it would be subject to enterprise income tax on its worldwide income at a rate of 25%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Critical
Accounting Estimates </span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
discussion and analysis of the Group&#8217;s financial condition and results of operations relate to the Group&#8217;s consolidated financial
statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make
estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures.
On an ongoing basis, we evaluate our estimates based on historical experience and on various other assumptions that are believed to be
reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and
liabilities that are not readily apparent from other sources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consider an accounting estimate to be critical if: (1) the accounting estimate requires us to make assumptions about matters that were
highly uncertain at the time the accounting estimate was made, and (2) changes in the estimate that are reasonably likely to occur from
period to period, or use of different estimates that we reasonably could have used in the current period, would have a material impact
on our financial condition or results of operations. There are other items within the Group&#8217;s financial statements that require
estimation but are not deemed critical, as defined above. Changes in estimates used in these and other items could have a material impact
on our financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a detailed discussion of our significant accounting policies and related judgments, please see Note 2 to our audited consolidated financial
statements included elsewhere in this annual report. You should read the following description of critical accounting estimates in conjunction
with the Group&#8217;s consolidated financial statements and other disclosures included in this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
Credit Losses</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nature
of estimate: Effective January 1, 2020, we adopted Accounting Standards Update (ASU) No. 2016-13, &#8220;Financial Instruments &#8212;
Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,&#8221; which requires the Group to record the full
amount of expected credit losses for the life of a financial asset at the time it is originated or acquired and adjusted for changes
in expected lifetime credit losses subsequently, which requires earlier recognition of credit losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Assumptions</i>:
The provision for credit losses is estimated mainly based on past collection experience as well as consideration of current and future
economic conditions. We estimate the expected credit losses for financial assets with similar risk characteristics on a pool basis. When
assigning customers into different credit risk levels, factors like capital condition, reputation, industry, collection history, and
external credit references of the customers are considered. The key assumptions used in the process of estimating the provision for expected
credit losses include customer pool assignment, the historical loss rate for each customer pool, and the application of macroeconomic
forecasts. The estimate of expected credit losses is sensitive to our assumptions in these factors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
estimate of the key assumptions did not change significantly throughout the periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Note 2 to our audited consolidated financial statements included elsewhere in this annual report for more information regarding expected
credit losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 118; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Results
of Operations</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables set forth a summary of the Group&#8217;s consolidated results of operations for the years presented, in absolute amount
and as a percentage of the Group&#8217;s revenues. This information should be read together with the Group&#8217;s consolidated financial
statements and related notes included elsewhere in this annual report. The operating results in any year are not necessarily indicative
of the results that may be expected for any future period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="26" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">%</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">%</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">US$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">%</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="26" style="font-weight: bold; text-align: center">(in thousands, except for percentages, share and per share data)</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenues<sup>(1)</sup>:</b></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 37%; text-align: left; padding-left: 10pt">Advertising and marketing revenue</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">4,090,383</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">94.3</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">839,377</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">77.5</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">569,569</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">80,223</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">76.4</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Other revenue</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">249,220</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">243,668</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">22.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">175,988</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,788</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">23.6</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net revenues</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,339,603</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,083,045</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">745,557</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">105,011</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100.0</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenues<sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,171,626</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(27.0</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(562,607</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(51.9</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(415,913</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(58,581</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(55.8</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Gross profit</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">3,167,977</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">73.0</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">520,438</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">48.1</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">329,644</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">46,430</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">44.2</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating expenses<sup>(2)</sup>:</b></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Research and development expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(551,612</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(12.7</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(184,604</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(17.0</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(106,592</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(15,013</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(14.3</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Sales and marketing expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,483,773</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(80.3</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(560,716</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(51.8</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(188,700</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(26,578</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(25.3</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">General and administrative expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(431,913</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(10.0</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(155,445</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(14.4</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(55,853</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,868</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7.5</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Total operating expenses</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(4,467,298</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(102.9</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(900,765</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(83.2</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(351,145</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(49,459</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(47.1</td><td style="font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other operating income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">106,098</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">61,829</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19,607</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,762</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.6</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income/(Loss) from operations<sup>(3)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,193,223</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(27.5</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(318,498</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(29.4</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,894</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(267</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.3</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,174</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.1</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,370</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.1</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">118</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.0</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Interest expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(35,477</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.8</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(468,612</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(43.3</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(185,794</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(26,169</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(24.9</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Foreign exchange related gains/(loss), net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(903</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.1</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(102</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(14</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.0</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Investment income (loss) including impairment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(36,041</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.8</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(45,877</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4.2</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,700</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">380</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.4</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">3Other income/(expenses), net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">27,637</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(81,879</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,367</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(333</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.3</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">2,Loss before income taxes</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(1,233,931</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(28.4</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(914,399</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(84.4</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(187,339</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(26,386</td><td style="font-weight: bold; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(25.1</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Income tax benefit/(expense)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,050</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(0.1</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,048</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.1</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,026</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">285</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.3</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Equity in loss of affiliate companies</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,195</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.1</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,416</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(0.1</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Net loss</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(1,240,176</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(28.6</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(914,767</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(84.5</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(185,313</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(26,101</td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(24.9</td><td style="font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Net loss attributable to non-controlling interests</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">559</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.0</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net loss attributable to Qutoutiao Inc.</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(1,239,617</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(28.6</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(914,767</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(84.5</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(185,313</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(26,101</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(24.9</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
                                            from transactions with related parties are set forth below for the periods indicated:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">US$</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; font-size: 11pt">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="14" style="text-align: center; font-weight: bold">(in thousands)</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 44%; text-align: left">Advertising and marketing revenue</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">40,263</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">2,451</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">17</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">3</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
                                            of revenues and operating expenses from transactions with related parties are set forth below
                                            for the periods indicated:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="26" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">US$</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; font-size: 11pt">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="26" style="text-align: center; font-weight: bold">(in thousands, except for percentages)</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; width: 37%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenues<sup>(2)</sup></span></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">103,286</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">2.4</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">14,564</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">1.3</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">345</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">49</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 5%; text-align: right">0.0</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sales and marketing expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,840</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,945</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">0.7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">189</p></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">27</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">0.0</p></td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Group recognized share-based compensation expenses of RMB200.2 million, RMB<span style="font-weight: normal">70.1
                                            </span>million and RMB37.3 million (US$5.3 million) in 2021, 2022 and 2023, respectively.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 119; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comparison
of Year Ended December 31, 2023 and Year Ended December 31, 2022 </span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenues</i>.
The Group&#8217;s net revenues decreased from RMB1,083.0 million in 2022 to RMB745.6 million (US$105.0 million) in 2023, primarily
due to the weakness of macro environment in internet and technology sector, which adversely impacted on advertising demands. The
number of advertising clicks increased by 67.8% from 2022 to 2023 while the revenue per click decreased from 0.32 in 2022 to 0.13 in
2023, leading to a decrease in the Group&#8217;s advertising and marketing revenues charged on oCPC basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of Revenues</i>. The Group&#8217;s cost of revenues decreased from RMB562.6 million in 2022 to RMB415.9 million (US$58.6 million) in
2023, primarily due to the decrease in contenct procurement costs as well as bandwidth and IT infrastructure costs. Cost of revenues
as a percentage of the Group&#8217;s net revenues increased from 51.9% in 2022 to 55.8% in 2023, as there is an increase in the procurement
cost of external media as a support of the DAUs of the Group&#8217;s platform. Share-based compensation expenses recognized in cost of
revenues decreased from RMB0.39 million in 2022 to RMB0.24 million (US$0.03 million) in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
Profit</i>. The Group&#8217;s gross profit decreased from RMB520.4 million in 2022 to RMB329.6 million (US$46.4 million) in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operating
Expenses</i>. The Group&#8217;s total operating expenses decreased from RMB900.8 million in 2022 to RMB351.1 million (US$49.5 million) in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research
    and development expenses</i>. The Group&#8217;s research and development expenses decreased from RMB184.6 million in 2022 to RMB106.6
    million (US$15.0 million) in 2023. The decrease was primarily due to the decreased headcount of our research and development personnel
    which resulted in decreased expenditures on salaries and ESOP.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sales
    and marketing expenses</i>. The Group&#8217;s sales and marketing expenses decreased from RMB560.7 million in 2022 to RMB188.7 million
    (US$26.6 million) in 2023. The decrease was primarily because the Group ceased the expansion of its user base and the number of users
    decreased.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">User
    engagement expenses decreased from RMB191.0 million in 2022 to RMB45.2 million (US$6.4 million) in 2023, primarily because the number
    of users declined.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">User
    acquisition expenses decreased from RMB234.0 million in 2022 to RMB117.9 million (US$16.6 million) in 2023, which was primarily due
    to the Group ceased its expansion of user base..</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    sales and marketing expenses decreased from RMB135.7 million in 2022 to RMB25.6 million (US$3.6 million) in 2023, primarily due to
    the Group&#8217;s efforts to reduce its operating expenses.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    result of the foregoing contributed to a decrease in sales and marketing expenses as a percentage of the Group&#8217;s net revenues
    decreased from 51.8% in 2022 to 25.3% in 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
    and administrative expenses</i>. The Group&#8217;s general and administrative expenses decreased from RMB155.4 million in 2022 to
    RMB55.6 million (US$7.9 million) in 2023. The decrease was primarily due to the Group&#8217;s continuing efforts to decrease its
    administrative expenses as well as a decrease in bad-debt provision for account receivables.</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
operating income</i>. The Group&#8217;s other operating income decreased from RMB61.8 million in 2022 to RMB19.6 million (US$2.8 million)
in 2023, primarily due to less refund of value-added taxes levied on software products and services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 120; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
income</i>. The Group&#8217;s interest income decreased from RMB1.4 million in 2022 to RMB0.1 million (US$0.01 million) in 2023 due
to a lower average cash balance during 2023 in comparison to 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
expense</i>. The Group&#8217;s interest expense was RMB185.8 million (US$26.2 million) in 2023, compared to the once-off Convertible
Loan incremental interests of RMB468.6 million in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign
exchange related gains/(losses), net.</i> The Group recognized foreign exchange related losses, net, of RMB0.9 million in 2022 and RMB0.1
million (US$14.4 thousand) in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment
income/(expenses), net</i>. The Group recorded investment income of RMB2.7 million (US$0.4 million) in 2023, compared to investment loss
of RMB45.9 million in 2022. The loss in 2022 mainly comprised of an impairment loss of a certain fund investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
income/(expenses), net</i>. The Group recorded other expenses of RMB81.9 million in 2022 and other expenses of RMB2.4 million (US$0.3
million) in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income
tax benefits/(expense), net</i>. The Group recorded income tax benefits of RMB1.0 million and income tax benefits of RMB2.0 million (US$0.3
million) in 2022 and 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity
in loss of affiliate companies. </i>The Group recorded equity in loss of affiliate companies of nil in 2023, compared to a loss of RMB1.4
million in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
loss attributable to non-controlling interests</i>. Net loss attributable to non-controlling interests represents a subsidiary&#8217;s
cumulative result of operation in deficit attributed to non-controlling shareholders. The Group recorded net loss attributable to non-controlling
interests of nil in 2022 and nil in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
loss attributable to Qutoutiao Inc.</i> As a result of the foregoing, net loss attributable to Qutoutiao Inc. decreased from RMB1,039.4
million in 2022 to RMB329.3 million (US$46.4 million) in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Non-GAAP
net loss attributable to Qutoutiao Inc. <span style="font-style: normal">Non-GAAP net loss attributable to Qutoutiao Inc., which represents
net loss attributable to Qutoutiao Inc. before share-based compensation expenses, decreased from RMB969.3 million in 2022 to RMB292.0 million (US$41.1 million) in 2023.</span></span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comparison
of Year Ended December 31, 2022 and Year Ended December 31, 2021</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenues</i>.
The Group&#8217;s net revenues significantly decreased from RMB4,339.6 million in 2021 to RMB1,083.0 million in 2022, primarily due to
the disruptions from the COVID-19 pandemic and weakness of macro environment in internet and technology sector, which adversely impacted
on advertising demands. The number of advertising clicks decreased by 67.6% from 2021 to 2022 and the revenue per click decreased from
0.41 in 2021 to 0.32 in 2022, leading to a decrease in the Group&#8217;s advertising and marketing revenues charged on oCPC basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of Revenues</i>. The Group&#8217;s cost of revenues decreased from RMB1,171.6 million in 2021 to RMB562.6 million in 2022, primarily
due to the decrease in bandwidth and IT infrastructure costs, content procurement costs and costs incurred to vendors and suppliers for
advertising and marketing services. Cost of revenues as a percentage of the Group&#8217;s net revenues increased from 27.0% in 2021 to
51.9% in 2022. Share-based compensation expenses recognized in cost of revenues decreased from RMB1.2 million in 2021 to RMB0.39 million
in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
Profit</i>. The Group&#8217;s gross profit significantly decreased from RMB3,168.0 million in 2021 to RMB520.4 million in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operating
Expenses</i>. The Group&#8217;s total operating expenses significantly decreased from RMB4,467.3 million in 2021 to RMB900.8 million
in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research
    and development expenses</i>. The Group&#8217;s research and development expenses decreased from RMB551.6 million in 2021 to RMB184.6
    million in 2022. The decrease was primarily due to the decreased headcount of our research and development personnel, resulting in
    decreases in salaries and expenses relating to share-based compensation as well as the reduction IT service fees.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 121; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sales
    and marketing expenses</i>. The Group&#8217;s sales and marketing expenses decreased from RMB3,483.8 million in 2021 to RMB560.7
    million in 2022. The decrease was primarily because the Group ceased the expansion of its user base and the number of users decreased.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">User
    engagement expenses decreased from RMB666.9 million in 2021 to RMB191.0 million in 2022, primarily because the number of users has
    decreased.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">User
    acquisition expenses decreased from RMB2,631.0 million in 2021 to RMB234.0 million in 2022 because the Group ceased the expansion
    of its user base.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    sales and marketing expenses decreased from RMB186.0 million in 2021 to RMB135.7 million in 2022, primarily due to the Group&#8217;s
    efforts to reduce its operating expenses.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    result of the foregoing contributed to a decrease in sales and marketing expenses as a percentage of the Group&#8217;s net revenues
    decreased from 80.3% in 2021 to 51.8% in 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
    and administrative expenses</i>. The Group&#8217;s general and administrative expenses decreased from RMB431.9 million in 2021 to
    RMB155.4 million in 2022. The decrease was primarily due to the decrease in bad-debt provision for account receivables.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
operating income</i>. The Group&#8217;s other operating income decreased from RMB106.1 million in 2021 to RMB61.8 million in 2022, primarily
due to less refund of value-added taxes levied on software related products and services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
income</i>. The Group&#8217;s interest income decreased from RMB3.2 million in 2021 to RMB1.4 million in 2022, primarily due to a lower
average cash balance during 2022 in comparison to 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest
expense</i>. The Group&#8217;s interest expense was RMB468.6 million in 2022, compared to RMB35.5 million in 2021, primarily due to the
incremental interest of the Convertible Loan under the supplemental agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign
exchange related gains/(losses), net.</i> The Group recognized foreign exchange related losses, net, of RMB0.9 thousand in 2021 and RMB0.9
million in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investment
income/(expenses), net</i>. The Group recorded investment loss of RMB45.9 million in 2022, compared to investment loss of RMB36.0 million
in 2021, primarily due to impairment loss on certain investments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
income/(expenses), net</i>. The Group recorded other income of RMB27.6 million in 2021 and other expenses of RMB81.9 million in 2022,
primarily due to a fine of a lawsuit in 2022, amounting to RMB82.8 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income
tax benefits/(expense), net</i>. The Group recorded income tax expenses of RMB3.1 million and income tax benefits of RMB1.0 million in
2021 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity
in loss of affiliate companies. </i>The Group recorded equity in loss of affiliate companies of RMB1.4 million in 2022, compared to a
loss of RMB3.2 million in 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
loss attributable to non-controlling interests</i>. Net loss attributable to non-controlling interests represents a subsidiary&#8217;s
cumulative result of operation in deficit attributed to non-controlling shareholders. The Group recorded net loss attributable to non-controlling
interests of RMB559.2 thousand in 2021 and nil in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
loss attributable to Qutoutiao Inc.</i> As a result of the foregoing, net loss attributable to Qutoutiao Inc. decreased from RMB1,239.6
million in 2021 to RMB914.8 million in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Non-GAAP
net loss attributable to Qutoutiao Inc. <span style="font-style: normal">Non-GAAP net loss attributable to Qutoutiao Inc., which represents
net loss attributable to Qutoutiao Inc. before share-based compensation expenses, decreased from RMB1,039.4 million in 2021 to RMB844.7
million in 2022.</span></span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>


<!-- Field: Page; Sequence: 122; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
Accounting Pronouncements</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
list of recently adopted and recently issued accounting pronouncements that are relevant to us is included in Note 2(ah) to our audited
consolidated financial statements included elsewhere in this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Liquidity
                                            and Capital Resources</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
require a significant amount of cash to fund our operations. We also have a significant amount of debt outstanding. We may also require
cash to meet our future capital requirements, which may be difficult to predict.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have conducted the below debt and equity financing activities since our initial public offering: </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    September 2018, we completed our initial public offering and raised net proceeds of US$85.8 million after deducting underwriting
    discounts and commissions and the offering expenses.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    March 28, 2019, we and Alibaba entered into a convertible loan agreement, pursuant to which Alibaba advanced aggregate principal
    amount of approximately US$171.1 million to us on April 4, 2019. The Convertible Loan is unsecured and unsubordinated and has an
    original maturity date of April 4, 2022, which has been further extended pursuant to certain supplemental agreements. The convertible
    loan agreement contains certain covenants, restrictions and events of default on our activities, including, but not limited to, limitations
    on the incurrence of additional indebtedness; dividends or other distributions in cash or cash equivalents; and mergers, consolidations
    or the sale of all or substantially all of our assets.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    April 2019, we completed a follow-on public offering and raised net proceeds of US$31.0 million after deducting underwriting discounts
    and commissions and offering expenses.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    September 27, 2019, we issued an aggregate of 1,480,123 Class A ordinary shares to Haitong International Investment Solutions Limited
    pursuant to various agreements entered into between us, Shanghai Dongfang Newspaper Co., Ltd. and its subsidiaries, or collectively,
    The Paper, and certain other parties, and received proceeds of US$20.4 million.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    November 2018, Fun Literature Limited, our subsidiary that is the holding company of the entities that operate Midu Novels, entered
    into preferred share purchase agreements with certain third-party investors to issue series A redeemable convertible preferred shares
    an aggregate issuance price of US$14.0 million.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    2019, Fun Literature Limited entered into a series of preferred share purchase agreements with third-party investors to issue series
    A and B redeemable preferred shares for an aggregate issuance price of US$54 million.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    December 2020, Fun Literature Limited issued Series C redeemable convertible preferred shares to certain third-party investors for
    a total consideration of US$111.8 million, which is net of issuance costs amounting to US$0.5 million. The consideration was comprised
    of US$55.0 million in cash, intangible assets of US$20.8 million, which mainly included developed technology and user data, and contents
    of US$36.6 million from one of the investors, which were all measured at fair value on the date of exchange. The Series C preferred
    shares were issued in December 2020 and the transfer of the intangible assets were completed in January 2021.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 123; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Convertible Loan, we and Alibaba entered into several supplemental agreements to the original convertible loan agreement,
pursuant to which the maturity date of the Convertible Loan has been extended to April 30, 2025. The interest rate of the
Convertible Loan has been amended from an original compound rate of 3% per annum to a compound rate of 9% per annum plus a simple
rate of 3% per annum, calculated from the original loan drawdown date of April 4, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following factors raise substantial doubt about our ability to continue as a going concern:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the years ended December 31, 2021, 2022 and 2023, we incurred net losses of RMB1,240.2 million, RMB914.8 million and RMB185.3 million
    (US$26.1 million), respectively.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the years ended December 31, 2021, 2022 and 2023, we had net cash used in operating activities of RMB279.1 million, RMB443.8 million
    and RMB65.7 million (US$9.3 million), respectively.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31, 2023, we had an accumulated deficit of RMB8,724.5 million (US$1,228.8 million) and a deficit in working capital of
    RMB458.9 million (US$64.6 million).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31, 2023, we had cash, cash equivalents, restricted cash and short-term investments of RMB91.7 million (US$12.9 million).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31, 2023, as discussed in Note 13 and Note 25 to the consolidated financial statements, the Group has a Convertible Loan
    of approximately RMB1.94 billion (US$274.6 million), including principal of US$171.1 million and unpaid interest that was expected
    to be matured within one year from the date of the issuance of the consolidated financial statements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
liquidity is primarily dependent on our ability to adjust the pace of the operation expansion, to control operating costs and expenses
to reduce the cash used in operating cash flows, to pursue financing arrangements, including the renewal of the Convertible Loan with
the creditor, and to obtain additional funds from sale of our assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have carried out an assessment of our cash flow forecast for the twelve months from the date of issuance of this annual report. In preparing
the cash flow forecast, we have considered our historical cash requirements, our expected loan repayment obligations in 2024 and beyond,
and our plan to further reduce operating costs and expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently exploring a variety of measures to improve our liquidity and financial position as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
continue to optimize our user loyalty programs and traffic acquisition strategy to efficiently control and reduce costs and continue
to be selective in the content and better leverage our existing content varieties to attract and maintain users. These measures can in
turn lead to savings in user related costs. We further plan to preserve liquidity and manage cash flows by reducing expenditure on developing
novel applications and limiting other general and administrative expenses. We also plan to obtain additional external financing and funds
through, including but not limited to, additional credit facilities obtained from banks in the normal course of business, potential additional
issuances of equity and/ or debt as a Group or through our subsidiaries, and sale of our assets, including our equity interest in our
subsidiaries, to third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the maturity date of the Convertible Loan has been extended to April 30, 2025. The total amount of the principal and
accumulated interest payable of the Convertible Loan, including the incremental interest related to the increase in interest rate
under the supplemental agreements from a compound rate of 3% per annum to a compound rate of 9% per annum plus a simple rate of 3%
per annum, calculated starting from the original loan drawdown date of April 4, 2019, will amount to approximately US$312.7 million
(RMB2,214.6 million) as of April 30, 2025. While we cannot assure you that we will be able to further extend the maturity date of
the principal and accrued and unpaid interest of the Convertible Loan after April 30, 2025, we have assumed that we will be able to
extend the maturity date of the Convertible Loan in preparing our cash flow forecast.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 124; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our assessment, there can be no assurance, however, that the above operating measures will be successfully completed due to factors
outside of our control. There can also be no assurance that new financings, additional funds from sale of our assets, extension of the
maturity date of the Convertible Loan, or other transactions will be available to us on commercially acceptable terms, or at all. In
addition, the potential worsening global economic conditions may adversely impact our ability to secure additional financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facts
and circumstances including accumulated and recurring losses from operations, net cash used in operating activities, negative working
capital and uncertainties on the repayment of the Convertible Loan raise substantial doubt about our ability to continue as a going concern.
See &#8220;Item 3.D. Risk Factors &#8212; Risks Relating to Our Industry and Business &#8212; There is substantial doubt as to our ability
to continue as a going concern&#8221; and &#8220;&#8212; We require a significant amount of cash to fund our operations as well as to
meet our Convertible Loan obligations. If we cannot obtain additional financing and liquidity, our business, financial condition and
results of operation will be materially and adversely affected.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a summary of the Group&#8217;s cash flows for the years indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">Year Ended December 31,</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">RMB</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">US$</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="text-align: center; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="14" style="font-weight: bold; font-style: normal; text-align: center">(in thousands)</td><td style="text-align: center; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: normal; text-align: left">Selected Consolidated Cash Flows Data:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 44%; font-weight: normal; font-style: normal; text-align: left">Net cash provided by/(used in) operating activities</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 10%; font-weight: normal; font-style: normal; text-align: right">(279,122</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 10%; text-align: right">(443,797</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 10%; font-weight: normal; font-style: normal; text-align: right">(65,698</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">)</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 10%; font-weight: normal; font-style: normal; text-align: right">(9,253</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Net cash provided by/(used in) investing activities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">75,521</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">267,555</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">26,483</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">3,730</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Net cash provided by financing activities</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(66,094</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(20,000</td><td style="text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Net increase/(decrease) in cash, cash equivalents and restricted cash</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(269,695</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(196,242</td><td style="text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(39,215</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(5,523</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Effect of exchange rate changes on cash and cash equivalents</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">(9,263</td><td style="font-weight: normal; font-style: normal; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,810</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">520</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">73</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash, cash equivalents and restricted cash at beginning of the year</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">594,791</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">315,833</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">130,401</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">18,367</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Cash, cash equivalents and restricted cash at the end of the year</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">315,833</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">130,401</td><td style="text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">91,706</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">12,917</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
Activities</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities was RMB65.7 million (US$9.3 million) in 2023, primarily due to net loss of RMB185.3 million (US$26.1
million), adjusted for (i) interest expense of RMB168.2 million (US$23.7 million), (ii) share-based compensation of RMB37.3 million (US$5.3
million) and (iii) negative allowance for doubtful accounts of RMB19.6 million (US$2.8 million). Changes in assets and liabilities primarily
consisted of (i) an increase of accrued liabilities and other current liabilities of RMB92.4 million (US$13.0 million), (ii) an increase
of accrued liabilities related to users&#8217; loyalty programs of RMB33.1 million (US$4.6 million), and (iii) a decrease in accounts
payable of RMB25.2 million (US$3.5 million) as well as (iv) a decrease in accounts receivable of RMB22.8 million (US$3.2 million).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities was RMB443.8 million in 2022, primarily due to net loss of RMB914.8 million, adjusted for (i) interest
expense of RMB438.1 million, (ii) amortization of intangible assets of RMB102.6 million and (iii) share-based compensation of RMB70.1
million. Changes in assets and liabilities primarily consisted of (i) an increase of accrued liabilities and other current liabilities
of RMB998.4 million, (ii) a decrease in accounts receivable of RMB654.0 million, (iii) a decrease in amount due from related parties
of RMB211.1 million and (iv) an increase of advances from customers and deferred revenue of RMB73.9 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in operating activities was RMB279.1 million in 2021, primarily due to net loss of RMB1,240.2 million, adjusted for (i) allowance
for doubtful accounts of RMB249.1 million and (ii) share-based compensation of RMB200.2 million. Changes in assets and liabilities primarily
consisted of (i) a decrease in accrued liabilities and other current liabilities of RMB593.1 million, (ii) an increase in accounts receivable
of RMB282.3 million, (iii) a decrease in prepayments and other current assets of RMB195.4 million, (iv) a decrease in accounts payable
of RMB135.2 million and (v) a decrease in amount due from related parties of RMB123.7 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 125; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
Activities</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by investing activities was RMB26.5 million (US$3.7 million) in 2023, which was primarily attributable to proceeds from
sales and maturity of short-term investments of RMB26.4 million (US$3.7 million).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by investing activities was RMB267.6 million in 2022, which was primarily due to (i) proceeds from sales and maturity of
short-term investments of RMB292.5 million and (ii) proceeds from disposal of property and equipment of RMB1.4 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by investing activities was RMB75.5 million in 2021, which was primarily due to proceeds from sales and maturity of short-term
investments of RMB982.0 million, partially offset by purchase of short-term investments of RMB899.8 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
Activities</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash provided by financing activities was nil in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in financing activities was RMB20.0 million in 2022, which was primarily attributable to repayments of bank borrowings of RMB20.0
million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in financing activities was RMB66.1 million in 2021, which was primarily due to (i) repayments of bank borrowings of RMB70.0
million and (ii) repayment of borrowings from a related party of RMB13.0 million, partially offset by proceeds from bank borrowings of
RMB20.0 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
Expenditures</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group made capital expenditures of RMB7.0 thousand and RMB54.0 thousand (US$7.6 thousand) in 2022 and 2023, respectively. The Group&#8217;s
capital expenditures were mainly used for purchase of property and equipment and purchase of intangible assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commitments</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the Group&#8217;s contractual obligations as of December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="22" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Payment due by period</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Total</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Less than 1 Year</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">1-3 Years</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">3-5 Years</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">More than 5 Years</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">US$</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">RMB</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; font-size: 11pt">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="22" style="text-align: center; font-weight: bold">(in thousands)</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Operating lease obligations</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">6,117</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">862</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">2,341</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">3,776</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Content fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,595</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; text-align: left; font-weight: bold">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">17,117</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">2,457</p></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">13,341</p></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">3,776</p></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holding
Company Structure</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qutoutiao
Inc. is a holding company with no material operations of its own. We conduct our operations through our subsidiaries, the Group VIEs
and their subsidiaries in China. As a result, Qutoutiao Inc.&#8217;s ability to pay dividends depends upon dividends paid by our PRC
subsidiaries. If our existing PRC subsidiaries or any newly formed ones incur debt on their own behalf in the future, the instruments
governing their debt may restrict their ability to pay dividends to us. In addition, our wholly foreign-owned subsidiaries in China are
permitted to pay dividends to us only out of their retained earnings, if any, as determined in accordance with PRC accounting standards
and regulations. Under PRC law, each of our subsidiaries, the Group VIEs and their subsidiaries in China are required to set aside at
least 10% of its after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its
registered capital. In addition, our wholly foreign-owned subsidiaries in China and the Group VIEs and their subsidiaries may allocate
a portion of their after-tax profits based on PRC accounting standards to a discretionary surplus fund at their discretion. The statutory
reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned
company out of China is subject to examination by the banks designated by SAFE. Our PRC subsidiaries have not paid dividends and will
not be able to pay dividends until they generate accumulated profits and meet the requirements for statutory reserve funds.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 126; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Research
                                            and Development</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has focused on and will continue to invest in its technology system, including (i) enhancing its content recommendation engine,
(ii) optimizing its advertising solution by improving its real-time predictive click-through rate model and offering superior user targeting,
and (iii) enhancing its content management and delivery capabilities through increased adoption of artificial intelligence based technology
and greater level of automation to achieve higher operational efficiency and scalability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s research and development expenses were RMB551.6 million, RMB184.6 million and RMB106.6 million (US$16.0 million) in 2021,
2022 and 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Trend
                                            Information</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for
the year ended December 31, 2023 that are reasonably likely to have a material effect on the Group&#8217;s total net revenues, income,
profitability, liquidity or capital reserves, or that caused the disclosed financial information to be not necessarily indicative of
future operating results or financial conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Critical
                                            Accounting Estimates</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 5. Operating and Financial Review and Prospects &#8212; A. Operating Results &#8212; Critical Accounting Estimates.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_003"></span>ITEM
6.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DIRECTORS,
                                            SENIOR MANAGEMENT AND EMPLOYEES</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Directors
                                            and Senior Management</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
and Executive Officers</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding our directors and executive officers as of the date of this annual report. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Aptos; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; text-align: left; width: 38%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="padding-bottom: 1.5pt; text-align: center; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 8%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="padding-bottom: 1.5pt; text-align: center; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position/Title</b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric Siliang Tan</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-founder and chairman</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bing Xu</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Director, chief executive officer and chief financial
    officer</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jianfei Dong</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and co-president</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sihui Chen</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-founder and chief operating officer</span></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhiliang Wang</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td>
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-founder and chief technology officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Eric Siliang Tan</i></b> is our co-founder and chairman of our board of directors. Mr. Tan has more than 16 years of experience in the
Internet industry and serial entrepreneurship experiences. Mr. Tan served as chief executive officer of AdIn Media (Shanghai) Co., Ltd.
from 2013 to 2018, an advertising technology company he founded in 2013, which was acquired in 2015 by Wutong Holding Group Co., Ltd.,
a company listed on Shenzhen Stock Exchange. Prior to that, Mr. Tan was head of advertising solutions of Shanghai Shengyue Advertising
Co., Ltd., a subsidiary of SNDA Interactive Entertainment Limited from 2010 to 2013, in charge of developing open Internet advertising
platforms. Previously, Mr. Tan served at Wealink.com, an Internet recruiting company, as chief technology officer from 2008 to 2009,
and at 51.com, an online game company, as an engineering manager in 2008. Mr. Tan worked at Yahoo! China, with his last position as a
senior engineer, from 2006 to 2008. Mr. Tan graduated from Tsinghua University with a bachelor of engineering degree in automation in
2002. Mr. Tan graduated from Chinese Academy of Sciences with a master of engineering degree in artificial intelligence in 2006.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Bing Xu</i></b> is our director, chief executive officer and chief financial officer. Prior to joining our company in June 2023, Mr.
Xu served as the president of an advertisement technology company, from 2017 to 2023. Mr. Xu graduated from Tsinghua University with
a bachelor of engineering degree in automation in 2002 and a master of engineering degree in system integration in 2006.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 127; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Jianfei Dong</i></b> is our director and co-president. Prior to joining our company in May 2018, Mr. Dong served as the co-chief operating
officer of Inke, a mobile live-streaming platform, from 2017 to 2018. Prior to that, he served as the director of technology and general
manager of the mobile applications development department of Baidu from 2008 to 2017. Previously, Mr. Dong worked as a senior research
and development engineer on Internet search engine at Kuxun, a travel services and search website, from 2007 to 2008. Mr. Dong graduated
from Tsinghua University with a bachelor degree in control science and engineering in automation in 2005 and a master degree in control
science and engineering in automation in 2007.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ms.
Sihui Chen</i></b> is our co-founder and chief operating officer. Prior to joining our company in January 2016, Ms. Chen worked at Shanghai
Qingyuan Lvwang Co., Ltd., an Internet gaming company, as head of project management responsible for product development. Previously,
Ms. Chen held several positions at SNDA Interactive Entertainment Limited, including executive assistant to the chief executive officer
of literature division from 2012 to 2014, and corporate human resource business partner from 2007 to 2012. Ms. Chen graduated from Zhongnan
University of Economics and Law with a bachelor degree in management and a bachelor degree in finance in 2007.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mr.
Zhiliang Wang</i></b> is our co-founder and chief technology officer. Prior to joining our company in March 2016, Mr. Wang had over ten
years of experience in the Internet industry focusing on advertising and mobile applications. He worked at Baidu, Inc. as an engineering
manager responsible for the mobile browser division from 2013 to 2015. Previously, Mr. Wang was a senior manager of programmatic advertising
platform solutions at Shanghai Shengyue Advertising Co., Ltd., a subsidiary of SNDA Interactive Entertainment Limited from 2010 to 2013.
Prior to that, Mr. Wang worked at PPLive, an online video company, as a research and development supervisor of online video from 2007
to 2010. Mr. Wang graduated from Southwestern University with a bachelor degree in information management and information systems in
2007.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
business address for all of our executive officers and directors is Building No. 2, Shanghai Pudong Software Park, 519 Yi De Road, Pudong
New Area, Shanghai, 200124, People&#8217;s Republic of China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Compensation</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2023, we paid aggregate cash compensation of approximately RMB3.1 million (US$0.4 million) to our directors and executive officers as
a group. We did not pay any other cash compensation or benefits in kind to our directors and executive officers. We have not set aside
or accrued any amount to provide pension, retirement or other similar benefits to our directors and executive officers. Our PRC subsidiaries
and the Group VIEs are required by law to make contributions equal to certain percentages of each employee&#8217;s salary for his or
her pension insurance, medical insurance, unemployment insurance and other statutory benefits and a housing provident fund. Our board
of directors may determine compensation to be paid to the directors and the executive officers and will assist the directors in reviewing
and approving the compensation structure for the directors and the executive officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
information regarding share awards granted to our directors and executive officers, see &#8220;&#8212; Equity Incentive Plan.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 128; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employment
Agreements and Indemnification Agreements</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into employment agreements with each of our executive officers. Under these agreements, each of our executive officers is
employed for a specified time period. We may terminate employment for cause, at any time, without advance notice, for certain acts of
the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, willful misconduct or
gross negligence to our detriment, or serious breach of duty of loyalty to us. We may also terminate an executive officer&#8217;s employment
without cause upon three-month advance written notice. In such case of termination by us, we will provide severance payments to the executive
officer as expressly required by applicable law of the jurisdiction where the executive officer is based. The executive officer may resign
at any time with a three-month advance written notice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
executive officer has agreed to hold, both during and within two years after the termination or expiry of his or her employment agreement,
in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or
pursuant to applicable law, any of our confidential information or trade secrets, any confidential information or trade secrets of our
business partners, or the confidential or proprietary information of any third party received by us and for which we have confidential
obligations. The executive officers have also agreed to disclose in confidence to us all inventions, designs and trade secrets which
they conceive, develop or reduce to practice during the executive officer&#8217;s employment with us and to assign all rights, titles
and interests in them to us, and assist us in obtaining and enforcing patents, copyrights and other legal rights for these inventions,
designs and trade secrets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, each executive officer has agreed to be bound by non-competition and non-solicitation restrictions during the term of his or
her employment and typically for one year following the last date of employment. Specifically, each executive officer has agreed not
to (i) approach financial institutions, dealers or other persons or entities introduced to the executive officer in his or her capacity
as a representative of us for the purpose of doing business with such persons or entities that will harm our business relationships with
these persons or entities; (ii) assume employment with or provide services to any of our competitors, or engage, whether as principal,
partner, licensor or otherwise, any of our competitors, without our express consent; or (iii) seek directly or indirectly, to solicit
the services of any of our employees who is employed by us on or after the date of the executive officer&#8217;s termination, or in the
year preceding such termination, without our express consent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we agreed to
indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims
made by reason of their being a director or officer of our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
Incentive Plan</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
Incentive Plan</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2019, our board of directors adopted a new equity incentive plan, or equity incentive plan, pursuant to which equity-based awards
may be granted to eligible participants. The purpose of the equity incentive plan is to attract and retain the services of key personnel
by providing additional incentive to promote the business of our company. The equity incentive plan replaced the 2017 equity incentive
plan and 2018 equity incentive plan that we previously adopted in their entirety and assumed the awards previously granted under these
two plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
equity incentive plan provides initially for an aggregate amount of no more than 12,464,141 Class A ordinary shares to be issued pursuant
to equity-based awards granted under the plan. On March 5, 2019, the Company increased the aggregate number of Class A ordinary shares
reserved for issuance pursuant to awards granted under the equity incentive plan by 3.5% of the total number of Class A ordinary shares
and Class B ordinary shares outstanding as of December 31, 2018. On every January 1 thereafter for four years, the aggregate number of
Class A ordinary shares reserved and available for issuance pursuant to awards granted under the equity incentive plan will be increased
by 2.0% of the total number of Class A ordinary shares and Class B ordinary shares outstanding on December 31 of the preceding calendar
year. Generally, if any award (or portion thereof) under the equity incentive plan terminates, expires, lapses, is canceled for any reason
without being vested or exercised, or is settled in cash or other property, as applicable, the ordinary shares subject to such award
will again be available for future grant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 129; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, equity-based awards with respect to 6,041,461 Class A ordinary shares have been granted and were outstanding
under the equity incentive plan (including equity-based awards previously granted under the 2017 equity incentive plan and the 2018 equity
incentive plan).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administration</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
equity incentive plan will be administered by our board of directors or any member(s) of the board of directors or officer(s) who have
been delegated any authority pursuant to the equity incentive plan. The plan administrator is authorized to interpret the plan and to
determine the provisions of each award, including the number of shares covered, the type of award, the exercise price, if applicable,
and the vesting schedule. In addition, the plan administrator may (i) select the recipients of awards, (ii) prescribe the forms of award
agreements and amend any award agreement (subject to certain limitations), (iii) allow a participant to satisfy minimum tax withholding
obligations by withholding shares to be issued pursuant to an award and (iv) make other decisions and determinations as provided in the
equity incentive plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Types
of Awards</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
equity incentive plan permits awards of, among others, options, restricted shares and restricted share units.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
in Control</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of a change in control, the plan administrator may, in its sole discretion, (i) adjust the number and kind of shares and prices
subject to awards then held by a participant in the equity incentive plan to provide the assumption or substitution of any award or provide
for the assumption, conversion or replacement of any option with other rights (including cash) or property (as the plan administrator
selects or determines to be reasonable, equitable and appropriate) (ii) accelerate the vesting, in whole or in part, of any award, or
(iii) purchase any award for an amount of cash or shares (in accordance with the terms of the equity incentive plan). In the event a
successor or surviving company refuses to assume, convert or replace an award, then the outstanding awards shall fully vest. A &#8220;change
of control&#8221; under the equity incentive plan is defined as (i) an amalgamation, arrangement, merger, consolidation or scheme of
arrangement in which our company is not the surviving entity, except for a transaction the principal purpose of which is to change the
jurisdiction in which our company is incorporated or which following such transaction the holders of our company&#8217;s voting shares
immediately prior to such transaction own more than fifty percent (50%) of the voting shares of the surviving entity; (ii) the sale,
transfer or other disposition of all or substantially all of the assets of our company (other than to one of our subsidiaries); (iii)
the completion of a voluntary or insolvent liquidation or dissolution of our company; (iv) any takeover, reverse takeover, scheme of
arrangement, or series of related transactions culminating in a reverse takeover or scheme of arrangement (including, but not limited
to, a tender offer followed by a takeover or reverse takeover) in which our company survives but (A) the shares of our company outstanding
immediately prior to such transaction are converted or exchanged by virtue of the transaction into other property, whether in the form
of shares, securities, cash or otherwise, or (B) the shares carrying more than 50% of the total combined voting power of our company&#8217;s
then issued and outstanding shares are transferred to a person or persons different from those who held such shares immediately prior
to such transaction culminating in such takeover, reverse takeover or scheme of arrangement, or (C) our company issues new voting shares
in connection with any such transaction such that holders of the our company&#8217;s voting shares immediately prior to the transaction
no longer hold more than 50% of the voting shares of our company after the transaction; or (v) the acquisition in a single or series
of related transactions by any person or related group of persons (other than employees of our company, our subsidiaries or any other
person in or of which our company or subsidiaries holds a substantial economic interest or possesses the power to direct or cause the
direction of the management policies or entities established for the benefit of the employees of our company, our subsidiaries or any
other person in or of which our company or subsidiaries holds a substantial economic interest or possesses the power to direct or cause
the direction of the management policies) of (A) control of our board of directors or the ability to appoint a majority of the members
of our board of directors, or (B) beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of shares carrying more
than 50% of the total combined voting power of the our company&#8217;s then issued and outstanding shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Page; Sequence: 130; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
terminated earlier, the equity incentive plan will expire ten years from the date the equity incentive plan becomes effective. Awards
made under the equity incentive plan on or prior to the date of its termination will continue in effect subject to the terms of the equity
incentive plan and the applicable award agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vesting
Schedule</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, the plan administrator determines the vesting schedule of each award as evidenced by an award agreement. The plan administrator
may accelerate the vesting of any award.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
and Termination of Plan</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors, in its sole discretion, may at any time amend, alter or discontinue the equity incentive plan, subject to certain
exceptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted
Options (including options previously granted under our 2017 equity incentive plan and 2018 equity incentive plan.</span></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1.5pt solid; width: 13%; font-weight: bold; font-style: normal">Name</td><td style="padding-bottom: 1.5pt; width: 2%; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 21%; font-weight: bold; font-style: normal">Position</td><td style="text-align: center; padding-bottom: 1.5pt; width: 2%; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 14%; font-weight: bold; font-style: normal; text-align: center">Class A Ordinary Shares Underlying Options Awarded</td><td style="text-align: center; padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 14%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Option</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Exercise</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Price</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt; width: 2%; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 14%; font-weight: bold; font-style: normal; text-align: center">Grant Date</td><td style="text-align: center; padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Option</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Expiration</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Date</b></span></p></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhiliang
    Wang</span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    technology officer </span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="text-align: right; font-weight: normal; font-style: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,372,965</span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="text-align: right; font-weight: normal; font-style: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$0.0001</span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    30, 2016 </span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    30, 2026</span></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sihui
Chen</span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    operating officer </span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="text-align: right; font-weight: normal; font-style: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">957,655</span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="text-align: right; font-weight: normal; font-style: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$0.0001</span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    30, 2016 </span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">June
    30, 2026</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Jianfei Dong</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">Director and co-president</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="text-align: right; font-weight: normal; font-style: normal">*</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="text-align: right; font-weight: normal; font-style: normal">US$0.0001</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal">June 30, 2018</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal">June 30, 2028</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="text-align: right; font-weight: normal; font-style: normal">*</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="text-align: right; font-weight: normal; font-style: normal">US$0.0001</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal">March 31, 2019</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal">March 31, 2029</td></tr>
  </table>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
                                            than 1% of our outstanding shares</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, aside from grants of options, no other awards have been granted under our equity incentive plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
Incentive Trusts</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
established equity incentive trusts pursuant to a deed dated February 26, 2018 among us, The Core Trust Company Limited, as the trustee,
and Qu World Limited and QFUN Limited, each as a nominee. Through such trusts, our ordinary shares underlying equity awards granted pursuant
to our equity incentive plan may be provided to certain of recipients of such equity awards. As of the date of this annual report, Qu
World Limited holds 3,876,500 Class A ordinary shares pursuant to our equity incentive plan and QFUN Limited does not currently holds
any Class A ordinary shares. Upon satisfaction of vesting conditions and exercise by a grant recipient, the trustee will transfer the
ordinary shares underlying the relevant equity awards to such grant recipient.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trust deed provides that the trustee shall not have any voting power in relation to the Class A ordinary shares held by Qu World Limited
and QFUN Limited. Although these shares are legally issued and outstanding, they are accounted for as treasury shares and as a result,
are not deemed as outstanding from an accounting perspective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Board
                                            Practices</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors consists of three directors. A director is not required to hold any shares in our company to qualify to serve as
a director. A director may vote with respect to any contract or any proposed contract or arrangement in which he is interested, and if
he does so, his vote shall be counted and he may be counted in the quorum at any meeting of our directors at which any such contract
or proposed contract or arrangement is considered, provided (a) such director has declared the nature of his interest at the meeting
of the board at which the question of entering into the contract or arrangement is first considered if he knows his interest then exists,
or in any other case at the first meeting of the board after he knows he is or has become so interested, either specifically or by way
of a general notice and (b) if such contract or arrangement is a transaction with a related party, such transaction has been approved
by the board of directors. The directors may exercise all the powers of the company to borrow money, to mortgage or charge its undertaking,
property and uncalled capital, and to issue debentures or other securities whenever money is borrowed or as security for any debt, liability
or obligation of the company or of any third party. None of our non-executive directors has a service contract with us that provides
for benefits upon termination of service.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 131; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Committees
of the Board of Directors</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not subject to listing requirements of any national securities exchange and, as a result, we are not at this time required to have
any &#8220;independent directors&#8221; on our board. On May 11, 2023, both of our independent directors resigned due to personal reasons.
Following such resignation, our board of directors resolved to dissolve our audit, compensation and nominating and corporate governance
committees on May 12, 2023. The functions that would have been performed by such committees are performed by our board of directors instead.
The board is of the opinion that such committees are not necessary since the functions of such committees can be performed by the board
of directors. For risks relating to lack of independent directors, see &#8220;Item 3. Key Information &#8212; D. Risk Factors &#8212;
Risks Relating the ADSs &#8212; There are no independent directors on our board, which may create a potential conflict of interest.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duties
of Directors</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Cayman Islands law, our directors have a fiduciary duty to act honestly in good faith with a view to our best interests. Our directors
also have a duty to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association, as amended
and restated from time to time, and the class rights vested thereunder in the holders of the shares. A shareholder has the right to seek
damages if a duty owed by our directors is breached.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
functions and powers of our board of directors include, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conducting
    and managing the business of our company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">representing
    our company in contracts and deals;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
    attorneys for our company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">selecting
    senior management;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing
    employee benefits and pension;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">managing
    our company&#8217;s finance and bank accounts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercising
    the borrowing powers of our company and mortgaging the property of our company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercising
    any other powers conferred by the shareholders&#8217; meetings or under our amended and restated memorandum and articles of association;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercising
    the functions that would have been performed by audit committee, compensation committee and nominating and corporate governance committee.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms
of Directors and Executive Officers</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors may be elected by a resolution of our board of directors, or by an ordinary resolution of our shareholders, pursuant to our
amended and restated memorandum and articles of association. Each of our directors will hold office until his or her successor takes
office or until his or her earlier death, resignation or removal or the expiration of his or her term as provided in the written agreement
with our company, if any. A director will cease to be a director if, among other things, the director (i) dies, or becomes bankrupt or
makes any arrangement or composition with his creditors, (ii) is found to be or becomes of unsound mind, (iii) resigns his office by
notice in writing to the company, or (iv) without special leave of absence from our board, is absent from three consecutive board meetings
and our directors resolve that his office be vacated. Our officers are elected by and serve at the discretion of the board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 132; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Employees</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, 2022 and 2023, the Group had a total of 1,110, 427 and 370 employees, respectively. The following table sets forth
the breakdown of the Group&#8217;s employees as of December 31, 2023 by function:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal">Function</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: right"><div style="font: 10pt Times New Roman, Times, Serif; padding: 0in 0in 1pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Number
of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Employees</b></span></p> </div></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">% of Total</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; font-weight: normal; font-style: normal; text-align: left">Content management</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: right">&#160;</td><td style="width: 16%; text-align: right">82</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">22.2</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left">Technology and product development</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td style="text-align: right">156</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">42.2</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Sales, customer service and marketing</td><td>&#160;</td>
    <td style="text-align: right">&#160;</td><td style="text-align: right">73</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19.7</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">General administration</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">59</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">15.9</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: normal; padding-bottom: 2.5pt"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Total</b><span style="font-weight: normal"> </span></span></td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">370</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">100.0</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s employees are based in Shanghai, Beijing, Wuhu City in Anhui Province, Shaoxin City in Zhejiang, Hainan and overseas, respectively.
We believe the Group offers its employees competitive compensation packages and a dynamic work environment that encourages initiative
and meritocracy. As a result, the Group has generally been able to attract and retain qualified personnel and maintain a stable core
management team. The Group plans to hire additional experienced and talented employees in areas such as content management and research
and development as it expands its business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
required by PRC regulations, the Group participates in various government statutory employee benefit plans, including social insurance
funds, namely a pension contribution plan, a medical insurance plan, an unemployment insurance plan, a work-related injury insurance
plan and a maternity insurance plan, and a housing provident fund. In addition, the Group purchased employer&#8217;s liability insurance
and additional commercial health insurance to increase insurance coverage of its employees. The Group enters into standard labor, confidentiality
and non-compete agreements with its employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
non-compete restricted period typically expires two years after the termination of employment, and the Group agrees to compensate the
employee with a certain percentage of his or her pre-departure salary during the restricted period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the Group maintains a good working relationship with its employees, and the Group has not experienced any major labor disputes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Share
Ownership </span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information as of the date of this annual report with respect to the beneficial ownership of our Class A ordinary
shares and Class B ordinary shares by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    of our directors and executive officers; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    person known to us to own beneficially 5.0% or more of our ordinary shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to, or the power
to receive the economic benefit of ownership of, the securities. In computing the number of shares beneficially owned by a person and
the percentage ownership of that person, we have included shares that the person has the right to acquire within 60 days, including through
the exercise of any option or other right or the conversion of any other security.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 133; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->131<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of the table below that sets forth information as to the beneficial ownership of our ordinary shares, the total number of
ordinary shares issued and outstanding as of the date of this annual report is 79,857,211, comprising 46,920,018 Class A ordinary shares
and 32,937,193 Class B ordinary shares. The 46,920,018 Class A ordinary shares issued and outstanding include 3,876,500 Class A ordinary
shares held by an equity incentive trust, Qu World Limited. Although these shares are legally issued and outstanding, they are accounted
for as treasury shares and as a result, are not deemed as outstanding from an accounting perspective. Upon satisfaction of vesting conditions
and exercise by a grant recipient, the trustee of our equity incentive trusts will transfer the ordinary shares underlying the relevant
equity awards to such grant recipient. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold; font-style: normal">Ordinary Shares Beneficially Owned</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Class A</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Ordinary</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Shares</b></span></p></td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Class B</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Oridinary</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Shares</b></span></p></td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of total</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ordinary</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>shares</b></span></p></td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>of aggregate</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>voting</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>power***</b></span></p></td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-style: normal; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Directors and Executive Officers:</b><span style="font-weight: normal">**</span></span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 36%; font-weight: normal; font-style: normal; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif">Eric Siliang Tan<sup>(1)</sup> </span></td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 12%; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 12%; font-weight: normal; font-style: normal; text-align: right">27,123,442</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 12%; font-weight: normal; font-style: normal; text-align: right">34.0</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">%</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 12%; font-weight: normal; font-style: normal; text-align: right">72.1</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal"><span style="font: normal 10pt Times New Roman, Times, Serif">Lei Li<sup>(2)</sup> </span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">5,813,751</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">7.3</td><td style="font-weight: normal; font-style: normal; text-align: left">%</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">15.5</td><td style="font-weight: normal; font-style: normal; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal"><span style="font: normal 10pt Times New Roman, Times, Serif">Zhiliang Wang<sup>(5)</sup> </span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">1,852,965</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">2.3</td><td style="font-weight: normal; font-style: normal; text-align: left">%</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">0.5</td><td style="font-weight: normal; font-style: normal; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left">Sihui Chen </td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><span style="font: normal 10pt Times New Roman, Times, Serif">*</span></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right"><span style="font: normal 10pt Times New Roman, Times, Serif">*</span></td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">Bing Xu</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">Directors and Executive Officers as a Group </td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">2,940,620</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">32,937,193</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">44.9</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">%</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: normal; font-style: normal; text-align: right">88.4</td><td style="padding-bottom: 2.5pt; font-weight: normal; font-style: normal; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: normal; text-align: left">Principal Shareholders</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif">Innotech Group Holdings Ltd.<sup>(1)</sup> </span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">27,123,442</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">34.0</td><td style="font-weight: normal; font-style: normal; text-align: left">%</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">72.1</td><td style="font-weight: normal; font-style: normal; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif">News List Ltd.<sup>(2)</sup> </span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">5,813,751</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">7.3</td><td style="font-weight: normal; font-style: normal; text-align: left">%</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">15.5</td><td style="font-weight: normal; font-style: normal; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif">Qu World Limited<sup>(3)</sup> </span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">3,876,500</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">4.9</td><td style="font-weight: normal; font-style: normal; text-align: left">%</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif">Mount McKinley Investment Limited<sup>(4)</sup> </span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">3,343,245</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">4.2</td><td style="font-weight: normal; font-style: normal; text-align: left">%</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">0.9</td><td style="font-weight: normal; font-style: normal; text-align: left">%</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    than 1% of our outstanding shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    business address for our directors and executive officers is Building No. 2, Shanghai Pudong Software Park, 519 Yi De Road, Pudong
    New Area, Shanghai, 200124, People&#8217;s Republic of China.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    each person and group included in this column, the percentage of voting power is calculated by dividing the voting power beneficially
    owned by such person or group by the voting power of all of our Class A and Class B ordinary shares as a single class. In respect
    of all matters upon which the ordinary shares are entitled to vote, each Class A ordinary share is entitled to one vote, and each
    Class B ordinary share is entitled to ten (10) votes, voting together as one class. Each Class B ordinary share is convertible into
    one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares
    under any circumstances.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    27,123,442 Class B ordinary shares that are held by Innotech Group Holdings Ltd., a limited liability company established in the
    Cayman Islands. Innotech Group Holdings Ltd. is indirectly wholly owned by a trust of which Mr. Eric Siliang Tan and his family are
    beneficiaries. The registered address of Innotech Group Holdings Ltd. is P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay
    Road, Grand Cayman, KY1-1205, Cayman Islands.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    5,813,751 Class B ordinary shares that are held by News List Ltd., a limited liability company established in the British Virgin
    Islands. News List Ltd. is indirectly wholly owned by a trust of which Mr. Lei Li and his family are beneficiaries. The registered
    address of News List Ltd. is Craigmuir Chambers, Road Town, Tortola, British Virgin Islands.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    3,876,500 Class A ordinary shares held by Qu World Limited, a limited liability company established in the British Virgin Islands,
    as a nominee of our equity incentive trust. Qu World Limited is wholly owned by The Core Trust Company Limited, a trust company established
    in Hong Kong that acts as the trustee of our equity incentive trust. The registered address of Qu World Limited is Wickhams Cay II,
    Road Town, Tortola, VG1110, British Virgin Islands. The trust deed for our equity incentive trust provides that the trustee shall
    not have any voting power in relation to the 3,876,500 Class A ordinary shares held by Qu World Limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    3,343,245 Class A ordinary shares in the form of 1,337,298 ADSs held by Mount McKinley Investment Limited, a company incorporated
    in the British Virgin Islands, as reported in Amendment No. 1 to the Schedule 13G filed on February 11, 2022, which accounts for
    7.1% of the outstanding Class A ordinary shares as of the date of this annual report. Mount McKinley Investment Limited is a wholly-owned
    subsidiary of Tencent Holdings Limited, a company incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange.
    The registered address of Mount McKinley Investment Limited is 29/F., Three Pacific Place, No. 1 Queen&#8217;s Road East, Wanchai,
    Hong Kong. The registered address of Tencent Holdings Limited is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111,
    Cayman Islands.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    1,852,965 Class A ordinary shares issuable to Mr. Zhiliang Wang upon exercise of the share options granted under our equity incentive
    plan that have vested or are expected to vest within 60 days from the date of this annual report.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 134; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->132<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trustee of our equity incentive trusts does not have any voting power in relation to the 3,876,500 Class A ordinary shares held by Qu
World Limited. In addition, The Bank of New York Mellon, the depositary bank of our ADR program, does not have voting power over the
3,145,390 Class A ordinary shares it holds that are reserved for equity awards granted under our equity incentive plan. As such, 72,835,321
of the 79,857,211 ordinary shares issued and outstanding as of the date of this annual report have voting power.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2019, we completed a follow-on public offering of an aggregate of 10,000,000 ADSs, comprising 3,327,868 ADSs issued and sold by
us and 6,672,132 ADSs sold by certain selling shareholders, representing an aggregate of 2,500,000 Class A ordinary shares. We raised
approximately US$31.0 million in net proceeds, after deducting underwriting discounts and commissions and the offering expenses payable
by us. We did not receive any of the proceeds from the sale of ADSs by the selling shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 28, 2019, our board of directors authorized a share repurchase program under which we may repurchase up to US$50 million worth of
our outstanding American depositary shares (&#8220;ADSs&#8221;) representing our Class A ordinary shares over the next 12 months. Under
the share repurchase program, we may repurchase our ADSs from time to time through open market transactions at prevailing market prices,
privately negotiated transactions, block trades or any combination thereof. In addition, we will also effect repurchase transactions
in compliance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and its insider trading policy.
The number of ADSs repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price,
trading volume and general market conditions, along with our working capital requirements, general business conditions and other factors.
The share repurchase program has been terminated, and a total of 4,665,700 ADSs, representing 1,166,425 Class A ordinary shares, were
repurchased for a total consideration of US$20.7 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 27, 2019, we issued an aggregate of 1,480,123 Class A ordinary shares to Haitong International Investment Solutions Limited
pursuant to various agreements entered into between us, Shanghai Dongfang Newspaper Co., Ltd. and its subsidiaries, or collectively,
The Paper, and certain other parties. Upon the completion of this issuance, The Paper is deemed to beneficially own approximately 2.0%
of our total enlarged issued and outstanding share capital. The Paper will also carry out the performance with a fee charge of certain
strategic cooperation agreements with Shanghai Jifen, the Group VIE, for certain years. In addition, Shanghai Jifen has issued equity
interests representing 1% of its enlarged share capital to The Paper.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, a total of 43,043,510 Class A ordinary shares are held by one record holder in the United States,
The Bank of New York Mellon, the depositary bank of our ADR program, which represents approximately 53.9% of our total outstanding shares.
None of our outstanding Class B ordinary shares is held by record holders in the United States. We are not aware of any of our shareholders
being affiliated with a registered broker-dealer or being in the business of underwriting securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Disclosure of a Registrant&#8217;s Action to Recover
Erroneously Awarded Compensation</span></b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_004"></span>ITEM
                                            7.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAJOR
                                            SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Major
                                            Shareholders</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
refer to &#8220;Item 6. Directors, Senior Management and Employees &#8212; E. Share Ownership.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 135; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->133<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Related
                                            Party Transactions</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
with Companies Controlled by or Affiliated with Mr. Tan</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group provided advertising and marketing services to several companies controlled by Mr. Eric Siliang Tan, mainly Shanghai Tujin
Internet Technology Co., Ltd., or Shanghai Tujin, and charged service fees of RMB40.3 million, RMB2.5 million and nil in the fiscal
years ended December 31, 2021, 2022 and 2023, respectively. The advertising and marketing services were provided to help promote
these companies&#8217; mobile applications, which were developed in late 2018. As of December 31, 2022 and 2023, the amount due from
such related parties that pertained to accounts receivable from related parties&#8217; revenues generated was RMB48.8 million and
RMB45.8 million (US$6.5 million), respectively. Although the settlement of the remaining receivables may be after the due date, as
these companies are under the common control of our founder and they have demonstrated an ability to continuously pay off their
balances, we did not view this delay in payment as a sign of collectability risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group entered into a cost-per-impression (CPM) arrangement for advertisement placement by the Group&#8217;s advertising customers with
Shanghai Mengjia Internet Technology Co., Ltd., or Shanghai Mengjia, and Shanghai Tujin, which are media platforms controlled by Mr.
Eric Siliang Tan, in 2019. The total service fee charged by Shanghai Mengjia and Shanghai Tujin amounted to RMB103.3 million, RMB16.7
million and RMB0.3 million (US$48.6 thousand) for the fiscal years ended December 31, 2021, 2022 and 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group entered into a game cooperation agreement with Shanghai Ruiti Internet Technology Co., Ltd., or Shanghai Ruiti, a game developing
company in which Mr. Eric Siliang Tan&#8217;s controlled entity has significant influence on. The total service fee the Group paid to
Shanghai Ruiti in relation to the arrangement amounted to RMB11.0 thousand, nil and nil for the fiscal years ended December 31, 2021,
2022 and 2023, respectively. The investment in this company was fully impaired as of December 31, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, amount due to the related parties in relation to the CPM arrangement was RMB0.6 million and RMB0.2 million
(US$21.7 thousand), respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Shanghai Tujin also provided advertising and marketing-related promotion services to the Group. For the years ended December
31, 2020, 2021 and 2022, the service fees charged from such related parties amounted to RMB15.8 million, RMB7.9 million and RMB0.2 million
(US$26.6 thousand), respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractual
Arrangements with the Group VIEs and Their Respective Shareholders</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
laws and regulations place certain restrictions on foreign investment in and ownership of internet-based businesses. Accordingly, we
conduct the Group&#8217;s operations mainly through the Group VIEs and their subsidiaries. We effectively control the Group VIEs through
a series of contractual arrangements with the Group VIEs, their respective shareholders and our WFOEs. As a result, we operate the Group&#8217;s
relevant business through contractual arrangements among Shanghai Quyun and Shanghai Zhicao, our wholly-owned PRC subsidiaries, Shanghai
Jifen, Big Rhinoceros Horn and Beijing Churun, the Group VIEs, and their respective shareholders. For a description of these contractual
arrangements, see &#8220;Item 4. &#8212; Information on the Company &#8212; D. Organizational Structure &#8212; Contractual Arrangements
among Our Key WFOEs, the Key VIEs and Their Respective Shareholders.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Interests
                                            of Experts and Counsel</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_005"></span>ITEM
                                            8.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
                                            INFORMATION</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Consolidated
                                            Statements and Other Financial Information</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have appended consolidated financial statements filed as part of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 136; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->134<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
and Administrative Proceedings </span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
re Qutoutiao Inc. Securities Litigation, 1:20-cv-06707 (SHS) (SDNY)</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>In
re Qutoutiao, Inc. Securities Litigation, 23-1233 (2d Cir.)</i></b></span></p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 20, 2020, we and certain of our current and former directors and officers were named as defendants in a putative shareholder
class action lawsuit filed in the United States District Court for the Southern District of New York. This action is brought on
behalf of a putative class of persons who purchased or acquired our securities pursuant or traceable to our September 2018 initial
public offering or April 2019 secondary public offering, or otherwise acquired our securities between September 14, 2018 and
December 16, 2020 (the &#8220;Putative Class Period&#8221;). The complaint alleges violations of Sections 11, 12(a)(2), and 15 of
the Securities Act of 1933, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder
based on alleged materially false or misleading statements or omissions in offering documents and/or issued throughout the Putative
Class Period. Lead Plaintiff was appointed, and a consolidated amended complaint was filed on January 15, 2021. We filed a motion to
dismiss such amended complaint on March 16, 2021. Lead Plaintiff filed an opposition to the motion on May 17, 2021, and we filed a
reply on July 1, 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 3, 2023, the District Court granted the motion to dismiss in its entirety. Plaintiff appealed the dismissal of the Securities
Act of 1933 claims to the United States Court of Appeals for the Second Circuit. Plaintiff alleges on appeal there were materially
false or misleading statements or omissions made only in the offering documents. On January 3, 2024, Plaintiff filed his opening
brief, and on April 3, 2024, we filed our brief in response. Plaintiff filed his reply brief on April 24, 2024. A decision on the
appeal is pending. It is premature at this stage of the litigation to evaluate the likelihood of a favorable or unfavorable
outcome.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lawsuit
Relating to Advertisements on Our Online Platform</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2022, one of our material subsidiaries and one of the Key VIEs were ordered by a local district court in China to pay fines in
an aggregate amount of approximately RMB82.8 million (US$12.0 million) in connection with alleged fraudulent advertisements that certain
advertising customer of the Group placed on the Group&#8217;s online platform. On November 9, 2022, we appealed the judgment to the local
appellate court, which upheld the rulings on December 9, 2022. As of the date of this annual report, we have paid off the fines.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
then audit committee engaged an external legal counsel, Hui Ye Law Firm, to conduct an internal investigation into the compliance of
our advertising business during the occurrence of this incident. According to the internal investigation, we have proper policies and
procedures in place to screen the advertisements placed on our online platform in order to comply with applicable laws and regulations.
We plan to continue to undertake measures to improve the compliance of our advertising business, including to enhance the implementation
of relevant policies and procedures on advertisement screening and to strengthen the training and supervision of our employees to minimize
employee misconduct.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as disclosed above, the Group is currently not a party to any other material legal or administrative proceedings. The Group may from
time to time be subject to various legal or administrative claims and proceedings arising from the ordinary course of business. Litigation
or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of
the Group&#8217;s resources, including our management&#8217;s time and attention.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
Policy</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our inception, we have not declared or paid any dividends on our shares. We do not have any present plan to pay any dividends on our
Class A ordinary shares in the foreseeable future. We intend to retain most, if not all, of our available funds and any future earnings
to operate and expand our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
other future determination to pay dividends will be made at the discretion of our board of directors and may be based on a number of
factors, including our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions
and other factors that the board of directors may deem relevant. If we pay any dividends, ADS holders will receive payment to the same
extent as holders of our Class A ordinary shares, subject to the terms of the deposit agreement, including the fees and expenses payable
thereunder. See &#8220;Item 12. Description of Securities other than Equity Securities &#8212; D. American Depositary Shares.&#8221;
Cash dividends on our Class A ordinary shares, if any, will be paid in U.S. dollars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 137; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->135<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company with limited liability incorporated in the Cayman Islands. In order for us to distribute any dividends to our
shareholders and ADS holders, we may rely on dividends distributed by our PRC subsidiaries. Certain payments from our PRC subsidiaries
to us may be subject to PRC withholding income tax. In addition, regulations in the PRC currently permit payment of dividends of a PRC
company only out of accumulated distributable after-tax profits as determined in accordance with its articles of association and the
accounting standards and regulations in China. Each of our PRC subsidiaries is required to set aside at least 10% of its after-tax profit
based on PRC accounting standards every year to a statutory common reserve fund until the aggregate amount of such reserve fund reaches
50% of the registered capital of such subsidiary. Such statutory reserves are not distributable as loans, advances or cash dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Significant
                                            Changes</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has not experienced any other significant changes since the date of our audited consolidated financial statements included in this
annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_006"></span>ITEM
                                            9.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
                                            OFFER AND LISTING</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Offering
                                            and Listing Details</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ADSs had been listed on the NASDAQ Global Select Market since September 14, 2018 under the symbol &#8220;QTT.&#8221; On December 10,
2021, we effected a change of the ratio of our ADSs to Class A ordinary shares from the then ADS ratio of four (4) ADSs to one (1) Class
A ordinary share to a new ADS ratio of two (2) ADS representing five (5) Class A ordinary shares. We received a delisting notice from
Nasdaq on March 14, 2023. On April 12, 2023, the staff of the Nasdaq Stock Market LLC filed a Form 25 Notification of Delisting with
the SEC to delist us from Nasdaq, and the delisting became effective 10 days after filing the Form 25.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Plan
                                            of Distribution</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Markets</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ADSs had been listed on the NASDAQ Global Select Market since September 14, 2018 under the symbol &#8220;QTT.&#8221; On December 10,
2021, we effected a change of the ratio of our ADSs to Class A ordinary shares from the then ADS ratio of four (4) ADSs to one (1) Class
A ordinary share to a new ADS ratio of two (2) ADS representing five (5) Class A ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Selling
                                            Shareholders</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Dilution</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Expenses
                                            of the Issue</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_007"></span>ITEM
                                            10.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADDITIONAL
                                            INFORMATION</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Share
                                            Capital</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 138; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->136<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Memorandum
                                            and Articles of Association</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incorporate by reference into this annual report the description of our sixth amended and restated memorandum of association contained
in our F-1 registration statement (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August
17, 2018. Our shareholders adopted our sixth amended and restated memorandum and articles of association by a special resolution passed
on September 4, 2018, which became effective immediately prior to the completion of our initial public offering of ADSs representing
our Class A ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Material
                                            Contracts </span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has not entered into any material contracts other than in the ordinary course of business and other than those described in &#8220;Item
4. Information on the Company,&#8221; &#8220;Item 5. Operating and Financial Review and Prospects,&#8221; or elsewhere in this annual
report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Exchange
                                            Controls</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 4. Information on the Company &#8212; B. Business Overview &#8212; Regulations &#8212; Regulations on Foreign Exchange.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Taxation</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a general summary of certain Cayman Islands, People&#8217;s Republic of China and United States federal income tax consequences
relevant to an investment in our ADSs and Class A ordinary shares. The discussion is not intended to be, nor should it be construed as,
legal or tax advice to any particular prospective purchaser. The discussion is based on laws and relevant interpretations thereof in
effect as of the date of this annual report, all of which are subject to change or different interpretations, possibly with retroactive
effect. The discussion does not address U.S. state or local tax laws, or tax laws of jurisdictions other than the Cayman Islands, the
People&#8217;s Republic of China and the United States. You should consult your own tax advisors with respect to the consequences of
acquisition, ownership and disposition of our ADSs and Class A ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
Islands Taxation</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciations, and
there is no taxation in the nature of inheritance tax or estate duty or withholding tax applicable to us or to any holder of ADSs
and Class A ordinary shares. Stamp duties may be applicable on instruments executed in, or after execution brought within the
jurisdiction of, the Cayman Islands. In addition, the Cayman Islands does not impose withholding tax on dividend payments. No stamp
duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies except those which hold interests in land
in the Cayman Islands and instruments which were executed in, or after execution brought within
the jurisdiction of the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by
our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
of dividends and capital in respect of the ADSs or ordinary shares will not be subject to taxation in the Cayman Islands and no withholding
will be required on the payment of a dividend or capital to any holder of the ADSs or ordinary shares, nor will gains derived from the
disposal of the ADSs or ordinary shares be subject to Cayman Islands income or corporation tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Section 6 of the Tax Concessions Act (as amended) of the Cayman Islands, we have obtained an undertaking from the Financial Secretary:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
    no law which is enacted in the Cayman Islands imposing any tax to be levied on profits or income or gains or appreciation shall apply
    to us or our operations; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
    no tax be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be
    payable by the Company:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
    or in respect of the shares, debentures or other obligations of the Company; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
    way of withholding in whole or in part of any relevant payment as defined in section 6(3) of the Tax Concessions Act (as amended).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -0.35in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undertaking for us is for a period of twenty years from November 29, 2016.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 139; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->137<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">People&#8217;s
Republic of China Taxation</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2018, the National People&#8217;s Congress of China enacted the modified Enterprise Income Tax Law, which became effective on
December 29, 2018. The modified Enterprise Income Tax Law provides that enterprises organized under the laws of jurisdictions outside
China with their &#8220;de facto management bodies&#8221; located within China may be considered PRC resident enterprises and therefore
subject to PRC enterprise income tax at the rate of 25% on their worldwide income. The implementing rules of the Enterprise Income Tax
Law further define the term &#8220;de facto management body&#8221; as the management body that exercises substantial and overall management
and control over the business, personnel, accounts and properties of an enterprise. While we do not currently consider our company or
any of our overseas subsidiaries to be a PRC resident enterprise, there is a risk that the PRC tax authorities may deem our company or
any of our overseas subsidiaries as a PRC resident enterprise since a substantial majority of the members of our management team as well
as the management team of some of our overseas subsidiaries are located in China, in which case we or the overseas subsidiaries, as the
case may be, would be subject to the PRC enterprise income tax at the rate of 25% on worldwide income. If the PRC tax authorities determine
that our Cayman Islands holding company is a &#8220;resident enterprise&#8221; for PRC enterprise income tax purposes, a number of unfavorable
PRC tax consequences could follow. One example is a 10% withholding tax would be imposed on dividends we pay to our non-PRC enterprise
shareholders and with respect to gains derived by our non-PRC enterprise shareholders from transferring our shares or ADSs. Furthermore,
dividends payable to individual investors who are non-PRC residents and any gain realized on the transfer of ADSs or ordinary shares
by such investors may be subject to PRC tax at a current rate of 20%, subject to any reduction or exemption set forth in applicable tax
treaties or under applicable tax arrangements between jurisdictions. It is unclear whether, if we are considered a PRC resident enterprise,
holders of our shares or ADSs would be able to claim the benefit of income tax treaties or agreements entered into between China and
other countries or areas.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
United States Federal Income Tax Considerations</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion describes certain United States federal income tax consequences of the ownership and disposition of our ADSs and
Class A ordinary shares. This discussion deals only with ADSs and Class A ordinary shares that are held as capital assets by a United
States Holder (as defined below).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used herein, the term &#8220;United States Holder&#8221; means a beneficial owner of our ADSs or Class A ordinary shares that is, for
United States federal income tax purposes, any of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual who is a citizen or resident of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (or other entity treated as a corporation for United States federal income tax purposes) created or organized in or under
    the laws of the United States, any state thereof or the District of Columbia;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate the income of which is subject to United States federal income taxation regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust if it (1) is subject to the primary supervision of a court within the United States and one or more United States persons have
    the authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable United States
    Treasury regulations to be treated as a United States person.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion is based upon provisions of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), and regulations, rulings
and judicial decisions thereunder as of the date hereof, as well as the current income tax treaty between the United States and the PRC
(the &#8220;Treaty&#8221;). Those authorities may be changed, perhaps retroactively, so as to result in United States federal income
tax consequences different from those summarized below. In addition, this discussion assumes that the deposit agreement, and all other
related agreements, will be performed in accordance with their terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 140; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->138<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not represent a detailed description of the United States federal income tax consequences applicable to you if you are
subject to special treatment under the United States federal income tax laws, including if you are:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    dealer or broker in securities or currencies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    financial institution;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    regulated investment company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    real estate investment trust;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    insurance company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    tax-exempt organization;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    person holding our ADSs or Class A ordinary shares as part of a hedging, integrated or conversion transaction, a constructive sale
    or a straddle;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trader in securities that has elected the mark-to-market method of accounting for your securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    person liable for alternative minimum tax;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    person who owns or is deemed to own 10% or more of our stock by vote or value;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    partnership or other pass-through entity for United States federal income tax purposes;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    person required to accelerate the recognition of any item of gross income with respect to our ADSs or Class A ordinary shares as
    a result of such income being recognized on an applicable financial statement; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    person whose &#8220;functional currency&#8221; is not the U.S. dollar.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) holds our ADSs
or Class A ordinary shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of
the partnership. If you are a partnership or a partner of a partnership holding our ADSs or Class A ordinary shares, you should consult
your tax advisors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not contain a detailed description of all the United States federal income tax consequences to you in light of your particular
circumstances and does not address the Medicare tax on net investment income, United States federal estate and gift taxes or the effects
of any state, local or non-United States tax laws. If you are considering the purchase of our ADSs or Class A ordinary shares, you should
consult your own tax advisors concerning the particular United States federal income tax consequences to you of the ownership and disposition
of our ADSs or Class A ordinary shares, as well as the consequences to you arising under other United States federal tax laws and the
laws of any other taxing jurisdiction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADSs</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you hold ADSs, for United States federal income tax purposes, you generally will be treated as the owner of the underlying Class A ordinary
shares that are represented by such ADSs. Accordingly, withdrawals of Class A ordinary shares from our ADS facility, or deposits of Class
A ordinary shares in exchange for ADSs, will not be subject to United States federal income tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 141; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->139<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of Dividends</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion under &#8220;&#8212; Passive Foreign Investment Company&#8221; below, the gross amount of distributions on the ADSs
or Class A ordinary shares (including any amounts withheld to reflect potential PRC withholding taxes, as discussed above under &#8220;&#8212;
People&#8217;s Republic of China Taxation&#8221;) will be taxable as dividends to the extent paid out of our current or accumulated earnings
and profits, as determined under United States federal income tax principles. To the extent that the amount of any distribution exceeds
our current and accumulated earnings and profits for a taxable year, the distribution will first be treated as a tax-free return of capital,
causing a reduction in your tax basis in the ADSs or Class A ordinary shares, and to the extent the amount of the distribution exceeds
your tax basis, the excess will be taxed as capital gain recognized on a sale or exchange. We do not, however, expect to determine earnings
and profits in accordance with United States federal income tax principles. Therefore, you should expect that a distribution will generally
be reported as a dividend.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
dividends that you receive (including any withheld taxes) will be includable in your gross income as ordinary income on the day actually
or constructively received by you, in the case of Class A ordinary shares, or by the depositary, in the case of ADSs. Such dividends
will not be eligible for the dividends received deduction generally allowed to corporations under the Code.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to applicable conditions and limitations (including a minimum holding period requirement), certain dividends received by non-corporate
United States investors from a qualified foreign corporation may be treated as &#8220;qualified dividend income&#8221; that is subject
to reduced rates of taxation. Subject to the discussion below of foreign corporations eligible for certain treaty benefits, a foreign
corporation generally is treated as a qualified foreign corporation only with respect to dividends paid by that corporation on shares
(or ADSs backed by such shares) that are readily tradable on an established securities market in the United States. Our Class A ordinary
shares are not listed on an established securities market in the United States and our ADSs have been delisted from Nasdaq. Therefore,
we believe that any dividends that we pay are not currently eligible for these reduced tax rates, although any dividends we pay on our
ADSs would be potentially eligible for these reduced tax rates if our ADSs are relisted on Nasdaq. A qualified foreign corporation also
generally includes a foreign corporation that is eligible for the benefits of certain income tax treaties with the United States. In
the event that we are deemed to be a PRC resident enterprise under the modified Enterprise Income Tax Law, we may be eligible for the
benefits of the Treaty, and if we are eligible for such benefits, dividends we pay on our Class A ordinary shares or ADSs would be potentially
eligible for reduced rates of taxation. See &#8220;&#8212; People&#8217;s Republic of China Taxation&#8221; above. You should consult
your own tax advisors regarding the application of these rules given your particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, notwithstanding the foregoing, we will not be treated as a qualified foreign corporation, and non-corporate United States Holders
will not be eligible for reduced rates of taxation, for any dividends that we pay if we are a passive foreign investment company (a &#8220;PFIC&#8221;)
in the taxable year in which such dividends are paid or in the preceding taxable year (see &#8220;&#8212; Passive Foreign Investment
Company&#8221; below).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to certain conditions and limitations (including a minimum holding period requirement), any PRC withholding taxes on dividends may
be treated as foreign taxes eligible for credit against your United States federal income tax liability. For purposes of calculating
the foreign tax credit, dividends paid on the ADSs or Class A ordinary shares will be treated as income from sources outside the
United States and will generally constitute passive category income. However, if you are eligible for the benefits of the Treaty,
any PRC withholding taxes on dividends will not be creditable against your United States federal income tax liability to the extent
withheld at a rate exceeding the applicable rate under the Treaty. In addition, Treasury regulations addressing foreign tax credits (the &#8220;Foreign Tax Credit Regulations&#8221;)
impose additional requirements for foreign taxes to be eligible for a foreign tax credit, and unless you are eligible for and elect to
claim the benefits of the Treaty, there can be no assurance that those requirements will be satisfied. The Department of the Treasury
and the Internal Revenue Service (the &#8220;IRS&#8221;) are considering proposing amendments to the Foreign Tax Credit Regulations. In
addition, recent notices from the IRS provide temporary relief by allowing taxpayers that comply with applicable requirements to apply
many aspects of the foreign tax credit regulations as they previously existed (before the release of the current Foreign Tax Credit Regulations)
for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any
later date specified in such notice or other guidance). Instead of claiming a foreign tax credit, you may be able to
deduct PRC withholding taxes in computing your taxable income, subject to generally applicable limitations under United States law
(including that a United States Holder is not eligible for a deduction for otherwise creditable foreign income taxes paid or accrued
in a taxable year if such United States Holder claims a foreign tax credit for any foreign income taxes paid or accrued in the same
taxable year). The rules governing the foreign tax credit and deductions for foreign taxes are complex. You are urged to consult
your tax advisors regarding the availability of the foreign tax credit or a deduction under your particular
circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 142; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->140<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
of ADSs, Class A ordinary shares or rights to subscribe for ADSs or Class A ordinary shares that are received as part of a pro rata distribution
to all of our shareholders generally will not be subject to United States federal income tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Passive
Foreign Investment Company</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the composition of our income and assets and the valuation of our assets, including goodwill, we do not believe
we were a PFIC for our most recent taxable year, although there can
be no assurance in this regard.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, we will be a PFIC for any taxable year in which:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    least 75% of our gross income is passive income, or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    least 50% of the value (generally determined based on a quarterly average) of our assets is attributable to assets that produce or
    are held for the production of passive income.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
this purpose, passive income generally includes dividends, interest, royalties and rents (other than royalties and rents derived in the
active conduct of a trade or business and not derived from a related person), and cash and other assets readily convertible into cash
are generally considered passive assets. If we own at least 25% (by value) of the stock of another corporation, for purposes of determining
whether we are a PFIC, we will be treated as owning our proportionate share of the other corporation&#8217;s assets and receiving our
proportionate share of the other corporation&#8217;s income. However, there is uncertainty as to the treatment of the Group&#8217;s corporate
structure and ownership of the Group VIEs for United States federal income tax purposes. For United States federal income tax purposes,
we consider ourselves to own the equity of the Group VIEs. If it is determined, contrary to our view, that we do not own the equity of
the Group VIEs for United States federal income tax purposes (for instance, because the relevant PRC authorities do not respect these
arrangements), we may be treated as a PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
determination of whether we are a PFIC is made annually. Accordingly, it is possible that we may become a PFIC in the current or any
future taxable year due to changes in our asset or income composition. The calculation of the value of our assets will be based, in part,
on the quarterly market value of our ADSs. In this regard, the market value of our ADSs has been volatile and has recently declined significantly. If we are a PFIC for any taxable year during
which you hold our ADSs or Class A ordinary shares, you will be subject to special tax rules discussed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any taxable year during which you hold our ADSs or Class A ordinary shares and you do not make a timely mark-to-market
election, as described below, you will be subject to special tax rules with respect to any &#8220;excess distribution&#8221; received
and any gain realized from a sale or other disposition, including a pledge, of ADSs or Class A ordinary shares. Distributions received
in a taxable year will be treated as excess distributions to the extent that they are greater than 125% of the average annual distributions
received during the shorter of the three preceding taxable years or your holding period for the ADSs or Class A ordinary shares. Under
these special tax rules:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    excess distribution or gain will be allocated ratably over your holding period for the ADSs or Class A ordinary shares,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, will
    be treated as ordinary income, and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to each other year will be subject to tax at the highest tax rate in effect for that year for individuals or corporations,
    as applicable, and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable
    to each such year.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 143; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->141<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the determination of whether we are a PFIC is made annually, if we are a PFIC for any taxable year in which you hold our ADSs or Class
A ordinary shares, you will generally be subject to the special tax rules described above for that year and for each subsequent year
in which you hold the ADSs or Class A ordinary shares (even if we do not qualify as a PFIC in such subsequent years). However, if we
cease to be a PFIC, you can avoid the continuing impact of the PFIC rules by making a special election to recognize gain as if your ADSs
or Class A ordinary shares had been sold on the last day of the last taxable year during which we were a PFIC. You are urged to consult
your own tax advisor about this election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
lieu of being subject to the special tax rules discussed above, holders of &#8220;marketable stock&#8221; would be able to make a mark-to-market
election. The ADSs or Class A ordinary shares generally would be treated as marketable stock if the ADSs or Class A ordinary shares,
as applicable, were regularly traded on a &#8220;qualified exchange or other market&#8221; (within the meaning of the applicable Treasury
regulations). However, our Class A ordinary shares are not listed on a qualified exchange or other market, and our ADSs have been delisted
from Nasdaq (which does constitute a qualified exchange for these purposes). Therefore, unless our ADSs are relisted on Nasdaq, you generally
will not be eligible to make a mark-to-market election. You are urged to consult your own tax advisor about the possible availability
and effect of a mark-to-market election in the event that our ADSs are relisted, as well as regarding any election that you may wish
to make with respect to the ADSs for a prior taxable year for which the election may have been available because the ADSs were listed
on Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
U.S. taxpayers can sometimes avoid the special tax rules described above by electing to treat a PFIC as a &#8220;qualified electing fund&#8221;
under Section 1295 of the Code. However, this option is not available to you because we do not intend to comply with the requirements
necessary to permit you to make this election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC for any taxable year during which you hold our ADSs or Class A ordinary shares and any of our non-United States subsidiaries
is also a PFIC, you will be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of
the application of the PFIC rules. A mark-to-market election cannot be made for any lower-tier PFICs. You are urged to consult your tax
advisors about the application of the PFIC rules to any of our subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
will generally be required to file IRS Form 8621 if you hold our ADSs or Class A ordinary shares
in any year in which we are classified as a PFIC. You are urged to consult your tax advisors concerning the United States federal income
tax consequences of holding ADSs or Class A ordinary shares if we are considered a PFIC in any taxable year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of Capital Gains</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
United States federal income tax purposes, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition
of the ADSs or Class A ordinary shares in an amount equal to the difference between the amount realized for the ADSs or Class A ordinary
shares and your tax basis in the ADSs or Class A ordinary shares, both as determined in U.S. dollars. Subject to the discussion under
&#8220;&#8212; Passive Foreign Investment Company&#8221; above, such gain or loss will generally be capital gain or loss and will generally
be long-term capital gain or loss if you have held the ADSs or Class A ordinary shares for more than one year. Long-term capital gains
of non-corporate United States Holders (including individuals) are eligible for reduced rates of taxation. The deductibility of capital
losses is subject to limitations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
gain or loss recognized by you will generally be treated as United States source gain or loss. However, if we are treated as a PRC
resident enterprise for PRC tax purposes and PRC tax were imposed on any gain, and if you are eligible for the benefits of the
Treaty, you may be able to elect to treat such gain as PRC source gain under the Treaty. If you are not eligible for the benefits of
the Treaty or if you fail to make the election to treat any gain as PRC source, then you generally would not be able to use a
foreign tax credit for any PRC tax imposed on the disposition of ADSs or Class A ordinary shares unless such credit can be applied
(subject to applicable limitations) against tax due on other income derived from foreign sources. However, pursuant to the Foreign
Tax Credit Regulations, if you do not claim the benefits of the Treaty, any such PRC tax would generally not be a foreign income tax
eligible for a foreign tax credit (regardless of any other income that you may have that is derived from foreign sources). In such
case, the non-creditable PRC tax may reduce the amount realized on the sale, exchange or other taxable disposition of the ADSs or
Class A ordinary shares. As discussed above, however, recent notices from the IRS provide temporary relief by allowing taxpayers
that comply with applicable requirements to apply many aspects of the foreign tax credit regulations as they previously existed
(before the release of the current Foreign Tax Credit Regulations) for taxable years ending before the date that a notice or other
guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). If
any PRC tax is imposed upon the disposition of ADSs or Class A ordinary shares and you apply such temporary relief, such PRC tax may
be eligible for a foreign tax credit or deduction, subject to the applicable conditions and limitations. You are urged to consult
your tax advisors regarding the tax consequences in case any PRC tax is imposed on gain on a disposition of the ADSs or Class A
ordinary shares, including the availability of the foreign tax credit or a deduction and the election to treat any gain as PRC
source, under your particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 144; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->142<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
Reporting and Backup Withholding</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may be required to report information to the IRS relating to an interest in &#8220;specified foreign financial assets,&#8221; including
our ADSs or Class A ordinary shares, subject to certain asset value thresholds and subject to certain exceptions (including an exception
for shares held in a custodial account maintained with a United States financial institution). You may also be subject to penalties if
you are required to submit information to the IRS and fail to do so.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, information reporting will apply to dividends in respect of our ADSs or Class A ordinary shares and the proceeds from the sale,
exchange or other disposition of our ADSs or Class A ordinary shares that are paid to you within the United States (and in certain cases,
outside the United States), unless you establish that you are an exempt recipient. A backup withholding tax may apply to such payments
if you fail to provide a taxpayer identification number and a certification that you are not subject to backup withholding or if you
fail to report in full dividend and interest income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax and any amounts withheld under the backup withholding rules will be allowed as a refund or a credit
against your United States federal income tax liability provided the required information is timely furnished to the IRS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Dividends
                                            and Paying Agents</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Statement
                                            by Experts</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Documents
                                            on Display</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed this annual report on Form 20-F, including exhibits, with the SEC. As allowed by the SEC, in Item 19 of this annual report,
we incorporate by reference certain information we filed with the SEC. This means that we can disclose important information to you by
referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be part of
this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
may read and copy this annual report, including the exhibits incorporated by reference in this annual report, at the SEC&#8217;s Public
Reference Room at 100 F Street, N.E., Washington, D.C. 20549 and at the SEC&#8217;s regional offices in New York, New York and Chicago,
Illinois. You also can request copies of this annual report, including the exhibits incorporated by reference in this annual report,
upon payment of a duplicating fee, by writing information on the operation of the SEC&#8217;s Public Reference Room.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC also maintains a website at <i>www.sec.gov</i> that contains reports, proxy statements and other information regarding registrants
that file electronically with the SEC. Our annual report and some of the other information submitted by us to the SEC may be accessed
through this website. Our filings are also available on our website at http://www.<i>Qutoutiao</i>.net. The information on our website,
however, is not, and should not be deemed to be a part of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports
and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions contained in Section 16 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial statements have been prepared in accordance with U.S. GAAP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will furnish our shareholders with annual reports, which will include a review of operations and annual audited consolidated financial
statements prepared in conformity with U.S. GAAP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 145; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->143<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Subsidiary
                                            Information</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>J.</b></span></td>
  <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Annual Report to Security Holders</span></b></span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_008"></span>ITEM
                                            11.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QUANTITATIVE
                                            AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
Exchange Risk</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
all of the Group&#8217;s revenues and substantially all of our expenses are denominated in Renminbi. The functional currency of our company
and our Hong Kong subsidiary is the U.S. dollar. The functional currency of our subsidiaries in the PRC, the Group VIEs and their subsidiaries
is the Renminbi. The Group uses Renminbi as our reporting currency. Monetary assets and liabilities denominated in currencies other than
the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions
in currencies other than the functional currency during the year are converted into functional currency at the applicable rates of exchange
prevailing when the transactions occurred. Transaction gains and losses are recognized in the statements of operations. The Group recorded
a loss in foreign currency translation adjustment, net of RMB45 million in 2021, RMB232 million in 2022 and RMB55 million (US$8 million)
in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not believe that the Group currently has any significant direct foreign exchange risk and have not used any derivative financial instruments
to hedge exposure to such risk. Although in general the Group&#8217;s exposure to foreign exchange risks should be limited, the value
of your investment in our ADSs will be affected by the exchange rate between the U.S. dollar and the Renminbi because the value of the
Group&#8217;s business is effectively denominated in Renminbi, while our ADSs will be traded in U.S. dollars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conversion of Renminbi into foreign currencies, including U.S. dollars, is based on rates set by the PBOC. The PRC government allowed
the Renminbi to appreciate by more than 20% against the U.S. dollar between July 2005 and July 2008. Between July 2008 and June 2010,
the exchange rate between the Renminbi and the U.S. dollar had been stable and traded within a narrow band. Since June 2010, the Renminbi
has fluctuated against the U.S. dollar, at times significantly and unpredictably. On November 30, 2015, the Executive Board of the International
Monetary Fund (IMF) completed the regular five-year review of the basket of currencies that make up the Special Drawing Right, or the
SDR, and decided that with effect from October 1, 2016, Renminbi is determined to be a freely usable currency and will be included in
the SDR basket as a fifth currency, along with the U.S. dollar, the Euro, the Japanese yen and the British pound. In the fourth quarter
of 2016, the Renminbi depreciated significantly in the backdrop of a surging U.S. dollar and persistent capital outflows of China. With
the development of the foreign exchange market and progress towards interest rate liberalization and Renminbi internationalization, the
PRC government may in the future announce further changes to the exchange rate system, and we cannot assure you that the Renminbi will
not appreciate or depreciate significantly in value against the U.S. dollar in the future. It is difficult to predict how market forces
or PRC or U.S. government policy may impact the exchange rate between the Renminbi and the U.S. dollar in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that we need to convert U.S. dollars into Renminbi for the Group&#8217;s operations, appreciation of the Renminbi against
the U.S. dollar would have an adverse effect on the Renminbi amount the Group receives from the conversion. Conversely, if we decide
to convert Renminbi into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or ADSs or for other business
purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amounts available to the
Group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 146; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->144<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
Rate Risk</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has not been exposed to material risks due to changes in market interest rates, and we have not used any derivative financial instruments
to manage the Group&#8217;s interest risk exposure. However, we cannot provide assurance that the Group will not be exposed to material
risks due to changes in market interest rate in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group may invest in interest-earning instruments. Investments in both fixed rate and floating rate interest earning instruments carry
a degree of interest rate risk. Fixed rate securities may have their fair market value adversely impacted due to a rise in interest rates,
while floating rate securities may produce less income than expected if interest rates fall.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inflation</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
its inception, inflation in China has not materially affected the Group&#8217;s results of operations. According to the National Bureau
of Statistics of China, the year-over-year percent changes in the consumer price index for 2021, 2022 and 2023 were increases of 0.9%,
2.0% and 0.2%, respectively. Although we have not been materially affected by inflation in the past, we may be affected if China experiences
higher rates of inflation in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_009"></span>ITEM
                                            12.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DESCRIPTION
                                            OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Debt
                                            Securities</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Warrants
                                            and Rights</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">Other
                                            Securities</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">American
                                            Depositary Shares</span></b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depositary
Fees and Charges</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the deposit agreement for our ADSs, an ADS holder will be required to pay the following service fees to the depositary and
certain taxes and governmental charges (in addition to any applicable fees, expenses, taxes and other governmental charges payable on
the deposited securities represented by any of ADSs):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 56%"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Persons
    depositing or withdrawing shares or ADS holders must pay: </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 42%"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>For:</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">US$5.00
    (or less) per 100 ADSs (or portion of 100 ADSs) </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Issuance
                                            of ADSs, including issuances resulting from a distribution of shares or rights or other property</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font: normal 10pt Times New Roman, Times, Serif">Cancellation
    of ADSs for the purpose of withdrawal, including if the deposit agreement terminates</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">US$0.05
    (or less) per ADS </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Any
    cash distribution to ADS holders</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">A
    fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited
    for issuance of ADSs</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Distribution
    of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">US$0.05
    (or less) per ADS per calendar year </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Depositary
    services</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 147; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->145<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><b>Persons depositing or withdrawing shares or ADS holders
    must pay:</b></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>For:</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 56%"><span style="font: normal 10pt Times New Roman, Times, Serif">Registration
    or transfer fees </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 42%"><span style="font: normal 10pt Times New Roman, Times, Serif">Transfer
    and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw
    shares</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Expenses
    of the depositary </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Cable
                                            and facsimile transmissions (when expressly provided in the deposit agreement)</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font: normal 10pt Times New Roman, Times, Serif">Converting
    foreign currency to U.S. dollars</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Taxes
    and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer
    taxes, stamp duty or withholding taxes</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">As
    necessary</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">Any
    charges incurred by the depositary or its agents for servicing the deposited securities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif">As
    necessary</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 4in; text-align: justify; text-indent: -4in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the
purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect
its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry
system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable
(or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary
may generally refuse to provide fee-attracting services until its fees for those services are paid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and
maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees
collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency
dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and
not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction
spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate
assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when
buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used or obtained
in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the
method by which that rate will be determined will be the most favorable to ADS holders, subject to the depositary&#8217;s obligations
under the deposit agreement. The methodology used to determine exchange rates used in currency conversions is available upon request.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
by Depositary</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
did not receive any payment from The Bank of New York Mellon, the depositary bank for our ADR program, in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="sL_010"></span>PART
II.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_011"></span>ITEM
                                            13.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DEFAULTS,
                                            DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 148; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->146<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_012"></span>ITEM
                                            14.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MATERIAL
                                            MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material
Modifications to the Rights of Security Holders</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Item 10. Additional Information&#8221; for a description of the rights of securities holders, which remain unchanged.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
of Proceeds</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_013"></span>ITEM
                                            15.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONTROLS
AND PROCEDURES </b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
Controls and Procedures</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports
filed under the Exchange Act is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated
to our management, including our principal executive officer and principal accounting officer, as appropriate, to allow timely decisions
regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management, under the supervision and with the participation of our principal executive officer and our principal accounting officer,
evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the
Exchange Act, as of December 31, 2023. Based on that evaluation, our principal executive officer and principal accounting officer have
concluded that, as of December 31, 2023, our existing disclosure controls and procedures were ineffective due to the material weakness
in internal control over financial reporting identified in &#8220;&#8212; Management&#8217;s Annual Report on Internal Control over Financial
Reporting&#8221; below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&#8217;s
Annual Report on Internal Control over Financial Reporting</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f)
under the Exchange Act). Our internal control system was designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation and fair presentation of its published consolidated financial statements. All internal control systems,
no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective may not prevent or detect
misstatements and can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate. As required by Section 404 of the Sarbanes-Oxley
Act of 2002 and related rules promulgated by the Securities and Exchange Commission, our management conducted an assessment of the effectiveness
of our internal control over financial reporting as of December 31, 2023. In making this assessment, it used the criteria established
within the Internal Control &#8212; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). Based on this assessment, our management has concluded that, as of December 31, 2023, our internal control over financial reporting
was ineffective due to the material weakness identified below. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with reporting requirements set forth by the SEC, a &#8220;material weakness&#8221; is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our company&#8217;s
annual or interim consolidated financial statements will not be prevented or detected on a timely basis. The material weakness, which
was first identified in the course of preparing our consolidated financial statements for the year ended December 31, 2017, relates to
the lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements
to formalize key controls over financial reporting and to prepare consolidated financial statements and related disclosures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 149; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->147<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
remedy our previously identified material weakness, we have undertaken and will continue to undertake steps to strengthen our internal
control over financial reporting, including: (i) hiring more qualified resources including financial controller, equipped with relevant
U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function and to set up a financial and
system control framework, (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting training programs for
our accounting and financial reporting personnel, (iii) establishing effective oversight and clarifying reporting requirements for non-recurring
and complex transactions to ensure consolidated financial statements and related disclosures are accurate, complete and in compliance
with SEC reporting requirements, and (iv) enhancing an internal audit function as well as engaging an external consulting firm to help
us assess our compliance readiness under rule 13a-15 of the Exchange Act and improve overall internal control. However, such measures
have not been fully implemented and we concluded that material weakness in our internal control over financial reporting had not been
corrected as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
we were a non-accelerated filer as of December 31, 2023, this annual report on Form 20-F does not include an attestation report of our
independent registered public accounting firm.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in Internal Control over Financial Reporting</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as described above, there were no changes in our internal controls over financial reporting that occurred during the period covered
by this annual report on Form 20-F that have materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_015"></span>ITEM
                                            16.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">[Reserved]</span></b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_016"></span>ITEM
                                            16A.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AUDIT
                                            COMMITTEE FINANCIAL EXPERT</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our board of directors resolved to dissolve the audit committee on May 12, 2023, it does not currently have any audit committee member
who qualifies as an &#8220;audit committee financial expert&#8221; as defined in Item 16A of the instruction to Form 20-F. We believe
that retaining an independent director who would qualify as an &#8220;audit committee financial expert&#8221; would be overly burdensome
and is not warranted considering our current scale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_017"></span>ITEM
                                            16B.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CODE
                                            OF ETHICS</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has adopted a code of ethics that applies to our directors, officers and employees. We have filed our code of business
conduct and ethics as an exhibit to our registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the
SEC on August 17, 2018. We hereby undertake to provide to any person without charge, a copy of our code of business conduct and ethics
within ten working days after we receive such person&#8217;s written request.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_018"></span>ITEM
                                            16C.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL
                                            ACCOUNTANT FEES AND SERVICES</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
by PricewaterhouseCoopers Zhong Tian LLP and Shandong Haoxin Certified Public Accountants Co., Ltd., our independent public accountants
for the periods indicated. We did not pay any other fees to our auditors during the years indicated below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">For the Year Ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; font-style: normal">&#160;</td><td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td><td style="font-weight: bold; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: normal; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; font-style: normal">&#160;</td><td style="font-weight: bold; font-style: normal">&#160;</td>
    <td colspan="6" style="font-weight: bold; font-style: normal; text-align: center">(In thousands of US dollars)</td><td style="font-weight: bold; font-style: normal">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; font-weight: normal; font-style: normal"><span style="font: normal 10pt Times New Roman, Times, Serif">Audit Fees<sup>(1)</sup> </span></td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 16%; font-weight: normal; font-style: normal; text-align: right">814</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 2%; font-weight: normal; font-style: normal">&#160;</td>
    <td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="width: 16%; font-weight: normal; font-style: normal; text-align: right">261</td><td style="width: 1%; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: normal; font-style: normal; text-align: left"><span style="font: normal 10pt Times New Roman, Times, Serif">Tax Fees <sup>(2)</sup> </span></td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal">&#160;</td>
    <td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; text-align: right">-</td><td style="font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: normal; font-style: normal; text-align: left; padding-bottom: 1.5pt">All Other Fees</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="font-weight: normal; font-style: normal; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: normal; font-style: normal; text-align: right">-</td><td style="padding-bottom: 1.5pt; font-weight: normal; font-style: normal; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; font-style: normal"><span style="font: normal 10pt Times New Roman, Times, Serif"><b>Total</b><span style="font-weight: normal"> </span></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">814</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">&#160;</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; font-style: normal; text-align: right">261</td><td style="padding-bottom: 2.5pt; font-weight: bold; font-style: normal; text-align: left">&#160;</td></tr>
  </table>


<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="margin-top: 0; margin-bottom: 0"></p>



<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 95%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Audit
    fees&#8221; means the aggregate fees billed for each of the fiscal years listed for professional services rendered by our principal
    auditors for the audit or review of our annual or quarterly financial statements.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Tax
    fees&#8221; represents the aggregate fees for professional services rendered by our principal auditors for tax compliance.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
policy of our board of directors is to pre-approve all audit and non-audit services provided by our independent public accountant, including
audit services, audit-related services and other services as described above. All of the services of PricewaterhouseCoopers Zhong Tian
LLP for the years ended December 31, 2022 and 2023, and Shandong Haoxin Certified Public Accountants Co., Ltd. for the years ended December
31, 2022 and 2023 described above were in accordance with the pre-approval policy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p>


<!-- Field: Page; Sequence: 150; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->148<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_019"></span>ITEM
                                            16D.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXEMPTIONS
                                            FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_020"></span>ITEM
                                            16E.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PURCHASES
                                            OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_021"></span>ITEM
                                            16F.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHANGE
                                            IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 3, 2023, our then audit committee and board of directors dismissed PricewaterhouseCoopers Zhong Tian LLP, or PwC, as our independent
registered public accounting firm. Effective from January 17, 2023, our then audit committee and board of directors appointed Shandong
Haoxin Certified Public Accountants Co., Ltd., or Shandong Haoxin, as our independent registered public accounting firm for the fiscal
year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PwC&#8217;s
audit report on the Group&#8217;s consolidated financial statements as of and for the year ended December 31, 2021 issued on May 2, 2022
(the &#8220;2021 audit report&#8221;) did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified
as to uncertainty, audit scope, or accounting principle, except that the 2021 audit report was modified to contain a required additional
paragraph due to there being substantial doubt about our ability to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
our two most recent fiscal years ended December 31, 2021, and through the subsequent interim period through January 3, 2023, there were
(i) no disagreements (as defined in Item 16F(a)(1)(iv) of Form 20-F and the related instructions thereto) between us and PwC on any matter
of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which, if not resolved to PwC&#8217;s
satisfaction, would have caused PwC to make reference thereto in their reports on the financial statements for such years, and (ii) no
&#8220;reportable events&#8221; (as set forth in Item 16F(a)(1)(v) of Form 20-F) other than the material weakness in internal control
reported by management in Item 15 of our Form 20-F filed with the SEC for the years ended December 31, 2020 and 2021. The material weakness
disclosed in both annual reports relates to our lack of sufficient financial reporting and accounting personnel with appropriate knowledge
of U.S. GAAP and SEC reporting requirements to formalize key controls over financial reporting and to prepare consolidated financial
statements and related disclosures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
our two most recent fiscal years ended December 31, 2021 and the subsequent interim period through January 17, 2023, neither we nor anyone
acting on our behalf consulted with Shandong Haoxin regarding either (i) the application of accounting principles to a specified transaction,
either completed or proposed, or the type of audit opinion that might be rendered on our financial statements, and neither a written
report nor oral advice was provided to us by Shandong Haoxin which Shandong Haoxin concluded was an important factor considered by us
in reaching a decision as to any accounting, auditing or financial reporting issue, or (ii) any matter that was the subject of a disagreement
as that term is defined in Item 16F(a)(1)(iv) of Form 20-F or a reportable event as that term is described in Item 16F(a)(1)(v) of Form
20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
provided a copy of this disclosure to PwC and requested that PwC furnish us with a letter addressed to the SEC stating whether it agrees
with the statements made above, and if not, stating the respects in which it does not agree. A copy of PwC&#8217;s letter dated May 12, 2023
is attached herewith as Exhibit 16.1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 151; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->149<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_022"></span>ITEM
                                            16G.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CORPORATE
                                            GOVERNANCE</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_023"></span>ITEM
                                            16H.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MINE
                                            SAFETY DISCLOSURE</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_024"></span>ITEM
                                            16I.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DISCLOSURE
                                            REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_025"></span>ITEM
                                            16J.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INSIDER
                                            TRADING POLICIES</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_026"></span>ITEM
                                            16K.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CYBERSECURITY</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Risk Management and Strategy</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have integrated cybersecurity risk management into
our overall risk management system, and implemented comprehensive cybersecurity risk management procedures for assessing, identifying
and managing cybersecurity risks. For instance, we have adopted internal policies and procedures for routine maintenance, vulnerability
scanning and threat defense to identify and prevent threats to information, network and system security. These internal policies and procedures
are implemented through various technical measures, such as firewalls, access controls, automated monitoring system and data loss prevention,
which helps us timely identify, assess and mitigate cybersecurity risks, and protect the confidentiality, integrity and availability of
the data stored in our system. We have also established a robust incident response mechanism to effectively address cybersecurity risks
and threats, and formulated a set of contingency plans for various types of cybersecurity incidents such as virus outbreaks, unauthorized
access, denial-of-service attacks and system failures and disruptions. Once cybersecurity incidents are identified, dedicated personnel
at the relevant department will instantly make analysis and classification of the incidents based on the level of potential impact, report
material incidents to the Cybersecurity and Information Security Committee, and take remedial measures in accordance with the pre-established
contingency plans.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have engaged a third-party assessment agency to
evaluate our cybersecurity system, including its compliance with applicable standards. We have implemented procedures to identify and
mitigate cybersecurity risks arising from our use of third-party service providers. For instance, as part of our supplier selection process,
we conduct screenings to evaluate the capabilities and qualifications of third-party service providers. In addition, our contracts with
third-party service providers generally set out access controls for sensitive data, requirements for data storage measures as well as
confidentiality obligations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of the date of this annual report on Form 20-F,
we have not experienced any cybersecurity incidents or identified any risks from cybersecurity threats that have materially affected or
are reasonably likely to materially affect us, including our business strategy, results of operations and financial condition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cybersecurity Governance</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our board of directors oversees our overall risk management,
including cybersecurity risk management, and reviews management reports on material cybersecurity risks and incidents as they arise. Our
board of directors also reviews and approves cybersecurity-related disclosure in our periodic reports, including our annual reports on
Form 20-F.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the management level, we have established a Cybersecurity
and Information Security Committee to oversee the process of assessing, identifying and managing material risks from cybersecurity threats
and monitor the prevention, detection, mitigation and remediation of material cybersecurity incidents. The Cybersecurity and Information
Security Committee is chaired by Mr. Jianfei Dong, our director and co-president, and comprised of experts from various departments, including
big data, cybersecurity, IT, business information security, operation and maintenance and back office. Mr. Dong brings to this role over
one decade of experience in technical and leadership roles at technology companies, as well as academic credentials in control science
and automation engineering. For more details on Mr. Jianfei Dong&#8217;s biographical information, see &#8220;Item 6. Directors, Senior
Management and Employees &#8212; B. Directors and Senior Management &#8212; Directors and Executive Officers.&#8221; The Cybersecurity
and Information Security Committee reports to our board of directors on the prevention, detection, mitigation and remediation of material
risks arising from cybersecurity threats, as well as material cybersecurity incidents, if any, on a regular basis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="sL_027"></span>PART
III</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_028"></span>ITEM
                                            17.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
                                            STATEMENTS</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to provide financial statements pursuant to Item 18.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_029"></span>ITEM
                                            18.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
                                            STATEMENTS</b></span></td></tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-transform: uppercase; text-align: justify; text-indent: -0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of Qutoutiao Inc., its subsidiaries and the Group VIEs are included at the end of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Page; Sequence: 152; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->150<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b></b></span></p>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; text-transform: uppercase; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sL_030"></span>ITEM
19.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBITS</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Aptos; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; text-align: left; width: 0.75in; vertical-align: bottom">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Exhibit</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b></b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Number</b></p></td>
    <td style="padding-bottom: 1.5pt; text-align: left; width: 0.1in; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of Document</b></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518270752/d545022dex32.htm" style="-sec-extract: exhibit">Sixth Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.2 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1201935/000101915518000263/qutoutiaodep.htm" style="-sec-extract: exhibit">Form of American Depositary Receipt evidencing American Depositary Shares (incorporated herein by reference to Exhibit (1) to the registration statement on Form F-6 (File No. 333-227181), as amended, filed with the Securities and Exchange Commission on September 4, 2018)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518266341/d545022dex41.htm" style="-sec-extract: exhibit">Specimen of Ordinary Share Certificate (incorporated herein by reference to Exhibit 4.1 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1201935/000101915518000263/qutoutiaodep.htm" style="-sec-extract: exhibit">Form of Deposit Agreement among the Registrant and The Bank of New York Mellon, as depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder (incorporated herein by reference to Exhibit (1) to the registration statement on Form F-6 (File No. 333-227181), as amended, filed with the Securities and Exchange Commission on September 4, 2018)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000156459020018042/qtt-ex24_111.htm" style="-sec-extract: exhibit">Description of Rights of Each Class of Securities Registered Under Section 12 of the Securities Exchange Act of 1934 (incorporated herein by reference to Exhibit 2.4 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518266341/d545022dex101.htm" style="-sec-extract: exhibit">Form of Indemnification Agreement between the Registrant and its directors and executive officers (incorporated herein by reference to Exhibit 10.1 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518266341/d545022dex102.htm" style="-sec-extract: exhibit">Form of Employment Agreement between the Registrant and its executive officers (incorporated herein by reference to Exhibit 10.2 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518251751/d545022dex103.htm" style="-sec-extract: exhibit">Equity Interest Pledge Agreement by and among Shanghai Quyun Internet Technology Co., Ltd. (&#8220;Shanghai Quyun&#8221;), Shanghai Jifen Culture Communications Co., Ltd. (&#8220;Shanghai Jifen&#8221;) and each shareholder of Shanghai Jifen (incorporated herein by reference to Exhibit 10.3 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518251751/d545022dex104.htm" style="-sec-extract: exhibit">Voting Rights Proxy Agreement by and among Shanghai Quyun, Shanghai Jifen and each shareholder of Shanghai Jifen (incorporated herein by reference to Exhibit 10.4 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518251751/d545022dex105.htm" style="-sec-extract: exhibit">Exclusive Technology and Consulting Service Agreement by and between Shanghai Quyun and Shanghai Jifen (incorporated herein by reference to Exhibit 10.5 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518251751/d545022dex106.htm" style="-sec-extract: exhibit">Exclusive Option Agreement by and among Shanghai Quyun, Shanghai Jifen and each shareholder of Shanghai Jifen (incorporated herein by reference to Exhibit 10.6 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518251751/d545022dex107.htm" style="-sec-extract: exhibit">Loan Agreement by and among Shanghai Quyun and each shareholder of Shanghai Jifen (incorporated herein by reference to Exhibit 10.7 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312519039950/d670687dex101.htm" style="-sec-extract: exhibit">Qutoutiao Inc. Equity Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the Registration Statement on Form S-8 (Registration No. 333-229673), filed with the Securities and Exchange Commission on February 14, 2019)</a></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>


<!-- Field: Page; Sequence: 153; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->151<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 11pt Aptos; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><b>Exhibit Number</b></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of Document</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9</span></td>
    <td style="width: 0.1in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518251751/d545022dex1010.htm" style="-sec-extract: exhibit">Series B1 Preferred Share Purchase Agreement, dated March 4, 2018, by and among Image Flag Investment (HK) Limited, the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.10 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518251751/d545022dex1011.htm" style="-sec-extract: exhibit">Series B2 Preferred Share Purchase Agreement, dated March 8, 2018, by and among several investors, the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.11 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518251751/d545022dex1012.htm" style="-sec-extract: exhibit">Trust Deed dated February 26, 2018 among the Registrant, The Core Trust Company Limited, as trustee, and Qu World Limited and QFUN Limited, each as a nominee (incorporated herein by reference to Exhibit 10.12 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518251751/d545022dex1016.htm" style="-sec-extract: exhibit">Baidu Alliance Membership Registration Agreement (English Translation) (incorporated herein by reference to Exhibit 10.16 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518251751/d545022dex1017.htm" style="-sec-extract: exhibit">Series B3 Preferred Share Purchase Agreement, dated April 19, 2018, by and among several investors, the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.17 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518259043/d545022dex1018.htm" style="-sec-extract: exhibit">Series C1 Preferred Share Purchase Agreement, dated August 17, 2018, by and among Shimmering Investment (BVI) Ltd., the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.18 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518259043/d545022dex1019.htm" style="-sec-extract: exhibit">Series C1 Preferred Share Purchase Agreement, dated August 17, 2018, by and among CG Partners Opportunity Fund SP, the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.19 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.16</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518270752/d545022dex1020.htm" style="-sec-extract: exhibit">Supplementary Agreement to Series C1 Preferred Share Purchase Agreement, dated September 4, 2018, by and among Shimmering Horizon L.P., the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.20 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.17</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518266341/d545022dex1021.htm" style="-sec-extract: exhibit">Series C2 Preferred Share Purchase Agreement, dated August 27, 2018, by and among Shanghai Pengpai Online Network Technology Co., Ltd., the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.21 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.18</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518270752/d545022dex1022.htm" style="-sec-extract: exhibit">Strategic Cooperation Framework Agreement, dated August 27, 2018, by and between Shanghai Dongfang Newspaper Co., Ltd. and Shanghai Jifen (English Translation) (incorporated herein by reference to Exhibit 10.22 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 154; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->152<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><b>Exhibit Number</b></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of Document</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.19</span></td>
    <td style="width: 0.1in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518270752/d545022dex1023.htm" style="-sec-extract: exhibit">Supplementary Agreement to Series C1 Preferred Share Purchase Agreement, dated September 11, 2018, by and among CG Partners Opportunity Fund SP, the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.23 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.20</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312519092841/d695805dex1020.htm" style="-sec-extract: exhibit">Equity Interest Pledge Agreement by and among Shanghai Zhicao Information Technology Co., Ltd. (&#8220;Shanghai Zhicao&#8221;), Shanghai Big Rhinoceros Horn Information Technology, Co., Ltd. (&#8220;Big Rhinoceros Horn&#8221;) and each shareholder of Big Rhinoceros Horn (English Translation) (incorporated herein by reference to Exhibit 10.20 to the registration statement on Form F-1 (File No. 333-230624), as amended, initially filed with the Securities and Exchange Commission on March 29, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.21</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312519092841/d695805dex1021.htm" style="-sec-extract: exhibit">Voting Rights Proxy Agreement by and among Shanghai Zhicao, Big Rhinoceros Horn and each shareholder of Big Rhinoceros Horn (English Translation) (incorporated herein by reference to Exhibit 10.21 to the registration statement on Form F-1 (File No. 333-230624), as amended, initially filed with the Securities and Exchange Commission on March 29, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.22</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312519092841/d695805dex1022.htm" style="-sec-extract: exhibit">Exclusive Technology and Consulting Service Agreement by and between Shanghai Zhicao and Big Rhinoceros Horn (English Translation) (incorporated herein by reference to Exhibit 10.22 to the registration statement on Form F-1 (File No. 333-230624), as amended, initially filed with the Securities and Exchange Commission on March 29, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.23</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312519092841/d695805dex1023.htm" style="-sec-extract: exhibit">Exclusive Option Agreement by and among Shanghai Zhicao, Big Rhinoceros Horn and each shareholder of Big Rhinoceros Horn (English Translation) (incorporated herein by reference to Exhibit 10.23 to the registration statement on Form F-1 (File No. 333-230624), as amended, initially filed with the Securities and Exchange Commission on March 29, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.24</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312519092841/d695805dex1024.htm" style="-sec-extract: exhibit">Loan Agreement by and among Shanghai Zhicao and each shareholder of Big Rhinoceros Horn (English Translation) (incorporated herein by reference to Exhibit 10.24 to the registration statement on Form F-1 (File No. 333-230624), as amended, initially filed with the Securities and Exchange Commission on March 29, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.25</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312519092841/d695805dex1025.htm" style="-sec-extract: exhibit">Convertible Loan Agreement, dated March 28, 2019, by and between the Registrant and Alibaba Investment Limited (incorporated herein by reference to Exhibit 10.25 to the registration statement on Form F-1 (File No. 333-230624), as amended, initially filed with the Securities and Exchange Commission on March 29, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.25A</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312522136730/d247318dex425a.htm" style="-sec-extract: exhibit">Third Supplemental Agreement to the Convertible Loan Agreement, dated April 29, 2022, by and between the Registrant and Alibaba Investment Limited (incorporated herein by reference to Exhibit 4.25A to the annual report on Form 20-F for the fiscal year ended December 31, 2021)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.26</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000156459020018042/qtt-ex426_110.htm" style="-sec-extract: exhibit">Series B Preferred Share Purchase Agreement, dated September 24, 2019, by and among Fun Literature Limited, Fun Literature (HK) Limited, Shanghai Zhicao, Big Rhinoceros Horn, Qutoutiao Inc. and CMC Rocket Holdings Limited (incorporated herein by reference to Exhibit 4.26 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.27</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000156459020018042/qtt-ex427_164.htm" style="-sec-extract: exhibit">Share Pledge Agreement, dated September 29, 2019, by and among Shanghai Quyun, Anhui Zhangduan Internet Technology Co., Ltd. (&#8220;Anhui Zhangduan&#8221;) and each shareholder of Anhui Zhangduan (English Translation) (incorporated herein by reference to Exhibit 4.27 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)</a></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 155; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->153<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><b>Exhibit</b> <b>Number</b></td>
    <td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of Document</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.28</span></td>
    <td style="width: 0.1in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000156459020018042/qtt-ex428_163.htm" style="-sec-extract: exhibit">Voting Rights Proxy Agreement, dated September 29, 2019, by and among Shanghai Quyun, Anhui Zhangduan and each shareholder of Anhui Zhangduan (English Translation) (incorporated herein by reference to Exhibit 4.28 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.29</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000156459020018042/qtt-ex429_162.htm" style="-sec-extract: exhibit">Exclusive Technical and Consulting Service Agreement, dated September 29, 2019, by and between Shanghai Quyun and Anhui Zhangduan (English Translation) (incorporated herein by reference to Exhibit 4.29 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.30</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000156459020018042/qtt-ex430_161.htm" style="-sec-extract: exhibit">Exclusive Option Agreement, dated September 29, 2019, by and among Shanghai Quyun, Anhui Zhangduan and each shareholder of Anhui Zhangduan (English Translation) (incorporated herein by reference to Exhibit 4.30 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.31</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000156459020018042/qtt-ex431_160.htm" style="-sec-extract: exhibit">Loan Agreement, dated September 29, 2019, by and among Shanghai Quyun and each shareholder of Anhui Zhangduan (English Translation) (incorporated herein by reference to Exhibit 4.31 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.32</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000156459020018042/qtt-ex432_214.htm" style="-sec-extract: exhibit">Share Pledge Agreement, dated January 1, 2019, by and among Shanghai Quyun, Shanghai DragonS Information Technology, Co., Ltd. (&#8220;DragonS Information&#8221;) and each shareholder of DragonS Information (English Translation) (incorporated herein by reference to Exhibit 4.32 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.33</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000156459020018042/qtt-ex433_213.htm" style="-sec-extract: exhibit">Voting Rights Proxy Agreement, dated January 1, 2019, by and among Shanghai Quyun, DragonS Information and each shareholder of DragonS Information (English Translation) (incorporated herein by reference to Exhibit 4.33 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.34</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000156459020018042/qtt-ex434_212.htm" style="-sec-extract: exhibit">Exclusive Technical and Consulting Service Agreement, dated January 1, 2019, by and between Shanghai Quyun and DragonS Information (English Translation) (incorporated herein by reference to Exhibit 4.34 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.35</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000156459020018042/qtt-ex435_211.htm" style="-sec-extract: exhibit">Exclusive Option Agreement, dated January 1, 2019, by and among Shanghai Quyun, DragonS Information and each shareholder of DragonS Information (English Translation) (incorporated herein by reference to Exhibit 4.35 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.36</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000156459020018042/qtt-ex436_210.htm" style="-sec-extract: exhibit">Loan Agreement, dated January 1, 2019, by and among Shanghai Quyun and each shareholder of DragonS Information (English Translation) (incorporated herein by reference to Exhibit 4.36 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1*</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex8-1.htm">List of Subsidiaries</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312518259043/d545022dex991.htm" style="-sec-extract: exhibit">Code of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit 99.1 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex12-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification by Principal Executive Officer and Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1**</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex13-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification by Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1*</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex15-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Shandong Haoxin Certified Public Accountants Co., Ltd.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.2*</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex15-2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of PricewaterhouseCoopers Zhong Tian LLP</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.3*</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex15-3.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of King &amp; Wood Mallesons</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1733298/000119312523143457/d454632dex161.htm" style="-sec-extract: exhibit">Letter from PricewaterhouseCoopers Zhong Tian LLP to the Securities and Exchange Commission (incorporated herein by reference to Exhibit 16.1 to the annual report on Form 20-F for the fiscal year ended December 31, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS*</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Instance Document&#8212;this instance document does not appear on the Interactive Data File because its XBRL tags are embedded
    within the Inline XBRL document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH*</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Schema Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL*</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Calculation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF*</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Definition Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB*</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Label Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE*</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inline
    XBRL Taxonomy Extension Presentation Linkbase Document</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Rule-Page --><div style="width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    herewith</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furnished
    herewith</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The omitted information is (i) not
    material and (ii) would likely cause competitive harm to the Company if publicly disclosed. Schedules have been omitted from this
    exhibit pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally an unredacted copy of the exhibit
    or a copy of any omitted schedule to the SEC upon its request.</span></td></tr>
  </table>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 156; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->154<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIGNATURES</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing its annual report on Form 20-F and that it has duly caused
and authorized the undersigned to sign this annual report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QUTOUTIAO
    INC.</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Bing Xu</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bing
Xu</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer and Chief Financial Officer</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
May 15, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 157; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->155<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->
<!-- Field: Split-Segment; Name: Split_003 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ds_001">Report of Independent Registered Public Accounting Firm -</a> <span id="xdx_902_edei--AuditorName_c20230101__20231231_zOftYV4czZqj"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000059" name="dei:AuditorName">Shandong Haoxin Certified Public Accountants Co., Ltd.</ix:nonNumeric></span> (PCAOB ID: <span id="xdx_90D_edei--AuditorFirmId_c20230101__20231231_zMxf6m0umRz2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000060" name="dei:AuditorFirmId">5035</ix:nonNumeric></span>)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#rep_001">Report of Independent Registered Public Accounting Firm</a> - <span id="xdx_902_edei--AuditorName_c20220101__20221231_zr0O8CCfnedj"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000061" name="dei:AuditorName">PricewaterhouseCoopers Zhong Tian LLP</ix:nonNumeric></span> (PCAOB ID: <span id="xdx_90F_edei--AuditorFirmId_c20220101__20221231_z0GgpC1F1Af9"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000062" name="dei:AuditorFirmId">1424</ix:nonNumeric></span>)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ds_002">Consolidated Balance Sheets as of December 31, 2022 and 2023</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ds_003">Consolidated Statements of Comprehensive Loss for the years ended December 31, 2021, 2022 and 2023</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ds_004">Consolidated Statements of Changes in Shareholders&#8217; Deficit for the years ended December 31, 2021, 2022 and 2023</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ds_005">Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2022 and 2023</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-10</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ds_006">Notes to the Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-12</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 158; Options: NewSection; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ds_001"></span>Report
of Independent Registered Public Accounting Firm</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of Qutoutiao Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
on the Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Qutoutiao Inc., its subsidiaries and its consolidated variable interest
entities (the &#8220;Company&#8221;) as of December 31, 2022 and 2023, and the related consolidated statements of comprehensive loss,
of changes in shareholders&#8217; deficit and of cash flows for each of the two years in the period ended December 31, 2023, including
the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, the consolidated
financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2023,
and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023 in conformity with
accounting principles generally accepted in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantial
Doubt about the Company&#8217;s Ability to Continue as a Going Concern</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 2(a) to the consolidated financial statements, facts and circumstances including accumulated and recurring losses from operations,
net cash used in operating activities, negative working capital as of December 31, 2023, and uncertainties on the repayment of a convertible
loan raise substantial doubt about the Company&#8217;s ability to continue as a going concern. Management&#8217;s plans in regard to
these matters are also described in Note 2(a). The consolidated financial statements do not include any adjustments that might result
from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
for Opinion</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
<span id="xdx_901_edei--AuditorName_c20230101__20231231_zKGuNgWs2ZJ7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000063" name="dei:AuditorName">Shandong Haoxin Certified Public Accountants Co., Ltd.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--AuditorLocation_c20230101__20231231_zorOJXf1onY4"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000064" name="dei:AuditorLocation">Weifang,
People&#8217;s Republic of China</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
15, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 159; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="rep_001"></span>Report
of Independent Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of Qutoutiao Inc.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
on the Financial Statements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the consolidated statements of comprehensive loss, of changes in shareholders&#8217; deficit and of cash flows of Qutoutiao
Inc. and its subsidiaries (the &#8220;Company&#8221;) for the year ended December 31, 2021, including the related notes (collectively
referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements present fairly,
in all material respects, the results of operations and cash flows of the Company for the year ended December 31, 2021 in conformity
with accounting principles generally accepted in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantial
Doubt about the Company&#8217;s Ability to Continue as a Going Concern</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 2(a) (not presented herein) to the consolidated financial statements appearing in the Company&#8217;s 2021 annual report on Form
20-F, facts and circumstances including accumulated and recurring losses from operations, net cash used in operating activities, negative
working capital as of December 31, 2021, and uncertainties on the repayment of a convertible loan raise substantial doubt about the Company&#8217;s
ability to continue as a going concern. Management&#8217;s plans in regard to these matters are also described in Note 2(a) (not presented
herein). The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
for Opinion</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material
misstatement, whether due to error or fraud.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provides a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
<span id="xdx_904_edei--AuditorName_c20220101__20221231_zRO2FYKfr1n7"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000065" name="dei:AuditorName">PricewaterhouseCoopers Zhong Tian LLP</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_edei--AuditorLocation_c20220101__20221231_zAMuc0glNV5c"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000066" name="dei:AuditorLocation">Shanghai,
the People&#8217;s Republic of China</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
2, 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
served as the Company&#8217;s auditor from 2017 to 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 160; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ds_002"></span>QUTOUTIAO
INC. CONSOLIDATED BALANCE SHEETS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
of December 31, 2022 and 2023</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(All
amounts in RMB thousands, except share data, or otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_301_111_pn3n3_ztCFXwCBY1Vj" summary="xdx: Statement - Consolidated Balance Sheets" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_496_20221231_zcNzBK5K9Au8" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_499_20231231_zwhGhE1gMe9" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$
    (Note 2(e))</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$
    (Note 2(e))</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--AssetsAbstract_iB_zGopraO3YVG9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASSETS</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--AssetsCurrentAbstract_i01_zVmwrjlB6t64" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    assets:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i02I_maACzadA_zyt08meswc5e" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 43%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-12-31" id="Fact000074" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">122,801</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31" id="Fact000075" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">74,648</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i02I_uUSD_c20231231_ziFN5Bl3MsB3" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31" id="Fact000077" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,514</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--RestrictedCashCurrent_i02I_maACzadA_zyylFk5yhQgk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
    cash</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2(h)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RestrictedCashCurrent" contextRef="AsOf2022-12-31" id="Fact000079" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,600</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RestrictedCashCurrent" contextRef="AsOf2023-12-31" id="Fact000080" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">17,058</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--RestrictedCashCurrent_i02I_uUSD_c20231231_zzCGcQgOZBDa" title="Restricted cash" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RestrictedCashCurrent" contextRef="AsOf2023-12-31" id="Fact000082" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,403</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--ShortTermInvestments_i02I_maACzadA_zDtkQVUIrul" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
    investments</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShortTermInvestments" contextRef="AsOf2022-12-31" id="Fact000084" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">26,402</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0085">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eus-gaap--ShortTermInvestments_i02I_uUSD_c20231231_z1umokTzrztg" title="Short-term investments" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0087">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--AccountsReceivableNetCurrent_i02I_maACzadA_zRWaGY7dxG1k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    receivable, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2022-12-31" id="Fact000089" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">117,409</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-12-31" id="Fact000090" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">73,570</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--AccountsReceivableNetCurrent_i02I_uUSD_c20231231_z9Y7qZmpCM42" title="Accounts receivable, net" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-12-31" id="Fact000092" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,362</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--OtherReceivables_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maACzadA_z5M6d9iDDpu2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
    due from related parties</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact000094" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">48,802</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000095" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">45,787</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eus-gaap--OtherReceivables_i02I_uUSD_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zqD1pU2USKe6" title="Amounts due from related parties" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000097" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,449</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_maACzadA_zCEdgslABX7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments
    and other current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2022-12-31" id="Fact000099" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">158,811</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2023-12-31" id="Fact000100" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">137,933</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_uUSD_c20231231_zmQmrRJ1D0rj" title="Prepayments and other current assets" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2023-12-31" id="Fact000102" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">19,427</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--AssetsCurrent_i02TI_mtACzadA_maAzICQ_zTGaljegkyZ5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2022-12-31" id="Fact000104" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">481,825</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2023-12-31" id="Fact000105" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">348,996</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eus-gaap--AssetsCurrent_i02TI_uUSD_c20231231_zKsZ2Aa7NHC1" title="Total current assets" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2023-12-31" id="Fact000107" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49,155</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--AssetsNoncurrentAbstract_i01B_z9qpls4Nj2w9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current
    assets:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentNet_i02I_maANzp63_zPtgj8slUgS9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
    and equipment, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31" id="Fact000112" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,013</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31" id="Fact000113" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">504</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentNet_i02I_uUSD_c20231231_zafTk7iiHTY8" title="Property and equipment, net" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31" id="Fact000115" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">71</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--OperatingLeaseRightOfUseAsset_i02I_maANzp63_zF9ch2nILGah" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use
    assets, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2022-12-31" id="Fact000117" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">21,879</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2023-12-31" id="Fact000118" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,633</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--OperatingLeaseRightOfUseAsset_i02I_uUSD_c20231231_zLhxVnDOHMyd" title="Right-of-use assets, net" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2023-12-31" id="Fact000120" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">793</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--IntangibleAssetsNetExcludingGoodwill_i02I_maANzp63_zxmvCOh1HAu5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
    assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2022-12-31" id="Fact000122" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">62,649</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2023-12-31" id="Fact000123" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50,344</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eus-gaap--IntangibleAssetsNetExcludingGoodwill_i02I_uUSD_c20231231_z5CngcdxALlh" title="Intangible assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2023-12-31" id="Fact000125" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,091</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--Goodwill_i02I_maANzp63_zeQ9oxKnpcn" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2022-12-31" id="Fact000127" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,268</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2023-12-31" id="Fact000128" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,268</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--Goodwill_i02I_uUSD_c20231231_zpfkVXBDgiTi" title="Goodwill" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Goodwill" contextRef="AsOf2023-12-31" id="Fact000130" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,024</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--OtherAssetsNoncurrent_i02I_maANzp63_zUSNDsKn7io5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    non-current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2022-12-31" id="Fact000132" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,902</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2023-12-31" id="Fact000133" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">666</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--OtherAssetsNoncurrent_i02I_uUSD_c20231231_z0CxVkb7Jrel" title="Other non-current assets" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2023-12-31" id="Fact000135" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">94</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--AssetsNoncurrent_i02TI_mtANzp63_maAzICQ_zpG6LbAkhFph" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    non-current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsNoncurrent" contextRef="AsOf2022-12-31" id="Fact000137" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">99,711</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsNoncurrent" contextRef="AsOf2023-12-31" id="Fact000138" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">64,415</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eus-gaap--AssetsNoncurrent_i02TI_uUSD_c20231231_zjkmRr1VwMpk" title="Total non-current assets" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsNoncurrent" contextRef="AsOf2023-12-31" id="Fact000140" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">9,073</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--Assets_i01TI_mtAzICQ_zuYvPJtLyhj1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2022-12-31" id="Fact000142" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">581,536</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2023-12-31" id="Fact000143" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">413,411</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_eus-gaap--Assets_i01TI_uUSD_c20231231_zQUIQoS0aJH" title="Total assets" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2023-12-31" id="Fact000145" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">58,228</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zBlAqAiGC1Ek" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIABILITIES,
    MEZZANINE EQUITY AND SHAREHOLDERS&#8217;
    DEFICIT</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">-&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--LiabilitiesCurrentAbstract_i01B_zPmJK2zPLHk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: normal bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    liabilities (including current liabilities of the consolidated variable interest entity(&#8220;VIEs&#8221;) and its subsidiaries
    without recourse to the Company amounting to RMB<span id="xdx_90F_eus-gaap--LiabilitiesCurrent_iI_c20221231__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_z7EmzijJ7lg7" title="Current liabilities"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact000153" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">811,303</ix:nonFraction></span> and RMB<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eus-gaap--LiabilitiesCurrent_iI_c20231231__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_z2wQa1REvkwa" title="Current liabilities"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact000155" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">684,660</ix:nonFraction></span></span></span> as of December 31, 2022 and December 31, 2023, respectively):</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--ShortTermBorrowings_i02I_maLCzh4r_z3Y3ABJnGdd1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2022-12-31" id="Fact000157" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">394,994</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-12-31" id="Fact000158" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">379,573</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--ShortTermBorrowings_i02I_uUSD_c20231231_zmBMSfXaRvT4" title="Short-term borrowings" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShortTermBorrowings" contextRef="AsOf2023-12-31" id="Fact000160" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">53,462</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--OtherLiabilitiesCurrent_i02I_hus-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_maLCzh4r_zwe5pW77vv41" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
    due to a related party</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact000162" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">592</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000163" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">154</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--OtherLiabilitiesCurrent_i02I_uUSD_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_z972JF8m6RAa" title="Amounts due to a related party" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact000165" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">22</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_ecustom--LoyaltyPayableCurrent_i02I_maLCzh4r_zisABTrxH1dc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered
    users&#8217; loyalty payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2(v)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:LoyaltyPayableCurrent" contextRef="AsOf2022-12-31" id="Fact000167" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">29,773</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:LoyaltyPayableCurrent" contextRef="AsOf2023-12-31" id="Fact000168" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">13,863</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_ecustom--LoyaltyPayableCurrent_i02I_uUSD_c20231231_zW7w1NegQET2" title="Registered users' loyalty payable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:LoyaltyPayableCurrent" contextRef="AsOf2023-12-31" id="Fact000170" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,953</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--ContractWithCustomerLiabilityCurrent_i02I_maLCzh4r_zseu8TuyITVj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance
    from customers and deferred revenue</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact000172" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">48,706</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000173" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">56,610</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eus-gaap--ContractWithCustomerLiabilityCurrent_i02I_uUSD_c20231231_zv1PNmwIOPW4" title="Advance from customers and deferred revenue" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000175" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,973</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--EmployeeRelatedLiabilitiesCurrent_i02I_maLCzh4r_zTjD4JKEhq1c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salary
    and welfare payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EmployeeRelatedLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000177" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">59,561</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EmployeeRelatedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000178" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">37,466</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--EmployeeRelatedLiabilitiesCurrent_i02I_uUSD_c20231231_znITZ2EwjUVe" title="Salary and welfare payable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EmployeeRelatedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000180" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,277</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--TaxesPayableCurrent_i02I_maLCzh4r_z13RBZSOR6K" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2022-12-31" id="Fact000182" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">40,474</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2023-12-31" id="Fact000183" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">40,448</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--TaxesPayableCurrent_i02I_uUSD_c20231231_zPl3A4zjF9w5" title="Tax payable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2023-12-31" id="Fact000185" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,697</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_maLCzh4r_zDVJ8NLIXen5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    liabilities, current</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact000187" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">15,083</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000188" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,407</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_uUSD_c20231231_zjtMHywFrNme" title="Lease liabilities, current" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact000190" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">339</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--AccruedLiabilitiesCurrent_i02I_maLCzh4r_zNh3viakkE4g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    liabilities related to users&#8217; loyalty programs</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span>(v)</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000192" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">64,589</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000193" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">33,489</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eus-gaap--AccruedLiabilitiesCurrent_i02I_uUSD_c20231231_z9fjwiGqt6Ui" title="Accrued liabilities related to users' loyalty programs" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000195" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4,717</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_i02I_maLCzh4r_zlhuCaAokAnh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    liabilities and other current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000197" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">336,262</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000198" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">243,843</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_i02I_uUSD_c20231231_zMDdKSUvmDXj" title="Accrued liabilities and other current liabilities" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000200" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">34,344</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--LiabilitiesCurrent_i02TI_mtLCzh4r_maLz4UL_zqNeOyP1vzsd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact000202" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">990,034</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000203" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">807,853</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--LiabilitiesCurrent_i02TI_uUSD_c20231231_zdXjGluRv0w4" title="Total current liabilities" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact000205" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">113,784</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 161; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$
    (Note 2(e))</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--LiabilitiesNoncurrentAbstract_i01B_zsZ0PEumWnd5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current
    liabilities (including non-current liabilities of the consolidated variable interest entity(&#8220;VIEs&#8221;) and its subsidiaries
    without recourse to the Company amounting to RMB<span id="xdx_905_eus-gaap--LiabilitiesNoncurrent_iI_c20221231__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zpui7n6fl2Pi" title="Non-current liabilities"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact000210" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,599</ix:nonFraction></span> and RMB<span id="xdx_902_eus-gaap--LiabilitiesNoncurrent_iI_c20231231__srt--ConsolidatedEntitiesAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zYHeRnlvSKZb" title="Non-current liabilities"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact000212" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,366</ix:nonFraction></span>, as of December 31, 2022 and December 31, 2023, respectively):</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--ConvertibleLongTermNotesPayable_i02I_maLNzcfG_zc1HItcYdYJ2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 43%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
    loan</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ConvertibleLongTermNotesPayable" contextRef="AsOf2022-12-31" id="Fact000214" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,746,188</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ConvertibleLongTermNotesPayable" contextRef="AsOf2023-12-31" id="Fact000215" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,944,834</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eus-gaap--ConvertibleLongTermNotesPayable_i02I_uUSD_c20231231_zjRx3TqoKAu9" title="Convertible loan" style="font: 10pt Times New Roman, Times, Serif; width: 13%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ConvertibleLongTermNotesPayable" contextRef="AsOf2023-12-31" id="Fact000217" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">273,924</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_maLNzcfG_zfs8n7bIGDg8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    liabilities, non-current</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact000219" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,599</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact000220" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,366</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_uUSD_c20231231_zc7YXikEocQ1" title="Lease liabilities, non-current" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact000222" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">474</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--DeferredIncomeTaxLiabilitiesNet_i02I_maLNzcfG_zl2FqVrqu6Yc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    tax liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilitiesNet" contextRef="AsOf2022-12-31" id="Fact000224" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,019</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilitiesNet" contextRef="AsOf2023-12-31" id="Fact000225" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,616</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eus-gaap--DeferredIncomeTaxLiabilitiesNet_i02I_uUSD_c20231231_zkUSCvKrVsl9" title="Deferred tax liabilities" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilitiesNet" contextRef="AsOf2023-12-31" id="Fact000227" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,636</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--LiabilitiesNoncurrent_i02TI_mtLNzcfG_maLz4UL_z571LnXm1DMi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current
    liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2022-12-31" id="Fact000229" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,767,806</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2023-12-31" id="Fact000230" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,959,816</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--LiabilitiesNoncurrent_i02TI_uUSD_c20231231_zSp341iIdzC" title="Non-current liabilities" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2023-12-31" id="Fact000232" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">276,034</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--Liabilities_i01TI_mtLz4UL_maLASEza1P_zwr165DzbESl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-12-31" id="Fact000234" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,757,840</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2023-12-31" id="Fact000235" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,767,669</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_eus-gaap--Liabilities_i01TI_uUSD_c20231231_zFEKNNTYfk95" title="Total liabilities" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2023-12-31" id="Fact000237" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">389,818</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--CommitmentsAndContingencies_i01I_maLASEza1P_zEV9ZaeyJYDl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commitments
    and contingencies</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0239">-</span>&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0240">-</span>&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--CommitmentsAndContingencies_i01I_uUSD_c20231231_zV93A4fIAiP2" title="Commitments and contingencies" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0242">-</span>&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--TemporaryEquityAbstract_i01B_zbjLvuHp2uP1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mezzanine
    equity:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--RedeemableNoncontrollingInterestEquityPreferredCarryingAmount_i02I_maLASEza1P_zmlhEms2A5ve" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redeemable
    non-controlling interests</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RedeemableNoncontrollingInterestEquityPreferredCarryingAmount" contextRef="AsOf2022-12-31" id="Fact000247" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,414,435</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RedeemableNoncontrollingInterestEquityPreferredCarryingAmount" contextRef="AsOf2023-12-31" id="Fact000248" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,583,130</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--RedeemableNoncontrollingInterestEquityPreferredCarryingAmount_i02I_uUSD_c20231231_z1Xu3iwZDkoi" title="Redeemable non-controlling interests" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RedeemableNoncontrollingInterestEquityPreferredCarryingAmount" contextRef="AsOf2023-12-31" id="Fact000250" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">222,979</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--StockholdersEquityAbstract_i01B_zXTQdRlMHSPa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&#8217;
    deficit:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--CommonStockValue_i02I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_maSEzmDu_zcxdb9a0Xf1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A ordinary shares (US$<span id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zNRZZC43NXUa" title="Ordinary shares , par value" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIEJhbGFuY2UgU2hlZXRzIChQYXJlbnRoZXRpY2FsKQA_"><span id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z2xufLB7w5L9" title="Ordinary shares , par value" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIEJhbGFuY2UgU2hlZXRzIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-12-31_us-gaap_CommonClassAMember" id="Fact000258" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31_us-gaap_CommonClassAMember" id="Fact000260" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></ix:nonFraction></span></span> par value, <span id="xdx_906_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z1Y0qdA1ljo4" title="Ordinary shares, shares authorized"><span id="xdx_90E_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z3FKN5RF4yY3" title="Ordinary shares, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-12-31_us-gaap_CommonClassAMember" id="Fact000262" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-12-31_us-gaap_CommonClassAMember" id="Fact000264" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000,000</ix:nonFraction></ix:nonFraction></span></span>
    shares authorized as of December 31, 2022 and 2023; <span id="xdx_909_eus-gaap--CommonStockSharesIssued_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zqYCku3oGIG4" title="Ordinary shares, shares, issued"><span id="xdx_904_eus-gaap--CommonStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zeCqitlKylu6" title="Ordinary shares, shares, issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-12-31_us-gaap_CommonClassAMember" id="Fact000266" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-12-31_us-gaap_CommonClassAMember" id="Fact000268" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">42,812,245</ix:nonFraction></ix:nonFraction></span></span> shares issued as of December 31, 2022 and 2023; <span id="xdx_903_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z4yPMTHGsAx" title="Ordinary shares, shares, outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31_us-gaap_CommonClassAMember" id="Fact000270" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">38,726,637</ix:nonFraction></span> and <span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zgakc5pcnyL8" title="Ordinary shares, shares, outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_CommonClassAMember" id="Fact000272" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">38,726,637</ix:nonFraction></span>
    shares outstanding as of December 31, 2022 and 2023)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2022-12-31_us-gaap_CommonClassAMember" id="Fact000255" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">26</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-12-31_us-gaap_CommonClassAMember" id="Fact000256" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">26</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eus-gaap--CommonStockValue_i02I_uUSD_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zXyMqioGXE14" title="Class A ordinary shares (US$0.0001 par value, 50,000,000 shares authorized as of December 31, 2022 and 2023; 42,812,245 shares issued as of December 31, 2022 and 2023; 38,726,637 and 38,726,637 shares outstanding as of December 31, 2022 and 2023)" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-12-31_us-gaap_CommonClassAMember" id="Fact000274" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--CommonStockValue_i02I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_maSEzmDu_zziSSgXpkp2h" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class B ordinary shares (US$<span id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_ze5fCbZyr883" title="Ordinary shares, par value" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIEJhbGFuY2UgU2hlZXRzIChQYXJlbnRoZXRpY2FsKQA_"><span id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zQjkTpZXxbn2" title="Ordinary shares, par value" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIEJhbGFuY2UgU2hlZXRzIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31_us-gaap_CommonClassBMember" id="Fact000279" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-12-31_us-gaap_CommonClassBMember" id="Fact000281" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></ix:nonFraction></span></span> par value; <span id="xdx_900_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zvRnPfsMfqEi" title="Ordinary shares, shares authorized"><span id="xdx_90D_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z6mv0Fep63le" title="Ordinary shares, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-12-31_us-gaap_CommonClassBMember" id="Fact000283" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-12-31_us-gaap_CommonClassBMember" id="Fact000285" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">34,248,442</ix:nonFraction></ix:nonFraction></span></span>
    shares authorized as of December 31, 2022 and 2023; <span id="xdx_905_eus-gaap--CommonStockSharesIssued_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zWzF2BDmlZgi" title="Ordinary shares, shares, issued"><span id="xdx_90B_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zxgKqNWRJUBe" title="Ordinary shares, shares, outstanding"><span id="xdx_90B_eus-gaap--CommonStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zF31Fx3gVfs1" title="Ordinary shares, shares, issued"><span id="xdx_903_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z5jdhxwZVoI6" title="Ordinary shares, shares, outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-12-31_us-gaap_CommonClassBMember" id="Fact000287" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31_us-gaap_CommonClassBMember" id="Fact000289" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-12-31_us-gaap_CommonClassBMember" id="Fact000291" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_CommonClassBMember" id="Fact000293" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">32,937,193</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> shares issued and outstanding as of December 31, 2022 and 2023)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2022-12-31_us-gaap_CommonClassBMember" id="Fact000276" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">24</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-12-31_us-gaap_CommonClassBMember" id="Fact000277" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">24</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--CommonStockValue_i02I_uUSD_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zFhMyujbEYaj" title="Class B ordinary shares (US$0.0001 par value; 34,248,442 shares authorized as of December 31, 2022 and 2023; 32,937,193 shares issued and outstanding as of December 31, 2022 and 2023)" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-12-31_us-gaap_CommonClassBMember" id="Fact000295" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_404_eus-gaap--CommonStockValue_i02I_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_maSEzmDu_zqmB0UXIdU57" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock, value </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2022-12-31_us-gaap_CommonClassBMember" id="Fact000297" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">24</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-12-31_us-gaap_CommonClassBMember" id="Fact000298" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">24</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eus-gaap--CommonStockValue_i02I_uUSD_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zbvgrSy2tITd" title="Common stock, value" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-12-31_us-gaap_CommonClassBMember" id="Fact000300" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_40E_eus-gaap--AdditionalPaidInCapitalCommonStock_i02I_maSEzmDu_z87P83MbRa86" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional paid-in capital</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2022-12-31" id="Fact000302" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,049,458</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2023-12-31" id="Fact000303" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,086,766</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--AdditionalPaidInCapitalCommonStock_i02I_uUSD_c20231231_zv12J0GGOjv8" title="Additional paid-in capital" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2023-12-31" id="Fact000305" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">716,456</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--TreasuryStockCommonValue_i02NI_di_msSEzmDu_zYc7GdxCPbad" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury stock (US$0.0001 par value; 4,085,608
</span>and <span id="xdx_905_eus-gaap--TreasuryStockCommonShares_iI_pid_c20231231_zbnQvnZg3EWe"><ix:nonFraction name="us-gaap:TreasuryStockCommonShares" contextRef="AsOf2023-12-31" id="Fact000309" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,085,608</ix:nonFraction></span> shares as of December
31, 2022 and 2023, respectively)</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TreasuryStockCommonValue" contextRef="AsOf2022-12-31" id="Fact000307" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">142,229</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TreasuryStockCommonValue" contextRef="AsOf2023-12-31" id="Fact000308" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">142,229</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--TreasuryStockCommonValue_i02NI_di_uUSD_c20231231_zEcaZW4PV9ni" title="Treasury stock (US$0.0001 par value; 4,085,608 and 4,085,608 shares as of December 31, 2022 and 2023, respectively)" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TreasuryStockCommonValue" contextRef="AsOf2023-12-31" id="Fact000311" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,033</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i02I_maSEzmDu_zIieftgWGv1a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated other comprehensive
    income</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2022-12-31" id="Fact000313" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">102,834</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2023-12-31" id="Fact000314" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">157,502</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i02I_uUSD_c20231231_zhtLbyeEcaR1" title="Accumulated other comprehensive income" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2023-12-31" id="Fact000316" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">22,183</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_maSEzmDu_zTWMwLRbZAhc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    deficit</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-12-31" id="Fact000318" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">8,395,184</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2023-12-31" id="Fact000319" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">8,724,473</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_uUSD_c20231231_z9UB7X80Lj4f" title="Accumulated deficit" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2023-12-31" id="Fact000321" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,228,816</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_402_eus-gaap--StockholdersEquity_i02TI_mtSEzmDu_maLASEza1P_zdnkByCKtxbd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Qutoutiao Inc. shareholders&#8217; deficit</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-12-31" id="Fact000323" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">3,590,739</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2023-12-31" id="Fact000324" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">3,937,388</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eus-gaap--StockholdersEquity_i02TI_uUSD_c20231231_zMCPl1MvRE82" title="Total Qutoutiao Inc. shareholders' deficit" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2023-12-31" id="Fact000326" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">554,569</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40D_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_mtLASEza1P_zjsvwOaoTF4a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities, mezzanine equity and shareholders&#8217; deficit</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2022-12-31" id="Fact000328" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">581,536</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2023-12-31" id="Fact000329" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">413,411</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_uUSD_c20231231_zVL4J8byT5g6" title="Total liabilities, mezzanine equity and shareholders' deficit" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2023-12-31" id="Fact000331" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">58,228</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 162; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QUTOUTIAO
INC.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ds_003"></span>CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the years ended December 31, 2021, 2022 and 2023</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(All
amounts in RMB thousands, except share data, or otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30D_113_pn3n3_zgCoRLT2KmNa" summary="xdx: Statement - Consolidated Statements of Comprehensive Loss" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" id="xdx_497_20210101__20211231_zerd4owFkAWa" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" id="xdx_495_20220101__20221231_zkv35ptJgHil" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" id="xdx_49A_20230101__20231231_zSftQDT4xBDa" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">US$(Note 2(e))</td></tr>
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="15" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended December 31,</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">RMB</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">US$(Note 2(e))</td></tr>
  <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--AdvertisingAndMarketingMember_zRoU1BrGgNig" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">Advertising and marketing revenue</td><td style="width: 2%">&#160;</td>
    <td style="width: 6%; text-align: center">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_AdvertisingAndMarketingMember" id="Fact000333" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,050,120</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_AdvertisingAndMarketingMember" id="Fact000334" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">836,926</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_AdvertisingAndMarketingMember" id="Fact000335" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">569,552</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_uUSD_c20230101__20231231__srt--ProductOrServiceAxis__custom--AdvertisingAndMarketingMember_zkiqcCdxMVyl" title="Advertising and marketing revenue" style="width: 9%; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_AdvertisingAndMarketingMember" id="Fact000337" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">80,220</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--AdvertisingAndMarketingRevenueRelatedPartiesMember_zVLDybiowq0f" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Advertising and marketing revenue- related parties</td><td>&#160;</td>
    <td style="text-align: center">21</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_AdvertisingAndMarketingRevenueRelatedPartiesMember" id="Fact000339" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">40,263</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_AdvertisingAndMarketingRevenueRelatedPartiesMember" id="Fact000340" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,451</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_AdvertisingAndMarketingRevenueRelatedPartiesMember" id="Fact000341" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">17</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_uUSD_c20230101__20231231__srt--ProductOrServiceAxis__custom--AdvertisingAndMarketingRevenueRelatedPartiesMember_zmBCbpbatZba" title="Advertising and marketing revenue- related parties" style="text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_AdvertisingAndMarketingRevenueRelatedPartiesMember" id="Fact000343" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_hsrt--ProductOrServiceAxis__custom--OtherRevenueMember_zAgDK81gOlyh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Other revenue</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_OtherRevenueMember" id="Fact000345" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">249,220</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_OtherRevenueMember" id="Fact000346" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">243,668</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_OtherRevenueMember" id="Fact000347" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">175,988</ix:nonFraction></p></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_uUSD_c20230101__20231231__srt--ProductOrServiceAxis__custom--OtherRevenueMember_zxs0P0D2xXHi" title="Other revenue" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_OtherRevenueMember" id="Fact000349" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,788</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_maGPzDmZ_zM9UL9YtFVai" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net revenues</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31" id="Fact000351" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,339,603</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31" id="Fact000352" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,083,045</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-01to2023-12-31" id="Fact000353" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">745,557</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_uUSD_maGPzDmZ_c20230101__20231231_z3Di0Gcsdl4j" title="Net revenues" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-01to2023-12-31" id="Fact000355" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">105,011</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--CostOfRevenue_iN_di_msGPzDmZ_zHdcLd180an5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Cost of revenues</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2021-01-012021-12-31" id="Fact000357" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,068,340</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2022-01-012022-12-31" id="Fact000358" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">548,043</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2023-01-01to2023-12-31" id="Fact000359" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">415,568</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--CostOfRevenue_iN_pn3n3_di_uUSD_msGPzDmZ_c20230101__20231231_zoxxHnBjq1u" title="Cost of revenues" style="text-align: right">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2023-01-01to2023-12-31" id="Fact000361" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">58,532</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_ecustom--CostOfRevenueRelatedParties_iN_di_msGPzDmZ_zDMdnQS06urk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Cost of revenues-related parties</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">21</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="QTTOY:CostOfRevenueRelatedParties" contextRef="From2021-01-012021-12-31" id="Fact000363" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">103,286</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="QTTOY:CostOfRevenueRelatedParties" contextRef="From2022-01-012022-12-31" id="Fact000364" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,564</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="QTTOY:CostOfRevenueRelatedParties" contextRef="From2023-01-01to2023-12-31" id="Fact000365" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">345</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98F_ecustom--CostOfRevenueRelatedParties_iN_pn3n3_di_uUSD_msGPzDmZ_c20230101__20231231_zI28bGz2dwyl" title="Cost of revenues-related parties" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="QTTOY:CostOfRevenueRelatedParties" contextRef="From2023-01-01to2023-12-31" id="Fact000367" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_404_eus-gaap--GrossProfit_iT_maOILz8Au_mtGPzDmZ_zd2TF682bTTf" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Gross profit</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2021-01-012021-12-31" id="Fact000369" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,167,977</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2022-01-012022-12-31" id="Fact000370" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">520,438</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2023-01-01to2023-12-31" id="Fact000371" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">329,644</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_986_eus-gaap--GrossProfit_iT_pn3n3_uUSD_mtGPzDmZ_maOILz8Au_c20230101__20231231_zClO7YDyP3hl" title="Gross profit" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2023-01-01to2023-12-31" id="Fact000373" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">46,430</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--OperatingExpensesAbstract_iB_z1JVX0FfLYb" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Operating expenses:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right"/><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"/><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--ResearchAndDevelopmentExpense_i01N_di_maOEz6Un_zGUHgA35Hpm3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Research and development expenses</td><td>&#160;</td>
    <td style="text-align: center">2(s)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2021-01-012021-12-31" id="Fact000379" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">551,612</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2022-01-012022-12-31" id="Fact000380" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">184,604</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000381" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">106,592</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--ResearchAndDevelopmentExpense_i01N_pn3n3_di_uUSD_maOEz6Un_c20230101__20231231_zXvz0dZuHEv3" title="Research and development expenses" style="text-align: right">(<ix:nonFraction name="us-gaap:ResearchAndDevelopmentExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000383" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">15,013</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40E_eus-gaap--SellingAndMarketingExpense_i01N_di_maOEz6Un_ztezR863LwS2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Sales and marketing expenses</td><td>&#160;</td>
    <td style="text-align: center">2(t)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:SellingAndMarketingExpense" contextRef="From2021-01-012021-12-31" id="Fact000385" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,467,933</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:SellingAndMarketingExpense" contextRef="From2022-01-012022-12-31" id="Fact000386" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">552,771</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:SellingAndMarketingExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000387" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">188,511</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_eus-gaap--SellingAndMarketingExpense_i01N_pn3n3_di_uUSD_maOEz6Un_c20230101__20231231_zT6s1F60vbPi" title="Sales and marketing expenses" style="text-align: right">(<ix:nonFraction name="us-gaap:SellingAndMarketingExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000389" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26,551</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_ecustom--SellingAndMarketingExpenseRelatedParties_i01N_di_maOEz6Un_zstUqo18zYZe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Sales and marketing expenses-related parties</td><td>&#160;</td>
    <td style="text-align: center">21</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="QTTOY:SellingAndMarketingExpenseRelatedParties" contextRef="From2021-01-012021-12-31" id="Fact000391" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">15,840</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="QTTOY:SellingAndMarketingExpenseRelatedParties" contextRef="From2022-01-012022-12-31" id="Fact000392" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,945</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="QTTOY:SellingAndMarketingExpenseRelatedParties" contextRef="From2023-01-01to2023-12-31" id="Fact000393" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">189</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_ecustom--SellingAndMarketingExpenseRelatedParties_i01N_pn3n3_di_uUSD_maOEz6Un_c20230101__20231231_ztBWhQnAXTH9" title="Sales and marketing expenses-related parties" style="text-align: right">(<ix:nonFraction name="QTTOY:SellingAndMarketingExpenseRelatedParties" contextRef="From2023-01-01to2023-12-31" id="Fact000395" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">27</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_eus-gaap--GeneralAndAdministrativeExpense_i01N_di_maOEz6Un_zNsNO5GcRAi2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">General and administrative expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">2(u)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2021-01-012021-12-31" id="Fact000397" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">431,913</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2022-01-012022-12-31" id="Fact000398" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">155,445</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000399" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">55,853</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--GeneralAndAdministrativeExpense_i01N_pn3n3_di_uUSD_maOEz6Un_c20230101__20231231_zISInraYHmla" title="General and administrative expenses" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000401" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,868</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_401_eus-gaap--OperatingExpenses_i01NT_di_mtOEz6Un_msOILz8Au_ztwObsurGOBi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total operating expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-12-31" id="Fact000403" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,467,298</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2022-01-012022-12-31" id="Fact000404" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">900,765</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2023-01-01to2023-12-31" id="Fact000405" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">351,145</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--OperatingExpenses_i01NT_pn3n3_di_uUSD_mtOEz6Un_msOILz8Au_c20230101__20231231_zOblolqcqCUb" title="Total operating expenses" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2023-01-01to2023-12-31" id="Fact000407" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">49,459</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr id="xdx_403_ecustom--OtherOperatingGain_maOILz8Au_z5rIOTMTVNo2" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other operating income</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">18</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="QTTOY:OtherOperatingGain" contextRef="From2021-01-012021-12-31" id="Fact000409" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">106,098</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="QTTOY:OtherOperatingGain" contextRef="From2022-01-012022-12-31" id="Fact000410" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">61,829</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="QTTOY:OtherOperatingGain" contextRef="From2023-01-01to2023-12-31" id="Fact000411" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">19,607</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_ecustom--OtherOperatingGain_pn3n3_uUSD_maOILz8Au_c20230101__20231231_zYeqR4kLadV4" title="Other operating income" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="QTTOY:OtherOperatingGain" contextRef="From2023-01-01to2023-12-31" id="Fact000413" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,762</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--OperatingIncomeLoss_iT_mtOILz8Au_maILFCOzckc_zhJPMT0fihg1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Loss from operations</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-12-31" id="Fact000415" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,193,223</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2022-01-012022-12-31" id="Fact000416" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">318,498</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000417" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,894</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_982_eus-gaap--OperatingIncomeLoss_iT_pn3n3_uUSD_mtOILz8Au_maILFCOzckc_c20230101__20231231_zkdMhR3Dh6n5" title="Loss from operations" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000419" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">267</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--InterestIncomeExpenseNonoperatingNet_i01_maILFCOzckc_zWvAwGBBpQRg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Interest income</td><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4, 5</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InterestIncomeExpenseNonoperatingNet" contextRef="From2021-01-012021-12-31" id="Fact000421" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,174</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InterestIncomeExpenseNonoperatingNet" contextRef="From2022-01-012022-12-31" id="Fact000422" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,370</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:InterestIncomeExpenseNonoperatingNet" contextRef="From2023-01-01to2023-12-31" id="Fact000423" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">118</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--InterestIncomeExpenseNonoperatingNet_i01_pn3n3_uUSD_maILFCOzckc_c20230101__20231231_zziTfWOsCVsl" title="Interest income" style="text-align: right"><ix:nonFraction name="us-gaap:InterestIncomeExpenseNonoperatingNet" contextRef="From2023-01-01to2023-12-31" id="Fact000425" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40F_eus-gaap--InterestExpenseDebt_i01N_di_msILFCOzckc_zurttq3VA3B7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Interest expense</td><td>&#160;</td>
    <td style="text-align: center">13</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2021-01-012021-12-31" id="Fact000427" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">35,477</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2022-01-012022-12-31" id="Fact000428" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">468,612</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000429" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">185,794</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--InterestExpenseDebt_i01N_pn3n3_di_uUSD_msILFCOzckc_c20230101__20231231_z8az7zxpUAlh" title="Interest expense" style="text-align: right">(<ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2023-01-01to2023-12-31" id="Fact000431" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26,169</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40D_eus-gaap--ForeignCurrencyTransactionGainLossBeforeTax_i01_maILFCOzckc_zRL0o9yEOgkl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Foreign exchange related loss, net</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2021-01-012021-12-31" id="Fact000433" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2022-01-012022-12-31" id="Fact000434" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">903</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2023-01-01to2023-12-31" id="Fact000435" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">102</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--ForeignCurrencyTransactionGainLossBeforeTax_i01_pn3n3_uUSD_maILFCOzckc_c20230101__20231231_zSpBffEfyCej" title="Foreign exchange related gains (loss), net" style="text-align: right">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2023-01-01to2023-12-31" id="Fact000437" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">14</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40B_ecustom--InvestmentIncome_i01_maILFCOzckc_zhGuTAxq0BOb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Investment gains/(loss) including impairment</td><td>&#160;</td>
    <td style="text-align: center">5</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="QTTOY:InvestmentIncome" contextRef="From2021-01-012021-12-31" id="Fact000439" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">36,041</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="QTTOY:InvestmentIncome" contextRef="From2022-01-012022-12-31" id="Fact000440" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">45,877</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="QTTOY:InvestmentIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000441" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,700</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_ecustom--InvestmentIncome_i01_pn3n3_uUSD_maILFCOzckc_c20230101__20231231_zPE4q1Nx4k62" title="Investment loss including impairment" style="text-align: right"><ix:nonFraction name="QTTOY:InvestmentIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000443" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">380</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--OtherNonoperatingIncomeExpense_i01_maILFCOzckc_z3V8RHd9Kisj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Other income/(expenses), net</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">19</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2021-01-012021-12-31" id="Fact000445" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">27,637</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2022-01-012022-12-31" id="Fact000446" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">81,879</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000447" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">2,367</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--OtherNonoperatingIncomeExpense_i01_pn3n3_uUSD_maILFCOzckc_c20230101__20231231_zNAEBrmKt8v7" title="Other income/(expenses), net" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000449" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">333</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_mtILFCOzckc_maPLz6Zp_z9YKCbE9QDVk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Loss before income taxes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-01-012021-12-31" id="Fact000451" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,233,931</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact000452" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">914,399</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000453" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">187,339</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_988_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_uUSD_mtILFCOzckc_maPLz6Zp_c20230101__20231231_zZsv2WmUzUAj" title="Loss before income taxes" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000455" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">26,386</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr id="xdx_402_eus-gaap--IncomeTaxExpenseBenefit_iN_pn3n3_di_msPLz6Zp_zlevWoSIkGS9" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Income tax benefit/(expense)</td><td>&#160;</td>
    <td style="text-align: center">17</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact000457" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,050</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact000458" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,048</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact000459" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">2,026</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_eus-gaap--IncomeTaxExpenseBenefit_iN_pn3n3_di_uUSD_msPLz6Zp_c20230101__20231231_zZHuPwdk55Rj" title="Income tax benefit/(expense)" style="text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact000461" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">285</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_ecustom--IncomeLossFromEquityMethodsInvestments_iN_pn3n3_di_msPLz6Zp_zDzXmhh2VQJh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Equity in loss of an affiliate company</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">5</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="QTTOY:IncomeLossFromEquityMethodsInvestments" contextRef="From2021-01-012021-12-31" id="Fact000463" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,195</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="QTTOY:IncomeLossFromEquityMethodsInvestments" contextRef="From2022-01-012022-12-31" id="Fact000464" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,416</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0465">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_988_ecustom--IncomeLossFromEquityMethodsInvestments_iN_pn3n3_di_uUSD_msPLz6Zp_c20230101__20231231_zPwIPWNkDdef" title="Equity in loss of affiliate companies" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0467">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--ProfitLoss_iT_pn3n3_mtPLz6Zp_maNILzgPk_z5wMIqyKZaLf" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact000469" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,240,176</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact000470" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">914,767</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000471" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">185,313</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ProfitLoss_iT_pn3n3_uUSD_mtPLz6Zp_maNILzgPk_c20230101__20231231_zFtjGuIBxK67" title="Net loss" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000473" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">26,101</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr id="xdx_407_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_iN_di_msNILzgPk_zxj0K834QObd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Net loss attributable to non-controlling interests</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" contextRef="From2021-01-012021-12-31" id="Fact000475" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">559</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0476">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0477">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--NetIncomeLossAttributableToNoncontrollingInterest_iN_pn3n3_di_uUSD_msNILzgPk_c20230101__20231231_zC4QpXpArj13" title="Net loss attributable to non-controlling interests" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0479">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--NetIncomeLoss_iT_mtNILzgPk_maNILATzfCn_z6tlzAePdpWl" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net loss attributable to Qutoutiao Inc.</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-12-31" id="Fact000481" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,239,617</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-012022-12-31" id="Fact000482" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">914,767</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000483" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">185,313</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--NetIncomeLoss_iT_pn3n3_uUSD_mtNILzgPk_maNILATzfCn_c20230101__20231231_zoSk0n6oaHkh" title="Net loss attributable to Qutoutiao Inc." style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000485" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">26,101</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr id="xdx_407_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iN_di_msNILATzfCn_zAArZXHyD6ld" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">&#160;Accretion to redemption value of convertible redeemable preferred shares of a subsidiary</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">20</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment" contextRef="From2021-01-012021-12-31" id="Fact000487" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">108,896</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment" contextRef="From2022-01-012022-12-31" id="Fact000488" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">124,677</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment" contextRef="From2023-01-01to2023-12-31" id="Fact000489" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">143,976</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_983_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_iN_pn3n3_di_uUSD_msNILATzfCn_c20230101__20231231_zXnI2UNEk9w8" title="Accretion to redemption value of convertible redeemable preferred shares of a subsidiary" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment" contextRef="From2023-01-01to2023-12-31" id="Fact000491" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,278</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr id="xdx_40E_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iT_mtNILATzfCn_zOIuGI7A18Jk" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net loss attributable to Qutoutiao Inc.&#8217;s ordinary shareholders</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2021-01-012021-12-31" id="Fact000493" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,348,513</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2022-01-012022-12-31" id="Fact000494" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,039,444</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2023-01-01to2023-12-31" id="Fact000495" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">329,289</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iT_pn3n3_uUSD_mtNILATzfCn_c20230101__20231231_zpV0cYeYUJph" title="Net loss attributable to Qutoutiao Inc.' s ordinary shareholders" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2023-01-01to2023-12-31" id="Fact000497" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">46,379</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--ProfitLoss_maCINOTz6YM_z2Wvp69fRYuc" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Net loss</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact000499" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,240,176</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact000500" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">914,767</ix:nonFraction></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000501" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">185,313</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ProfitLoss_pn3n3_uUSD_maCINOTz6YM_c20230101__20231231_zxhNjaeze2k5" title="Net loss" style="font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000503" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">26,101</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="font-weight: bold; text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract_iB_zmYWe2JcQLwj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other comprehensive income/(loss)</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_i01_maCINOTz6YM_z9PS3ReJVPEb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Foreign currency translation adjustment, net of nil tax</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2021-01-012021-12-31" id="Fact000509" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">44,690</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2022-01-012022-12-31" id="Fact000510" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">231,844</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact000511" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">54,668</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_i01_pn3n3_uUSD_maCINOTz6YM_c20230101__20231231_zTJxYViJ8kld" title="Foreign currency translation adjustment, net of nil tax" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact000513" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">7,700</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40E_eus-gaap--ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_i01T_mtCINOTz6YM_maCINOTzSBH_zPCsi1WuTCJ6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total comprehensive loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2021-01-012021-12-31" id="Fact000515" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,195,486</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact000516" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,146,611</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000517" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">239,981</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_i01T_pn3n3_uUSD_mtCINOTz6YM_c20230101__20231231_zDmBNiz4pzb1" title="Total comprehensive loss" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000519" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">33,801</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr id="xdx_40D_eus-gaap--ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_i01N_di_msCINOTzSBH_zuuEXpMNi7F8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">&#160;Comprehensive loss attributable to non-controlling interests</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" contextRef="From2021-01-012021-12-31" id="Fact000521" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">559</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0522">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0523">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_i01N_pn3n3_di_uUSD_msCINOTzSBH_c20230101__20231231_zOz6ygyz54ee" title="Comprehensive loss attributable to non-controlling interests" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0525">-</span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--ComprehensiveIncomeNetOfTax_i01T_mtCINOTzSBH_z4houor9kstb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Comprehensive loss attributable to Qutoutiao Inc.</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2021-01-012021-12-31" id="Fact000527" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,194,927</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2022-01-012022-12-31" id="Fact000528" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,146,611</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact000529" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">239,981</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--ComprehensiveIncomeNetOfTax_iT_pn3n3_uUSD_mtCINOTzSBH_c20230101__20231231_zgwNLy1iNbP8" title="Comprehensive loss attributable to Qutoutiao Inc." style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact000531" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">33,801</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--EarningsPerShareAbstract_iB_zZ2o8tWSiAU7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Net loss per share attributable to Qutoutiao Inc.&#8217;s ordinary shareholders</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#8212; Basic and diluted</td><td>&#160;</td>
    <td style="text-align: center">22</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--EarningsPerShareBasic_i01_pid_uRMBPShares_c20210101__20211231_zndBWxdXD2b3" title="Net loss per share, basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_90F_eus-gaap--EarningsPerShareDiluted_i01_pid_uRMBPShares_c20210101__20211231_zWoNyaKblwFg" title="Net loss per share, diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2021-01-012021-12-31" id="Fact000537" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2021-01-012021-12-31" id="Fact000539" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares">17.80</ix:nonFraction></ix:nonFraction></span></span></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90F_eus-gaap--EarningsPerShareBasic_i01_pid_uRMBPShares_c20220101__20221231_zpMwQEuQijYa" title="Net loss per share, basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_i01_pid_uRMBPShares_c20220101__20221231_zWKo25R3gXDg" title="Net loss per share, diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2022-01-012022-12-31" id="Fact000541" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2022-01-012022-12-31" id="Fact000543" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares">13.56</ix:nonFraction></ix:nonFraction></span></span></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_907_eus-gaap--EarningsPerShareBasic_i01_pid_uRMBPShares_c20230101__20231231_zFkcw1WwmN8b" title="Net loss per share, basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_900_eus-gaap--EarningsPerShareDiluted_i01_pid_uRMBPShares_c20230101__20231231_zr6PKAKWSKYe" title="Net loss per share, diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2023-01-01to2023-12-31" id="Fact000545" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2023-01-01to2023-12-31" id="Fact000547" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares">4.30</ix:nonFraction></ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></span></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_905_eus-gaap--EarningsPerShareBasic_i01_pid_uUSDPShares_c20230101__20231231_zXzyX9wiOU52" title="Net loss per share, basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_90D_eus-gaap--EarningsPerShareDiluted_i01_pid_uUSDPShares_c20230101__20231231_zonpaOpE4Erc" title="Net loss per share, diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2023-01-01to2023-12-31" id="Fact000549" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2023-01-01to2023-12-31" id="Fact000551" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.61</ix:nonFraction></ix:nonFraction></span></span></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Weighted average number of ordinary shares used in per share calculation:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">&#8212; Basic and Diluted</td><td>&#160;</td>
    <td style="text-align: center">22</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_904_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_uShares_c20210101__20211231_zR9Gtm9lrVQe" title="Weighted average number of ordinary shares , basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pid_uShares_c20210101__20211231_z2B27r71t4yl" title="Weighted average number of ordinary shares , diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-01-012021-12-31" id="Fact000553" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2021-01-012021-12-31" id="Fact000555" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">75,767,532</ix:nonFraction></ix:nonFraction></span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_uShares_c20220101__20221231_z1s7WQTJuddf" title="Weighted average number of ordinary shares , basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_905_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pid_uShares_c20220101__20221231_zcxRMUza5gl7" title="Weighted average number of ordinary shares , diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2022-01-012022-12-31" id="Fact000557" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2022-01-012022-12-31" id="Fact000559" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">76,629,816</ix:nonFraction></ix:nonFraction></span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_uShares_c20230101__20231231_zzti57q1Cnp7" title="Weighted average number of ordinary shares , basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pid_uShares_c20230101__20231231_zG0SV3PCGD2" title="Weighted average number of ordinary shares , diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2023-01-01to2023-12-31" id="Fact000561" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2023-01-01to2023-12-31" id="Fact000563" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">76,631,037</ix:nonFraction></ix:nonFraction></span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i01_pid_uShares_c20230101__20231231_zVz2k6TuK2u7" title="Weighted average number of ordinary shares , basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_i01_pid_uShares_c20230101__20231231_zDcCit4xFoQ4" title="Weighted average number of ordinary shares , diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2023-01-01to2023-12-31" id="Fact000565" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2023-01-01to2023-12-31" id="Fact000567" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">76,631,037</ix:nonFraction></ix:nonFraction></span></span></td><td style="text-align: left">&#160;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 280.65pt; text-align: center; text-indent: -263.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 163; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 280.65pt; text-align: justify; text-indent: -263.55pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUTOUTIAO
INC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ds_004"></span>CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; DEFICIT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the Years Ended December 31, 2021, 2022 and 2023</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(All
amounts in RMB thousands, except share data, or otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30F_114_pn3n3_zSZcCm8pdzMl" summary="xdx: Statement - Consolidated Statements of Changes In Shareholders' Deficit" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 9pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Number
    of Shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B0_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_zadPifAOJPr5" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BC_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_zUDy04qQlJMk" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Additional
    paid-in capital</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Number
    of Shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BE_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockCommonMember_zO5xIjd5UlBk" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B8_us-gaap--StatementEquityComponentsAxis_us-gaap--AccumulatedOtherComprehensiveIncomeMember_z72FFstJlvSh" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accumulated
    other comprehensive income</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BE_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsMember_zDC4b2UVtwZk" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accumulated
    deficit</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B5_us-gaap--StatementEquityComponentsAxis_us-gaap--NoncontrollingInterestMember_zBcwnkQAILI7" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Non-controlling
    interests</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B6_ziGPuxi5W8Ok" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total
    shareholders&#8217; deficit</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
<tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Outstanding
    ordinary shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"/><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Treasury
    stocks</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"/><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Number
    of Shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Additional
    paid-in capital</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Number
    of Shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accumulated
    other comprehensive income</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accumulated
    deficit</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Non-controlling
    interests</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total
    shareholders&#8217; deficit</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_43B_c20210101__20211231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iS_zsjT1nusAKbf" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 9pt Times New Roman, Times, Serif; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Balance
    as of January 1, 2021</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_986_eus-gaap--SharesOutstanding_iS_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z0kF1uWDBOc8" title="Balance, shares" style="font: bold 9pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2020-12-31_us-gaap_CommonStockMember" id="Fact000577" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">68,258,804</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_CommonStockMember" id="Fact000569" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">47</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000570" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,784,315</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_989_eus-gaap--SharesOutstanding_iS_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zv8rVrZlZX92" title="Balance, shares" style="font: bold 9pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2020-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000579" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,490,634</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000571" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">142,229</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="Fact000572" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">84,320</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_RetainedEarningsMember" id="Fact000573" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">6,007,227</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31_us-gaap_NoncontrollingInterestMember" id="Fact000574" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">4,589</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2020-12-31" id="Fact000575" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,285,363</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_404_eus-gaap--AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_zN1kK85QkPf9" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Share-based
    compensation expense (Note 15)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0581">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000582" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">200,186</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0583">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0584">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0585">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0586">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2021-01-012021-12-31" id="Fact000587" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">200,186</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--TemporaryEquityInterestInSubsidiaryEarnings_hus-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredStockMember_znBYSRwbVrd3" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accretion
    on Series A convertible redeemable preferred shares of a subsidiary (Note 20)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0589">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0590">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0591">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0592">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="Fact000593" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">14,089</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0594">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="Fact000595" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">14,089</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_407_eus-gaap--TemporaryEquityInterestInSubsidiaryEarnings_hus-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredStockMember_z4f0hvqbZKv2" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accretion
    on Series B convertible redeemable preferred shares of a subsidiary (Note 20)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0597">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0598">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0599">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0600">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="Fact000601" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">21,726</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0602">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="Fact000603" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">21,726</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--TemporaryEquityInterestInSubsidiaryEarnings_hus-gaap--StatementClassOfStockAxis__custom--SeriesCConvertibleRedeemablePreferredStockMember_zr7l1I1exSyg" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accretion
    on Series C convertible redeemable preferred shares of a subsidiary (Note 20)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0605">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0606">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0607">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0608">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="Fact000609" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">73,081</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0610">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2021-01-012021-12-31_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="Fact000611" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">73,081</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_zKYtZfiAG3u4" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exercise
    of share options</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_98E_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zsfR6yHarSh7" title="Exercise of share options, shares" style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" id="Fact000621" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,049,281</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2021-01-012021-12-31_us-gaap_CommonStockMember" id="Fact000613" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0614">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_z8O9Cp24tE3e" title="Exercise of share options, shares" style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" contextRef="From2021-01-012021-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000623" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Shares">3,049,281</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0615">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0616">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0617">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0618">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="From2021-01-012021-12-31" id="Fact000619" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_zcV083rAdYd2" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net
    loss</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0625">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0626">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0627">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0628">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2021-01-012021-12-31_us-gaap_RetainedEarningsMember" id="Fact000629" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,239,617</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2021-01-012021-12-31_us-gaap_NoncontrollingInterestMember" id="Fact000630" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">559</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2021-01-012021-12-31" id="Fact000631" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,240,176</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_zc2vsOIbIlAa" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign
    currency translation</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0633">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0634">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0635">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2021-01-012021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="Fact000636" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">44,690</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0637">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0638">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2021-01-012021-12-31" id="Fact000639" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">44,690</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--MinorityInterestPeriodIncreaseDecrease_zFSh4jgKkjh4" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Acquisition
    of remaining equity interest of a subsidiary from the non-controlling interests (Note 20)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0641">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:MinorityInterestPeriodIncreaseDecrease" contextRef="From2021-01-012021-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000642" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">5,148</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0643">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0644">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0645">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:MinorityInterestPeriodIncreaseDecrease" contextRef="From2021-01-012021-12-31_us-gaap_NoncontrollingInterestMember" id="Fact000646" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,148</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0647">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_43C_c20210101__20211231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iE_zzQQFspdSGNd" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Balance
    as of December 31, 2021</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_989_eus-gaap--SharesOutstanding_iE_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zaIYDpyZfKQ7" title="Balance, shares" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember" id="Fact000657" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">71,308,085</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember" id="Fact000649" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2021-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000650" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,979,353</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_986_eus-gaap--SharesOutstanding_iE_pid_c20210101__20211231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zWmP76ugm0Pk" title="Balance, shares" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2021-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000659" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,441,353</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2021-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000651" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">142,229</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="Fact000652" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">129,010</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2021-12-31_us-gaap_RetainedEarningsMember" id="Fact000653" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">7,355,740</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0654">-</span></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2021-12-31" id="Fact000655" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">2,389,556</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 164; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUTOUTIAO
INC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; DEFICIT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the Years Ended December 31, 2021, 2022 and 2023</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(All
amounts in RMB thousands, except share data, or otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 9pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Number
    of Shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B0_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_zSkuNFT95E8c" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BC_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_zkyeuwhKeSd8" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Additional
    paid-in capital</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Number
    of Shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BD_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockCommonMember_zirk58OLW96k" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B0_us-gaap--StatementEquityComponentsAxis_us-gaap--AccumulatedOtherComprehensiveIncomeMember_zNXAUnHeRid3" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accumulated
    other comprehensive income</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BE_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsMember_zVh3vPn2gWd3" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accumulated
    deficit</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B6_zLURTBhcij2a" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total
    <br/>
    shareholders&#8217; deficit</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
<tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Outstanding
    ordinary shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Treasury
    stocks</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Number
    of Shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Additional
    paid-in capital</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Number
    of Shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accumulated
    other comprehensive income</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accumulated
    deficit</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total</span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">shareholders&#8217; deficit</span></p></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_43B_c20220101__20221231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iS_zqQbR95uGn4k" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Balance
    as of January 1, 2022</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_984_eus-gaap--SharesOutstanding_iS_pid_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z46wbHVHDZKc" title="Balance, shares" style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember" id="Fact000668" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">71,308,085</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2021-12-31_us-gaap_CommonStockMember" id="Fact000661" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2021-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000662" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,979,353</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_989_eus-gaap--SharesOutstanding_iS_pid_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zVhVCCpBJUk7" title="Balance, shares" style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2021-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000670" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,441,353</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2021-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000663" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">142,229</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2021-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="Fact000664" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">129,010</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2021-12-31_us-gaap_RetainedEarningsMember" id="Fact000665" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">7,355,740</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2021-12-31" id="Fact000666" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">2,389,556</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_zdPzkt3A6G26" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Share-based
    compensation expense (Note 15)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0672">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2022-01-012022-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000673" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">70,105</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0674">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0675">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0676">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2022-01-012022-12-31" id="Fact000677" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">70,105</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--TemporaryEquityInterestInSubsidiaryEarnings_hus-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredStockMember_zEYmDGgkWIeg" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accretion
    on Series A convertible redeemable preferred shares of a subsidiary (Note 20)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0679">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0680">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0681">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0682">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_RetainedEarningsMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="Fact000683" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">15,947</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="Fact000684" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">15,947</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_407_eus-gaap--TemporaryEquityInterestInSubsidiaryEarnings_hus-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredStockMember_zDajKMulIUq8" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accretion
    on Series B convertible redeemable preferred shares of a subsidiary (Note 20)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0686">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0687">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0688">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0689">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_RetainedEarningsMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="Fact000690" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">24,918</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="Fact000691" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">24,918</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--TemporaryEquityInterestInSubsidiaryEarnings_hus-gaap--StatementClassOfStockAxis__custom--SeriesCConvertibleRedeemablePreferredStockMember_zZlILxTs12d9" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accretion
    on Series C convertible redeemable preferred shares of a subsidiary (Note 20)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0693">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0694">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0695">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0696">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_us-gaap_RetainedEarningsMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="Fact000697" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">83,812</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2022-01-012022-12-31_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="Fact000698" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">83,812</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_407_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_zcBEAKDnW0gi" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exercise
    of share options</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_986_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zv9O7l00uLoc" title="Exercise of share options, shares" style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" contextRef="From2022-01-012022-12-31_us-gaap_CommonStockMember" id="Fact000707" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">355,745</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0701">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_982_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_pid_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zRCqrJp9Zem5" title="Exercise of share options, shares" style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" contextRef="From2022-01-012022-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000709" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Shares">355,745</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0702">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0703">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0704">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0705">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_zlmwxixxfYla" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net
    loss</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0711">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0712">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0713">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0714">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2022-01-012022-12-31_us-gaap_RetainedEarningsMember" id="Fact000715" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">914,767</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact000716" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">914,767</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_404_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_zId4MQBvECEg" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign
    currency translation</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0718">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0719">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0720">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2022-01-012022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="Fact000721" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">231,844</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0722">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2022-01-012022-12-31" id="Fact000723" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">231,844</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_431_c20220101__20221231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iE_zZt0R4xiWhml" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Balance
    as of December 31, 2022</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_986_eus-gaap--SharesOutstanding_iE_pid_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zajCfMmcyxHa" title="Balance, shares" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2022-12-31_us-gaap_CommonStockMember" id="Fact000732" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">71,663,830</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_CommonStockMember" id="Fact000725" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000726" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,049,458</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_983_eus-gaap--SharesOutstanding_iE_pid_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zCANeo48rLo3" title="Balance, shares" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:SharesOutstanding" contextRef="AsOf2022-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000734" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,085,608</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000727" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">142,229</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="Fact000728" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">102,834</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_RetainedEarningsMember" id="Fact000729" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">8,395,184</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31" id="Fact000730" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">3,590,739</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 165; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUTOUTIAO
INC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; DEFICIT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the Years Ended December 31, 2021, 2022 and 2023</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(All
amounts in RMB thousands, except share data, or otherwise noted)</b></span></p>


<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 9pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Number
    of Shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BB_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_zPxD6dJtsyOe" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B7_us-gaap--StatementEquityComponentsAxis_us-gaap--AdditionalPaidInCapitalMember_z6oZxNL3R7Oa" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Additional
    paid-in capital</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Number
    of Shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B8_us-gaap--StatementEquityComponentsAxis_us-gaap--TreasuryStockCommonMember_zHjMnCt8PUZ8" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B3_us-gaap--StatementEquityComponentsAxis_us-gaap--AccumulatedOtherComprehensiveIncomeMember_z60K1cIlrPN9" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accumulated
    other comprehensive income</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B5_us-gaap--StatementEquityComponentsAxis_us-gaap--RetainedEarningsMember_zoCbPNEfejMe" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accumulated
    deficit</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B1_zGJQRI1hVSBh" style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total
    <br/>
    shareholders&#8217; deficit</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
<tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Outstanding
    ordinary shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Treasury
    stocks</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Number
    of Shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Additional
    paid-in capital</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Number
    of Shares</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Amount</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accumulated
    other comprehensive income</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accumulated
    deficit</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 9pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total
    shareholders&#8217; deficit</span></td><td style="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_43A_c20230101__20231231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iS_z4rAb22Ym7P9" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Balance
    as of January 1, 2023</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_98F_eus-gaap--CommonStockSharesOutstanding_iS_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_znijriCcdWx3" title="Beginning balance, shares" style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31_us-gaap_CommonStockMember" id="Fact000743" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">71,663,830</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_CommonStockMember" id="Fact000736" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000737" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,049,458</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_98B_eus-gaap--CommonStockSharesOutstanding_iS_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zgmgbiLk81u1" title="Beginning balance, shares" style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000745" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,085,608</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000738" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">142,229</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="Fact000739" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">102,834</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_RetainedEarningsMember" id="Fact000740" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">8,395,184</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 5%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31" id="Fact000741" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">3,590,739</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_43C_c20230101__20231231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iS_zQcd25RnrJ2c" style="font: 9pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Balance, value</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_987_eus-gaap--CommonStockSharesOutstanding_iS_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zwL1Df68Az5d" title="Beginning balance, shares" style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31_us-gaap_CommonStockMember" id="Fact000754" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">71,663,830</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_CommonStockMember" id="Fact000747" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000748" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,049,458</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_98D_eus-gaap--CommonStockSharesOutstanding_iS_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zmKxqqbznbj9" title="Beginning balance, shares" style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000756" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,085,608</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000749" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">142,229</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="Fact000750" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">102,834</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_us-gaap_RetainedEarningsMember" id="Fact000751" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">8,395,184</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31" id="Fact000752" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">3,590,739</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
<tr id="xdx_401_eus-gaap--AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_zRXWpixSQbG1" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Share-based
    compensation expense (Note 15)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0758">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2023-01-012023-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000759" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">37,308</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0760">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0761">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0762">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="From2023-01-01to2023-12-31" id="Fact000763" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">37,308</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--TemporaryEquityInterestInSubsidiaryEarnings_hus-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredStockMember_zGKAMwkKG9me" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accretion
    on Series A convertible redeemable preferred shares of a subsidiary (Note 20)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0765">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0766">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0767">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0768">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_RetainedEarningsMember_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="Fact000769" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">18,370</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_custom_SeriesAConvertibleRedeemablePreferredStockMember" id="Fact000770" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">18,370</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_407_eus-gaap--TemporaryEquityInterestInSubsidiaryEarnings_hus-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredStockMember_zkLgyYHCEbj5" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accretion
    on Series B convertible redeemable preferred shares of a subsidiary (Note 20)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0772">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0773">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0774">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0775">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_RetainedEarningsMember_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="Fact000776" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">28,736</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_custom_SeriesBConvertibleRedeemablePreferredStockMember" id="Fact000777" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">28,736</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--TemporaryEquityInterestInSubsidiaryEarnings_hus-gaap--StatementClassOfStockAxis__custom--SeriesCConvertibleRedeemablePreferredStockMember_zC5BtuWdmccb" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accretion
    on Series C convertible redeemable preferred shares of a subsidiary (Note 20)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0779">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0780">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0781">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0782">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_RetainedEarningsMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="Fact000783" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">96,870</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="Fact000784" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">96,870</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_402_eus-gaap--TemporaryEquityInterestInSubsidiaryEarnings_hus-gaap--StatementClassOfStockAxis__custom--SeriesCConvertibleRedeemablePreferredStockMember_z2L6wrPiYfK9" style="font: 9pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Accretion
    on convertible redeemable preferred shares of a subsidiary</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0786">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0787">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0788">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0789">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_us-gaap_RetainedEarningsMember_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="Fact000790" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">96,870</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:TemporaryEquityInterestInSubsidiaryEarnings" contextRef="From2023-01-012023-12-31_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="Fact000791" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">96,870</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
<tr id="xdx_409_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_z8hnAwsPAMyi" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Exercise
    of share options</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0794">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0795">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0796">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0797">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0798">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest_zC0qW9pmmVF3" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Net
    loss</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0800">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0801">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0802">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0803">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<span><ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2023-01-012023-12-31_us-gaap_RetainedEarningsMember" id="Fact000804" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">185,313</ix:nonFraction></span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<span><ix:nonFraction name="us-gaap:NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000805" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">185,313</ix:nonFraction></span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_407_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent_z1sHPB95BTbh" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Foreign
    currency translation</span></td><td style="font: bold 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0807">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0808">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">-</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0809">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2023-01-012023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="Fact000810" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">54,668</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><span style="-sec-ix-hidden: xdx2ixbrl0811">-</span></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent" contextRef="From2023-01-01to2023-12-31" id="Fact000812" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">54,668</ix:nonFraction></span></td><td style="font: 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
  <tr id="xdx_438_c20230101__20231231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iE_z6H90CkvccXb" style="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Balance
    as of December 31, 2023</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_988_eus-gaap--CommonStockSharesOutstanding_iE_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zE8WjwxeMwpd" title="Ending balance, shares" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_CommonStockMember" id="Fact000821" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">71,663,830</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31_us-gaap_CommonStockMember" id="Fact000814" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000815" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,086,766</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_98B_eus-gaap--CommonStockSharesOutstanding_iE_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zLF5Ncwv37eb" title="Ending balance, shares" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000823" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,085,608</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000816" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">142,229</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="Fact000817" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">157,502</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31_us-gaap_RetainedEarningsMember" id="Fact000818" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">8,724,473</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31" id="Fact000819" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">3,937,388</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
<tr id="xdx_431_c20230101__20231231_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_iE_zvj9R25JbKVd" style="font: 9pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Balance, value</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_987_eus-gaap--CommonStockSharesOutstanding_iE_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zhbdwpFe2nfg" title="Ending balance, shares" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_CommonStockMember" id="Fact000832" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">71,663,830</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31_us-gaap_CommonStockMember" id="Fact000825" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31_us-gaap_AdditionalPaidInCapitalMember" id="Fact000826" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,086,766</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td id="xdx_987_eus-gaap--CommonStockSharesOutstanding_iE_pid_c20230101__20231231__us-gaap--StatementEquityComponentsAxis__us-gaap--TreasuryStockCommonMember_zHYtWeyQP9Hc" title="Ending balance, shares" style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000834" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,085,608</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31_us-gaap_TreasuryStockCommonMember" id="Fact000827" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">142,229</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31_us-gaap_AccumulatedOtherComprehensiveIncomeMember" id="Fact000828" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">157,502</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31_us-gaap_RetainedEarningsMember" id="Fact000829" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">8,724,473</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31" id="Fact000830" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">3,937,388</ix:nonFraction></span></td><td style="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td></tr>
</table>


<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 2.5in; text-align: justify; text-indent: 68pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 166; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUTOUTIAO
INC.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="ds_005"></span>CONSOLIDATED
STATEMENTS OF CASH FLOWS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the Years Ended December 31, 2021, 2022 and 2023</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(All
amounts in RMB thousands, except share data, or otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_307_112_pn3n3_zsVSTQDXhn63" summary="xdx: Statement - Consolidated Statements of Cash Flows" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_495_20210101__20211231_zg0PcWpB48pg" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_491_20220101__20221231_zoxF2scmJer" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20230101__20231231_zdOBORAiG5Ej" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$(Note
    2(e))</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$(Note
    2(e))</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--NetCashProvidedByUsedInOperatingActivitiesAbstract_iB_zM9LNdSju1A4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash flows
    from operating activities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--ProfitLoss_i01_maNCPBUz0K4_zbu0jJ7Padab" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    loss</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact000840" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,240,176</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact000841" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">914,767</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000842" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">185,313</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--ProfitLoss_i01_uUSD_maNCPBUz0K4_c20230101__20231231_zH5lTV25WIB1" title="Net loss" style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000844" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">26,101</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40C_eus-gaap--AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_i01B_zgRGGFNa8gOj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments
    for:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--DepreciationDepletionAndAmortization_i02_maNCPBUz0K4_zr73qgvDsJX9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    of property and equipment</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DepreciationDepletionAndAmortization" contextRef="From2021-01-012021-12-31" id="Fact000850" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,108</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DepreciationDepletionAndAmortization" contextRef="From2022-01-012022-12-31" id="Fact000851" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,324</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DepreciationDepletionAndAmortization" contextRef="From2023-01-01to2023-12-31" id="Fact000852" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,345</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--DepreciationDepletionAndAmortization_i02_uUSD_maNCPBUz0K4_c20230101__20231231_z2lOwFLByLz4" title="Depreciation of property and equipment" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DepreciationDepletionAndAmortization" contextRef="From2023-01-01to2023-12-31" id="Fact000854" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">612</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--AmortizationOfIntangibleAssets_i02_maNCPBUz0K4_zspPPtexBgif" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
    of intangible assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-01-012021-12-31" id="Fact000856" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">54,099</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2022-01-012022-12-31" id="Fact000857" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">102,621</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2023-01-01to2023-12-31" id="Fact000858" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">12,305</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--AmortizationOfIntangibleAssets_i02_uUSD_maNCPBUz0K4_c20230101__20231231_ziyIlzew99K3" title="Amortization of intangible assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2023-01-01to2023-12-31" id="Fact000860" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,733</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--NonCashOperatingLeaseExpense_i02_maNCPBUz0K4_zEDgFHGlqZ56" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-cash
    operating lease expense</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:NonCashOperatingLeaseExpense" contextRef="From2021-01-012021-12-31" id="Fact000862" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">29,464</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:NonCashOperatingLeaseExpense" contextRef="From2022-01-012022-12-31" id="Fact000863" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">12,996</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:NonCashOperatingLeaseExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000864" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,164</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_ecustom--NonCashOperatingLeaseExpense_i02_uUSD_maNCPBUz0K4_c20230101__20231231_zNsV7OGZYiP4" title="Non-cash operating lease expense" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:NonCashOperatingLeaseExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000866" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">868</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--DeferredIncomeTaxExpenseBenefit_i02_maNCPBUz0K4_zxIGmHL990k3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    tax benefit</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact000868" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">2,403</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact000869" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">2,403</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact000870" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">2,403</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--DeferredIncomeTaxExpenseBenefit_i02_uUSD_maNCPBUz0K4_c20230101__20231231_z4EJFw7xJALa" title="Deferred tax benefit" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact000872" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">338</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--ShareBasedCompensation_i02_maNCPBUz0K4_zaTahp1pRCc8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
    compensation</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-12-31" id="Fact000874" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">200,186</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2022-01-012022-12-31" id="Fact000875" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">70,105</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2023-01-01to2023-12-31" id="Fact000876" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">37,308</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eus-gaap--ShareBasedCompensation_i02_uUSD_maNCPBUz0K4_c20230101__20231231_zJAYfjjDWX26" title="Share-based compensation" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2023-01-01to2023-12-31" id="Fact000878" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5,255</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--InterestExpense_i02_maNCPBUz0K4_zQ0wL2VUcdh4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expense</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2021-01-012021-12-31" id="Fact000880" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">35,350</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2022-01-012022-12-31" id="Fact000881" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">438,112</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000882" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">168,177</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eus-gaap--InterestExpense_i02_uUSD_maNCPBUz0K4_c20230101__20231231_zzcIqd30tYnd" title="Interest expense" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InterestExpense" contextRef="From2023-01-01to2023-12-31" id="Fact000884" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">23,687</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_ecustom--ChangesInEstimateForAccruedLiabilitiesRelatedToUsersLoyaltyPrograms_i02_maNCPBUz0K4_zlEgaakSRT9d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
    in estimate for accrued liabilities related to users&#8217; loyalty programs</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:ChangesInEstimateForAccruedLiabilitiesRelatedToUsersLoyaltyPrograms" contextRef="From2021-01-012021-12-31" id="Fact000886" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">12,369</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:ChangesInEstimateForAccruedLiabilitiesRelatedToUsersLoyaltyPrograms" contextRef="From2022-01-012022-12-31" id="Fact000887" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,137</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:ChangesInEstimateForAccruedLiabilitiesRelatedToUsersLoyaltyPrograms" contextRef="From2023-01-01to2023-12-31" id="Fact000888" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_ecustom--ChangesInEstimateForAccruedLiabilitiesRelatedToUsersLoyaltyPrograms_uUSD_maNCPBUz0K4_c20230101__20231231_zmcBmYP4TZKk" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:ChangesInEstimateForAccruedLiabilitiesRelatedToUsersLoyaltyPrograms" contextRef="From2023-01-01to2023-12-31" id="Fact000889" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">282</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--ProvisionForDoubtfulAccounts_i02_maNCPBUz0K4_z4NAhZDXEzJ5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allowance
    for doubtful accounts</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2021-01-012021-12-31" id="Fact000891" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">249,143</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2022-01-012022-12-31" id="Fact000892" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">467</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2023-01-01to2023-12-31" id="Fact000893" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">19,589</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--ProvisionForDoubtfulAccounts_uUSD_maNCPBUz0K4_c20230101__20231231_zo3EU8k0aUVc" title="Allowance for doubtful accounts" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" contextRef="From2023-01-01to2023-12-31" id="Fact000895" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,759</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_406_ecustom--UnrealizedLossGainOfPubliclyTradedEquitySecurity_i02N_di_msNCPBUz0K4_z8cakhvXSM0l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unrealized
    loss of publicly traded equity security</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:UnrealizedLossGainOfPubliclyTradedEquitySecurity" contextRef="From2021-01-012021-12-31" id="Fact000897" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">15,315</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0898">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0899">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_ecustom--UnrealizedLossGainOfPubliclyTradedEquitySecurity_i02N_di_uUSD_msNCPBUz0K4_c20230101__20231231_zD1qKHdQ0w6d" title="Unrealized loss of publicly traded equity security" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0901">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--UnrealizedLossOfNonmarketableEquitySecurities_i02N_di_msNCPBUz0K4_zq7tM4yDPbn2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unrealized
    loss of non-marketable equity securities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:UnrealizedLossOfNonmarketableEquitySecurities" contextRef="From2021-01-012021-12-31" id="Fact000903" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,208</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:UnrealizedLossOfNonmarketableEquitySecurities" contextRef="From2022-01-012022-12-31" id="Fact000904" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">50,487</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0905">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_ecustom--UnrealizedLossOfNonmarketableEquitySecurities_i02N_di_uUSD_msNCPBUz0K4_c20230101__20231231_z6ymnXEcSdLi" title="Unrealized loss of non-marketable equity securities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0907">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--GainLossOnSaleOfPropertyPlantEquipment_i02N_di_msNCPBUz0K4_zqHtxqb8Myzk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss (gain)
    on disposal of property, plant and equipment</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="From2021-01-012021-12-31" id="Fact000909" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">216</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="From2022-01-012022-12-31" id="Fact000910" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">4,097</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000911" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">83</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--GainLossOnSaleOfPropertyPlantEquipment_i02N_di_uUSD_msNCPBUz0K4_c20230101__20231231_zmTAHCjfvU68" title="Loss (gain) on disposal of property, plant and equipment" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact000913" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">12</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_ecustom--GainOnDisposalOfSubsidiary_i02_maNCPBUz0K4_zezrpXlogbqj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain on
    disposal of subsidiary</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:GainOnDisposalOfSubsidiary" contextRef="From2021-01-012021-12-31" id="Fact000915" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">23,083</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0916">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0917">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_ecustom--GainOnDisposalOfSubsidiary_i02_uUSD_maNCPBUz0K4_c20230101__20231231_zLh5hARIU8ij" title="Gain on disposal of subsidiary" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0919">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--IncomeLossFromEquityMethodInvestments_i02N_di_msNCPBUz0K4_zZ9Q3uCV9og6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
    in losses of an affiliate company</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2021-01-012021-12-31" id="Fact000921" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">3,195</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2022-01-012022-12-31" id="Fact000922" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,416</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0923">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eus-gaap--IncomeLossFromEquityMethodInvestments_i02N_di_uUSD_msNCPBUz0K4_c20230101__20231231_z0oLlTXnlQmb" title="Equity in losses of affiliated companies" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0925">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--OtherAssetImpairmentCharges_i02_maNCPBUz0K4_z1roRcX8klj5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
    of long-term investment securities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAssetImpairmentCharges" contextRef="From2021-01-012021-12-31" id="Fact000927" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">28,528</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0928">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0929">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eus-gaap--OtherAssetImpairmentCharges_i02_uUSD_maNCPBUz0K4_c20230101__20231231_zqVsLNRHFgG8" title="Impairment of long-term investment securities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0931">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--IncreaseDecreaseInOperatingCapitalAbstract_i02B_zRh7CJMcMsR" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
    in assets and liabilities:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msNCPBUz0K4_z7BLNgEcqPKi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    receivable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2021-01-012021-12-31" id="Fact000937" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">282,272</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2022-01-012022-12-31" id="Fact000938" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">653,977</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2023-01-01to2023-12-31" id="Fact000939" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">22,828</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_uUSD_msNCPBUz0K4_c20230101__20231231_zfZjDGqlEZbc" title="Accounts receivable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" contextRef="From2023-01-01to2023-12-31" id="Fact000941" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,216</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInDueFromRelatedParties_i03N_di_msNCPBUz0K4_zJs6ZzrwZPr5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    due from related parties</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" contextRef="From2021-01-012021-12-31" id="Fact000943" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">123,731</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" contextRef="From2022-01-012022-12-31" id="Fact000944" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">211,061</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" contextRef="From2023-01-01to2023-12-31" id="Fact000945" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">3,015</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eus-gaap--IncreaseDecreaseInDueFromRelatedParties_i03N_di_uUSD_msNCPBUz0K4_c20230101__20231231_zbwcMVc3przc" title="Amount due from related parties" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" contextRef="From2023-01-01to2023-12-31" id="Fact000947" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">425</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i03N_di_msNCPBUz0K4_zNt9eMbr1D4d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments
    and other current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2021-01-012021-12-31" id="Fact000949" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">195,375</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2022-01-012022-12-31" id="Fact000950" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">14,066</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2023-01-01to2023-12-31" id="Fact000951" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">20,878</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i03N_di_uUSD_msNCPBUz0K4_c20230101__20231231_zNlEyWGqZBHd" title="Prepayments and other current assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="From2023-01-01to2023-12-31" id="Fact000953" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,941</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr id="xdx_40D_ecustom--IncreaseDecreaseInAccountsReceivableNonCurrent_i03N_di_msNCPBUz0K4_zz8AgIF5YZUl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    receivables, non-current</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:IncreaseDecreaseInAccountsReceivableNonCurrent" contextRef="From2021-01-012021-12-31" id="Fact000955" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">54,639</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0956">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0957">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_ecustom--IncreaseDecreaseInAccountsReceivableNonCurrent_i03N_di_uUSD_msNCPBUz0K4_c20230101__20231231_zc2cuXukR3x9" title="Accounts receivables, non-current" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0959">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--IncreaseDecreaseInOtherNoncurrentAssets_i03N_di_msNCPBUz0K4_zgbWTIDNCkHe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    non-current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" contextRef="From2021-01-012021-12-31" id="Fact000961" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">3,350</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" contextRef="From2022-01-012022-12-31" id="Fact000962" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,907</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" contextRef="From2023-01-01to2023-12-31" id="Fact000963" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">2,236</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eus-gaap--IncreaseDecreaseInOtherNoncurrentAssets_i03N_di_uUSD_msNCPBUz0K4_c20230101__20231231_zaVUAajHiiaj" title="Other non-current assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherNoncurrentAssets" contextRef="From2023-01-01to2023-12-31" id="Fact000965" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">315</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_maNCPBUz0K4_z0SrdZcfqi5e" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2021-01-012021-12-31" id="Fact000967" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">135,213</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2022-01-012022-12-31" id="Fact000968" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">81,226</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2023-01-01to2023-12-31" id="Fact000969" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">25,179</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_uUSD_maNCPBUz0K4_c20230101__20231231_zRjtJtim4Ekb" title="Accounts payable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="From2023-01-01to2023-12-31" id="Fact000971" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,546</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--IncreaseDecreaseInDueToRelatedParties_i03_maNCPBUz0K4_zP2mt1a45uW9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    due to related parties</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDueToRelatedParties" contextRef="From2021-01-012021-12-31" id="Fact000973" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">2,499</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDueToRelatedParties" contextRef="From2022-01-012022-12-31" id="Fact000974" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">6,336</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDueToRelatedParties" contextRef="From2023-01-01to2023-12-31" id="Fact000975" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">438</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--IncreaseDecreaseInDueToRelatedParties_i03_uUSD_maNCPBUz0K4_c20230101__20231231_zrPdmln5Imgk" title="Amount due to related parties" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInDueToRelatedParties" contextRef="From2023-01-01to2023-12-31" id="Fact000977" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">62</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_403_ecustom--IncreaseDecreaseInRegisteredUsersLoyaltyPayable_i03_maNCPBUz0K4_zbc9WldkHjHk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered
    users&#8217; loyalty payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:IncreaseDecreaseInRegisteredUsersLoyaltyPayable" contextRef="From2021-01-012021-12-31" id="Fact000979" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">10,935</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:IncreaseDecreaseInRegisteredUsersLoyaltyPayable" contextRef="From2022-01-012022-12-31" id="Fact000980" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">31,918</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:IncreaseDecreaseInRegisteredUsersLoyaltyPayable" contextRef="From2023-01-01to2023-12-31" id="Fact000981" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">15,910</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_ecustom--IncreaseDecreaseInRegisteredUsersLoyaltyPayable_i03_uUSD_maNCPBUz0K4_c20230101__20231231_zibN4PdWLYp9" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:IncreaseDecreaseInRegisteredUsersLoyaltyPayable" contextRef="From2023-01-01to2023-12-31" id="Fact000982" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2,241</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--IncreaseDecreaseInEmployeeRelatedLiabilities_i03_maNCPBUz0K4_zP5UahyDTQwh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salary
    and welfare payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInEmployeeRelatedLiabilities" contextRef="From2021-01-012021-12-31" id="Fact000984" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">83,334</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInEmployeeRelatedLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000985" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">6,426</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInEmployeeRelatedLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000986" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">22,095</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--IncreaseDecreaseInEmployeeRelatedLiabilities_i03_uUSD_maNCPBUz0K4_c20230101__20231231_zvMTLz3utoM" title="Salary and welfare payable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInEmployeeRelatedLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000988" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">3,112</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40C_eus-gaap--IncreaseDecreaseInIncomeTaxes_i03_maNCPBUz0K4_zoETgkGoVnX5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInIncomeTaxes" contextRef="From2021-01-012021-12-31" id="Fact000990" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">53,265</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInIncomeTaxes" contextRef="From2022-01-012022-12-31" id="Fact000991" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">3,405</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInIncomeTaxes" contextRef="From2023-01-01to2023-12-31" id="Fact000992" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">26</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eus-gaap--IncreaseDecreaseInIncomeTaxes_i03_uUSD_maNCPBUz0K4_c20230101__20231231_zQOSinfnVazj" title="Tax payable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInIncomeTaxes" contextRef="From2023-01-01to2023-12-31" id="Fact000994" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_401_ecustom--IncreaseDecreaseInAccruedLiabilitiesRelatedToUsersLoyaltyPrograms_i03_maNCPBUz0K4_zIwiSafLsUMf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    liabilities related to users&#8217; loyalty programs</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:IncreaseDecreaseInAccruedLiabilitiesRelatedToUsersLoyaltyPrograms" contextRef="From2021-01-012021-12-31" id="Fact000996" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">13,095</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:IncreaseDecreaseInAccruedLiabilitiesRelatedToUsersLoyaltyPrograms" contextRef="From2022-01-012022-12-31" id="Fact000997" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">38,908</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:IncreaseDecreaseInAccruedLiabilitiesRelatedToUsersLoyaltyPrograms" contextRef="From2023-01-01to2023-12-31" id="Fact000998" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">33,100</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_ecustom--IncreaseDecreaseInAccruedLiabilitiesRelatedToUsersLoyaltyPrograms_i03_uUSD_maNCPBUz0K4_c20230101__20231231_zIZQ1FbRFfF2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:IncreaseDecreaseInAccruedLiabilitiesRelatedToUsersLoyaltyPrograms" contextRef="From2023-01-01to2023-12-31" id="Fact000999" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4,662</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_404_eus-gaap--IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_i03_maNCPBUz0K4_zqMR6dj7dpA4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    liabilities and other current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" contextRef="From2021-01-012021-12-31" id="Fact001001" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">593,134</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" contextRef="From2022-01-012022-12-31" id="Fact001002" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">998,342</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001003" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">92,419</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eus-gaap--IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_i03_uUSD_maNCPBUz0K4_c20230101__20231231_z475DZrh0Hih" title="Accrued liabilities and other current liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001005" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">13,017</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_409_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_i03_maNCPBUz0K4_zaVGWEllg7P1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances
    from customers and deferred revenue</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" contextRef="From2021-01-012021-12-31" id="Fact001007" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">18,179</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" contextRef="From2022-01-012022-12-31" id="Fact001008" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">73,891</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" contextRef="From2023-01-01to2023-12-31" id="Fact001009" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,904</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eus-gaap--IncreaseDecreaseInContractWithCustomerLiability_i03_uUSD_maNCPBUz0K4_c20230101__20231231_z72kP5kKzuEh" title="Advances from customers and deferred revenue" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" contextRef="From2023-01-01to2023-12-31" id="Fact001011" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,113</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_ecustom--IncreaseDecreaseInOperatingLeaseLiabilities_i03_maNCPBUz0K4_zrfscNLQ5God" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    lease liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:IncreaseDecreaseInOperatingLeaseLiabilities" contextRef="From2021-01-012021-12-31" id="Fact001013" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">22,122</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:IncreaseDecreaseInOperatingLeaseLiabilities" contextRef="From2022-01-012022-12-31" id="Fact001014" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">13,733</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:IncreaseDecreaseInOperatingLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001015" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">6,827</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_ecustom--IncreaseDecreaseInOperatingLeaseLiabilities_i03_uUSD_maNCPBUz0K4_c20230101__20231231_zvecpL9wxsSj" title="Operating lease liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:IncreaseDecreaseInOperatingLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact001017" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">962</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_401_ecustom--IncreaseDecreaseInNonCurrentLiabilities_i03N_di_msNCPBUz0K4_zgXEFVyS25o6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current
    liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:IncreaseDecreaseInNonCurrentLiabilities" contextRef="From2021-01-012021-12-31" id="Fact001019" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,524</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:IncreaseDecreaseInNonCurrentLiabilities" contextRef="From2022-01-012022-12-31" id="Fact001020" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,733</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1021">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_ecustom--IncreaseDecreaseInNonCurrentLiabilities_i03N_di_uUSD_msNCPBUz0K4_c20230101__20231231_ziO9gwnQUbt6" title="Non-current liabilities" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1023">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i03T_mtNCPBUz0K4_maEOEROzL9T_maCCERCz9iw_zHT6kE49u0H4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: italic 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash used in operating activities</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31" id="Fact001025" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">279,122</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-012022-12-31" id="Fact001026" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">443,797</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact001027" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">65,698</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i03T_uUSD_mtNCPBUz0K4_maEOEROzL9T_c20230101__20231231_zQNLvyhStey7" title="Net cash used in operating activities" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact001029" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">9,253</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 167; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>US$(Note
                                            2(e))</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_z3Da5CytE5Yl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash flows
    from investing activities:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--PaymentsToAcquireShortTermInvestments_i01N_di_msNCPBUzzWT_zHcJviPWY2d2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
    of short-term investments</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2021-01-012021-12-31" id="Fact001035" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">899,787</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PaymentsToAcquireShortTermInvestments" contextRef="From2022-01-012022-12-31" id="Fact001036" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">26,402</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1037">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eus-gaap--PaymentsToAcquireShortTermInvestments_i01N_di_uUSD_msNCPBUzzWT_c20230101__20231231_z2kmdfwq15Kk" title="Purchase of short-term investments" style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1039">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments_i01_maNCPBUzzWT_zzuqmw4AIG0k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from sales and maturity of short-term investments</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" contextRef="From2021-01-012021-12-31" id="Fact001041" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">981,975</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" contextRef="From2022-01-012022-12-31" id="Fact001042" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">292,530</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact001043" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">26,402</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eus-gaap--ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments_i01_uUSD_maNCPBUzzWT_c20230101__20231231_zZym83tMOxfc" title="Proceeds from sales and maturity of short-term investments" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments" contextRef="From2023-01-01to2023-12-31" id="Fact001045" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,719</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--PaymentsToAcquireIntangibleAssets_i01N_di_msNCPBUzzWT_zSE1Hwnvfxxj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
    of intangible assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PaymentsToAcquireIntangibleAssets" contextRef="From2021-01-012021-12-31" id="Fact001047" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">113</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1048">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1049">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_eus-gaap--PaymentsToAcquireIntangibleAssets_i01N_di_uUSD_msNCPBUzzWT_c20230101__20231231_zG1yagolU0ec" title="Purchase of intangible assets" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1051">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msNCPBUzzWT_z4rsCT4Di0A8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
    of property and equipment</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="Fact001053" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,607</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" id="Fact001054" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact001055" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">54</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_uUSD_msNCPBUzzWT_c20230101__20231231_zUJdHUkriKp7" title="Purchase of property and equipment" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact001057" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">8</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_i01_maNCPBUzzWT_z2PUezGcXiQ3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from disposal of property and equipment</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="Fact001059" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,053</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" id="Fact001060" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,434</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact001061" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">135</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--ProceedsFromSaleOfPropertyPlantAndEquipment_i01_uUSD_maNCPBUzzWT_c20230101__20231231_zbcaK5vOJcKf" title="Proceeds from disposal of property and equipment" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact001063" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">19</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtNCPBUzzWT_maCCERCz9iw_zSfZdgjPSMsj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash provided by investing activities</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-12-31" id="Fact001065" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">75,521</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact001066" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">267,555</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact001067" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">26,483</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_uUSD_mtNCPBUzzWT_c20230101__20231231_zLDrO9U8aOle" title="Net cash provided by/(used in) investing activities" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact001069" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,730</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB_zxEwGXedTfQj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash flows
    from financing activities:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--PaymentsOfStockIssuanceCosts_i01N_di_msNCPBUzGfI_zFodCtFsLQQ7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
    of accrued issuance costs for Series C convertible redeemable preferred shares of a subsidiary</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="From2021-01-012021-12-31" id="Fact001075" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,135</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1076">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1077">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--PaymentsOfStockIssuanceCosts_i01N_di_uUSD_msNCPBUzGfI_c20230101__20231231_z5GdT8eEDjra" title="Payment of accrued issuance costs for Series C convertible redeemable preferred shares of a subsidiary" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1079">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--ProceedsFromBankDebt_i01_maNCPBUzGfI_zW93qZUkprEg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from bank borrowings</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProceedsFromBankDebt" contextRef="From2021-01-012021-12-31" id="Fact001081" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">20,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1082">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1083">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--ProceedsFromBankDebt_i01_uUSD_maNCPBUzGfI_c20230101__20231231_z3thb4FW90J" title="Proceeds from bank borrowings" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1085">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--RepaymentsOfSecuredDebt_i01N_di_msNCPBUzGfI_zg8hCVu20fq5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayments
    of bank borrowings</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:RepaymentsOfSecuredDebt" contextRef="From2021-01-012021-12-31" id="Fact001087" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">70,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:RepaymentsOfSecuredDebt" contextRef="From2022-01-012022-12-31" id="Fact001088" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">20,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1089">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--RepaymentsOfSecuredDebt_i01N_di_uUSD_msNCPBUzGfI_c20230101__20231231_zp08m1mBvOWh" title="Repayments of bank borrowings" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1091">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--RepaymentsOfRelatedPartyDebt_i01N_di_msNCPBUzGfI_zrD66spGpABc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
    of borrowings from a related party</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2021-01-012021-12-31" id="Fact001093" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">12,959</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1094">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1095">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--RepaymentsOfRelatedPartyDebt_i01N_di_uUSD_msNCPBUzGfI_c20230101__20231231_zkueURcCdtW" title="Repayment of borrowings from a related party" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1097">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_mtNCPBUzGfI_maCCERCz9iw_zMEtJZ8NSH36" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash used in financing activities</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2021-01-012021-12-31" id="Fact001099" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">66,094</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact001100" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">20,000</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1101">-</span></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_uUSD_mtNCPBUzGfI_c20230101__20231231_zmpZ73MsOmni" title="Net cash provided by financing activities" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1103">-</span></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_iT_mtCCERCz9iw_zsNFUqmzB7o9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net decrease
    in cash, cash equivalents and restricted cash</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" contextRef="From2021-01-012021-12-31" id="Fact001105" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">269,695</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" contextRef="From2022-01-012022-12-31" id="Fact001106" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">196,242</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" contextRef="From2023-01-01to2023-12-31" id="Fact001107" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">39,215</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_iT_uUSD_c20230101__20231231_zeWlaj1XNR7h" title="Net increase/(decrease) in cash, cash equivalents and restricted cash" style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" contextRef="From2023-01-01to2023-12-31" id="Fact001109" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">5,523</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40D_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_zT5JzUIKCCxb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
    of exchange rate changes on cash, restricted cash and cash equivalents</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="From2021-01-012021-12-31" id="Fact001111" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">9,263</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="From2022-01-012022-12-31" id="Fact001112" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">10,810</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="From2023-01-01to2023-12-31" id="Fact001113" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">520</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_uUSD_c20230101__20231231_zFhMAtwhLt9k" title="Effect of exchange rate changes on cash, restricted cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="From2023-01-01to2023-12-31" id="Fact001115" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">73</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_zMAUNv2fxVG7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash,
    cash equivalents and restricted cash at the beginning of year</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2020-12-31" id="Fact001117" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">594,791</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2021-12-31" id="Fact001118" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">315,833</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2022-12-31" id="Fact001119" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">130,401</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_uUSD_c20230101__20231231_zz2uCBs8rKk6" title="Cash, cash equivalents and restricted cash at the beginning of year" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2022-12-31" id="Fact001121" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">18,367</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_zaQnsqnnuU1a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash,
    cash equivalents and restricted cash at the end of year</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2021-12-31" id="Fact001123" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">315,833</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2022-12-31" id="Fact001124" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">130,401</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2023-12-31" id="Fact001125" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">91,706</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_uUSD_c20230101__20231231_zSX4CIuHPrm5" title="Cash, cash equivalents and restricted cash at the end of year" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2023-12-31" id="Fact001127" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,917</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--SupplementalCashFlowInformationAbstract_iB_zTp4YaAv36Ti" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
    disclosure of cash flow information:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--InterestPaidNet_i01_zxmvv4V6Pbo8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash paid
    for interest (Note 1<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span>)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2021-01-012021-12-31" id="Fact001133" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">42</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2022-01-012022-12-31" id="Fact001134" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">30,247</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2023-01-01to2023-12-31" id="Fact001135" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">17,617</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--InterestPaidNet_i01_uUSD_c20230101__20231231_zfutS1CvxMpj" title="Cash paid for interest (Note 14)" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InterestPaidNet" contextRef="From2023-01-01to2023-12-31" id="Fact001137" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,481</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--IncomeTaxesPaid_i01_zd8csg5Vh394" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash paid
    for income taxes</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeTaxesPaid" contextRef="From2021-01-012021-12-31" id="Fact001139" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,079</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeTaxesPaid" contextRef="From2022-01-012022-12-31" id="Fact001140" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,478</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeTaxesPaid" contextRef="From2023-01-01to2023-12-31" id="Fact001141" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,482</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eus-gaap--IncomeTaxesPaid_i01_uUSD_c20230101__20231231_zX5hjp0X2XO2" title="Cash paid for income taxes" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeTaxesPaid" contextRef="From2023-01-01to2023-12-31" id="Fact001143" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">631</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--NoncashInvestingAndFinancingItemsAbstract_iB_zVcKydyaNqbh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-cash
    financing and investing activities:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--StockIssued1_i01_zA5qdZJ9SUtd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
    to redemption value of Series A, B and C convertible redeemable preferred shares of a subsidiary</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockIssued1" contextRef="From2021-01-012021-12-31" id="Fact001149" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">108,896</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockIssued1" contextRef="From2022-01-012022-12-31" id="Fact001150" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">124,677</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockIssued1" contextRef="From2023-01-01to2023-12-31" id="Fact001151" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">143,976</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--StockIssued1_i01_uUSD_c20230101__20231231_zbBYpDtVCAh2" title="Accretion to redemption value of Series A, B and C convertible redeemable preferred shares of a subsidiary" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:StockIssued1" contextRef="From2023-01-01to2023-12-31" id="Fact001153" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,279</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsAbstract_iB_zhfCcMx5p6Ca" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The below
    table reconciles cash, cash equivalents, and restricted cash</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i01E_zTw7K9VmmOy9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and
    cash equivalents</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2021-12-31" id="Fact001159" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">240,351</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-12-31" id="Fact001160" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">122,801</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31" id="Fact001161" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">74,648</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i01E_uUSD_c20230101__20231231_z9Uv6wpcZpP2" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31" id="Fact001163" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">10,514</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--RestrictedCash_i01E_zU0xNFeHauGd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
    cash</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RestrictedCash" contextRef="AsOf2021-12-31" id="Fact001165" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">75,482</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RestrictedCash" contextRef="AsOf2022-12-31" id="Fact001166" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,600</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RestrictedCash" contextRef="AsOf2023-12-31" id="Fact001167" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">17,058</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eus-gaap--RestrictedCash_i01E_uUSD_c20230101__20231231_zdEnILfPxzC9" title="Restricted cash" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RestrictedCash" contextRef="AsOf2023-12-31" id="Fact001169" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,403</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_i01E_zfoQpZX6mcTa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2021-12-31" id="Fact001171" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">315,833</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2022-12-31" id="Fact001172" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">130,401</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2023-12-31" id="Fact001173" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">91,706</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_i01E_uUSD_c20230101__20231231_zOkuNwy6RLd" title="Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2023-12-31" id="Fact001175" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">12,917</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 168; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUTOUTIAO
INC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ds_006"></span>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(All
amounts in RMB thousands, except share data, or otherwise noted)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001177" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_80E_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_zJ5fU7Y2Cq51" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_820_zd4Ho9xGhFY7">Organization and Principal Activities</span></b></span></p>




<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Principal activities</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qutoutiao
Inc. (the &#8220;Company&#8221;), an exempted company with limited liability incorporated in the Cayman Islands, (i) its various equity-owned
consolidated subsidiaries, (ii) its controlled affiliates, and (iii) the subsidiaries of its controlled affiliates are collectively referred
to as the &#8220;Group&#8221;. The Group&#8217;s principal activity is to operate mobile platforms Qutoutiao (&#8220;QTT&#8221;), and
Midu (&#8220;MD&#8221;) for the distribution, consumption and sharing of light entertainment content. The Group generates revenue primarily
by providing cost-effective and targeted advertising solutions through the mobile platforms in the People&#8217;s Republic of China (&#8220;PRC&#8221;),
through its controlled affiliates and their wholly-owned subsidiaries thereof (collectively referred to as the &#8220;Affiliated Entities&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001179" name="us-gaap:ScheduleOfSaleOfStockBySubsidiaryOrEquityMethodInvesteeDisclosureTextBlock"><p id="xdx_890_eus-gaap--ScheduleOfSaleOfStockBySubsidiaryOrEquityMethodInvesteeDisclosureTextBlock_zKjRm3wyJtbj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company&#8217;s principal subsidiaries and consolidated Affiliated Entities are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zqPvohlHj3l8" style="display: none">Schedule
of Pricipal Subsidiaries and Consolidated Affiliated Entities </span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of subsidiaries and VIEs</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
    of direct or indirect establishment/acquisition</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin-top: 0; margin-bottom: 0">Place of</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">incorporation</span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage
                                            of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>direct
                                            or</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>economic</b></span></p>
                                                                                                                                                                                                                                                             <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ownership</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Wholly
                                    owned subsidiaries of the Company:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 47%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">InfoUniversal
    Limited(&#8220;InfoUniversal&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--InfoUniversalLimitedMember_zuytLyDJy3z4" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_InfoUniversalLimitedMember" format="ixt:datemonthyearen" id="Fact001181" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">August,
    2017</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--InfoUniversalLimitedMember_zFxY4emXCw34" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_InfoUniversalLimitedMember" id="Fact001183" name="QTTOY:EntityIncorporationStateOrCountryName">Hong Kong</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--InfoUniversalLimitedMember_z88gVcvGnpEj" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_InfoUniversalLimitedMember" id="Fact001185" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Quyun Internet Technology
    Co., Ltd. (&#8220;Quyun WFOE&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiQuyunInternetTechnologyCompanyLimitedMember_zoPoEJh5RDBi" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiQuyunInternetTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001187" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">October,
    2017</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiQuyunInternetTechnologyCompanyLimitedMember_zagoUoNTRKCc" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiQuyunInternetTechnologyCompanyLimitedMember" id="Fact001189" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiQuyunInternetTechnologyCompanyLimitedMember_zquZMhvJHGG1" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiQuyunInternetTechnologyCompanyLimitedMember" id="Fact001191" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Dianguan Network
    Technology Co., Ltd. (&#8220;Dianguan&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiDianguanNetworkTechnologyCompanyLimitedMember_zESNvPQg0Chd" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiDianguanNetworkTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001193" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">February,
    2018</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiDianguanNetworkTechnologyCompanyLimitedMember_zsiCHRunqeHe" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiDianguanNetworkTechnologyCompanyLimitedMember" id="Fact001195" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiDianguanNetworkTechnologyCompanyLimitedMember_z7tVO7aZABYj" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiDianguanNetworkTechnologyCompanyLimitedMember" id="Fact001197" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qtech USA Inc. (&#8220;Qtech&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--QtechUSAIncMember_zO9iNtT8WDL" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_QtechUSAIncMember" format="ixt:datemonthyearen" id="Fact001199" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">April, 2018</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--QtechUSAIncMember_z7XC4rUC96B4" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_QtechUSAIncMember" id="Fact001201" name="QTTOY:EntityIncorporationStateOrCountryName">USA</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--QtechUSAIncMember_zLVANMG6m8n5" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_QtechUSAIncMember" id="Fact001203" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QTT Asia
    Ltd.(&#8220;QTT Asia&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--QTTAsiaMember_zQNoB1c6BnQ8" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_QTTAsiaMember" format="ixt:datemonthyearen" id="Fact001205" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">April,
    2018</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--QTTAsiaMember_zJQJMZ5imaoi" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_QTTAsiaMember" id="Fact001207" name="QTTOY:EntityIncorporationStateOrCountryName">British</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--QTTAsiaMember_ztAKGkaBTjth" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_QTTAsiaMember" id="Fact001209" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kubik Media International Ltd.
    (&#8220;Kubik Media&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--KubikMediaInternationalLtd.Member_z8WFIYgI8VA7" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_KubikMediaInternationalLtd.Member" format="ixt:datemonthyearen" id="Fact001211" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">May,
    2018</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--KubikMediaInternationalLtd.Member_zfrs4sfz8DOk" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_KubikMediaInternationalLtd.Member" id="Fact001213" name="QTTOY:EntityIncorporationStateOrCountryName">BVI</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--KubikMediaInternationalLtd.Member_zZIKzwwIICAh" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_KubikMediaInternationalLtd.Member" id="Fact001215" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kubik Technology Pte., Ltd. (&#8220;Kubik Technology&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--KubikTechnologyPteLtdMember_zQXI2skBY3h" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_KubikTechnologyPteLtdMember" format="ixt:datemonthyearen" id="Fact001217" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">May, 2018</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--KubikTechnologyPteLtdMember_zRpa614xiAB7" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_KubikTechnologyPteLtdMember" id="Fact001219" name="QTTOY:EntityIncorporationStateOrCountryName">Singapore</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--KubikTechnologyPteLtdMember_zmeOYS3I5A5b" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_KubikTechnologyPteLtdMember" id="Fact001221" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fun
    Literature Limited (Cayman) (&#8220;Fun Literature&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureLimitedMember_zSCGUTpyAZp2" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_FunLiteratureLimitedMember" format="ixt:datemonthyearen" id="Fact001223" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">October,
    2018</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureLimitedMember_zbfkPvJ4QMzi" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_FunLiteratureLimitedMember" id="Fact001225" name="QTTOY:EntityIncorporationStateOrCountryName">Cayman Islands</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureLimitedMember_zcg48YUlagi3" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_FunLiteratureLimitedMember" id="Fact001227" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">65</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fun Literature (HK) Limited (&#8220;Fun Literature HK&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureHKLimitedMember_zJwyr46ehrMj" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_FunLiteratureHKLimitedMember" format="ixt:datemonthyearen" id="Fact001229" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">October,
    2018</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureHKLimitedMember_zde90lekPuT3" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_FunLiteratureHKLimitedMember" id="Fact001231" name="QTTOY:EntityIncorporationStateOrCountryName">Hong Kong</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureHKLimitedMember_z3dcO0aeAy01" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_FunLiteratureHKLimitedMember" id="Fact001233" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PT. Sedjahtera Inti Abadi (&#8220;Abadi&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--PTSedjahteraIntiAbadiMember_zTu8BoRMXzoj" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_PTSedjahteraIntiAbadiMember" format="ixt:datemonthyearen" id="Fact001235" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">October,
    2018</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--PTSedjahteraIntiAbadiMember_zO8K6kVh0SU5" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_PTSedjahteraIntiAbadiMember" id="Fact001237" name="QTTOY:EntityIncorporationStateOrCountryName">Indonesia</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--PTSedjahteraIntiAbadiMember_zNjJSWiRGgk6" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_PTSedjahteraIntiAbadiMember" id="Fact001239" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Zhicao Information Technology Co., Ltd. (&#8220;Zhicao WFOE&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiZhicaoInformationTechnologyCoLtd.Member_znLWUS9FDpw5" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiZhicaoInformationTechnologyCoLtd.Member" format="ixt:datemonthyearen" id="Fact001241" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">December, 2018</ix:nonNumeric></span>&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_984_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiZhicaoInformationTechnologyCoLtd.Member_z8Gxu9tKSYn4" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiZhicaoInformationTechnologyCoLtd.Member" id="Fact001243" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><p id="xdx_987_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiZhicaoInformationTechnologyCoLtd.Member_z8b7WPgIcWs4" title="Percentage of direct or indirect economic ownership" style="margin: 0"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiZhicaoInformationTechnologyCoLtd.Member" id="Fact001245" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction>%</p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AI-Fun Technology Limited
    (&#8220;AI-Fun&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--AifunTechnologyLimitedMember_zFo9PTzh9skg" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_AifunTechnologyLimitedMember" format="ixt:datemonthyearen" id="Fact001247" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">January,
    2019</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--AifunTechnologyLimitedMember_zetmyGlUlVf6" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_AifunTechnologyLimitedMember" id="Fact001249" name="QTTOY:EntityIncorporationStateOrCountryName">Hong Kong</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--AifunTechnologyLimitedMember_zA41U96TSED1" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_AifunTechnologyLimitedMember" id="Fact001251" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fun-Platform Holdings Limited
    (&#8220;Fun-Platform&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunplatformHoldingsLimitedMember_zhiMhmMPo4ml" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_FunplatformHoldingsLimitedMember" format="ixt:datemonthyearen" id="Fact001253" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">January,
    2019</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunplatformHoldingsLimitedMember_zfb0y89ornuk" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_FunplatformHoldingsLimitedMember" id="Fact001255" name="QTTOY:EntityIncorporationStateOrCountryName">Cayman</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunplatformHoldingsLimitedMember_zAbXrZAgvEb4" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_FunplatformHoldingsLimitedMember" id="Fact001257" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Striking Technology Holdings
    limited (&#8220;Striking&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--StrikingTechnologyHoldingsLimitedMember_zkXboDScPXe2" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_StrikingTechnologyHoldingsLimitedMember" format="ixt:datemonthyearen" id="Fact001259" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">January,
    2019</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--StrikingTechnologyHoldingsLimitedMember_zrbl8b0c6kDf" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_StrikingTechnologyHoldingsLimitedMember" id="Fact001261" name="QTTOY:EntityIncorporationStateOrCountryName">Hong Kong</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--StrikingTechnologyHoldingsLimitedMember_zLrUMqdxxQH2" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_StrikingTechnologyHoldingsLimitedMember" id="Fact001263" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Chenxing Software
    Technology Co., Ltd. (&#8220;Chenxing&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiChenxingSoftwareTechnologyCompanyLimitedMember_zhOuH5h75fE1" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiChenxingSoftwareTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001265" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">January, 2020</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiChenxingSoftwareTechnologyCompanyLimitedMember_zYnClOFktKPl" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiChenxingSoftwareTechnologyCompanyLimitedMember" id="Fact001267" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiChenxingSoftwareTechnologyCompanyLimitedMember_zBVzFuojXnMl" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiChenxingSoftwareTechnologyCompanyLimitedMember" id="Fact001269" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Luoshi Software
    Technology Co., Ltd. (&#8220;Luoshi&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiLuoshiSoftwareTechnologyCoLtdMember_z9Ir8vbq0Fv1" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiLuoshiSoftwareTechnologyCoLtdMember" format="ixt:datemonthyearen" id="Fact001271" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">January,
    2020</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiLuoshiSoftwareTechnologyCoLtdMember_zHuy4b503ko5" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiLuoshiSoftwareTechnologyCoLtdMember" id="Fact001273" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiLuoshiSoftwareTechnologyCoLtdMember_z0WDNADyUUDa" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiLuoshiSoftwareTechnologyCoLtdMember" id="Fact001275" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Wennuo Information
    Technology Co., Ltd. (&#8220;Wennuo&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiWennuoInformationTechnologyCompanyLimitedMember_z8GbTmIMmwTk" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiWennuoInformationTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001277" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">July,
    2020</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiWennuoInformationTechnologyCompanyLimitedMember_zLDlF0kKjrnk" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiWennuoInformationTechnologyCompanyLimitedMember" id="Fact001279" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiWennuoInformationTechnologyCompanyLimitedMember_zq7Zym7hcTUe" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiWennuoInformationTechnologyCompanyLimitedMember" id="Fact001281" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"/></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Shuqin Information Technology
    Co., Ltd. (&#8220;Shuqin&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiShuqinInformationTechnologyCoLtd.Member_zTFrcbWxeBxe" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiShuqinInformationTechnologyCoLtd.Member" format="ixt:datemonthyearen" id="Fact001283" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">November, 2020</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_983_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiShuqinInformationTechnologyCoLtd.Member_zFtVwqiiCtzl" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiShuqinInformationTechnologyCoLtd.Member" id="Fact001285" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiShuqinInformationTechnologyCoLtd.Member_z3wQ5Ee0lg8g" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiShuqinInformationTechnologyCoLtd.Member" id="Fact001287" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fun Literature SG Pte. Ltd.
    (&#8220;Fun SG&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureSgPte.LtdMember_ziZA4fWiltg7" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_FunLiteratureSgPte.LtdMember" format="ixt:datemonthyearen" id="Fact001289" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">February,
    2021</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureSgPte.LtdMember_zeKrsoy8jn4l" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_FunLiteratureSgPte.LtdMember" id="Fact001291" name="QTTOY:EntityIncorporationStateOrCountryName">Singapore</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureSgPte.LtdMember_zjzIeWuApssi" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_FunLiteratureSgPte.LtdMember" id="Fact001293" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"/></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Chengshan Information
    Technology Co., Ltd. (&#8220;Chengshan&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiChengshanInformationTechnologyCoLimitedMember_zV10ui5RdmV2" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiChengshanInformationTechnologyCoLimitedMember" format="ixt:datemonthyearen" id="Fact001295" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">March,
    2021</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98A_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiChengshanInformationTechnologyCoLimitedMember_zC7dWY5VQ0sh" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiChengshanInformationTechnologyCoLimitedMember" id="Fact001297" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiChengshanInformationTechnologyCoLimitedMember_z5FOuKO1J2N6" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiChengshanInformationTechnologyCoLimitedMember" id="Fact001299" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hainan Mengbang Network Technology
    Co., Ltd. (&#8220;Mengbang&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HainanMengbangNetworkTechnologyCoLtdMember_zdcl04RJJ9Z6" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HainanMengbangNetworkTechnologyCoLtdMember" format="ixt:datemonthyearen" id="Fact001301" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">June,
    2021</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HainanMengbangNetworkTechnologyCoLtdMember_zY6F03DclJYj" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HainanMengbangNetworkTechnologyCoLtdMember" id="Fact001303" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HainanMengbangNetworkTechnologyCoLtdMember_zqip7FpkLBu3" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_HainanMengbangNetworkTechnologyCoLtdMember" id="Fact001305" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable
    Interest Entity (&#8220;VIEs&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Jifen Culture Communications
    Co., Ltd. (&#8220;Jifen or Jifen VIE&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiJifenCultureCommunicationsCompanyLimitedMember_zw3o0nZ3tQDl" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiJifenCultureCommunicationsCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001307" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">January,
    2012</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98E_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiJifenCultureCommunicationsCompanyLimitedMember_zh05UEi26otk" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiJifenCultureCommunicationsCompanyLimitedMember" id="Fact001309" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiJifenCultureCommunicationsCompanyLimitedMember_zJy7yN2EjKc3" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiJifenCultureCommunicationsCompanyLimitedMember" id="Fact001311" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Churun Internet Technology
    Co., Ltd. (&#8220;Churun&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--BeijingChurunInternetTechnologyCompanyLimitedMember_zk4Rq9Ftd276" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BeijingChurunInternetTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001313" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">November,
    2018</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--BeijingChurunInternetTechnologyCompanyLimitedMember_zxmVtQ81bQT3" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BeijingChurunInternetTechnologyCompanyLimitedMember" id="Fact001315" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--BeijingChurunInternetTechnologyCompanyLimitedMember_zvA3ieQmqYYi" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_BeijingChurunInternetTechnologyCompanyLimitedMember" id="Fact001317" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai DragonS Information
    Technology, Co., Ltd (&#8220; DragonS Information&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiDragonSInformationTechnologyCompanyLimitedMember_zlghpzmIJV07" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiDragonSInformationTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001319" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">January,
    2019</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiDragonSInformationTechnologyCompanyLimitedMember_z916WGpK5iwa" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiDragonSInformationTechnologyCompanyLimitedMember" id="Fact001321" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiDragonSInformationTechnologyCompanyLimitedMember_zL6QZLLO8MAb" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiDragonSInformationTechnologyCompanyLimitedMember" id="Fact001323" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hubei Rapid Information Technology
    Co., Ltd. (&#8220;Rapid Information&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HubeiRapidInformationTechnologyCompanyLimitedMember_zDj54bU6obpj" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HubeiRapidInformationTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001325" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">March,
    2019</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_989_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HubeiRapidInformationTechnologyCompanyLimitedMember_zJHzx0tRVEN" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HubeiRapidInformationTechnologyCompanyLimitedMember" id="Fact001327" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HubeiRapidInformationTechnologyCompanyLimitedMember_zpyNNag84fG4" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_HubeiRapidInformationTechnologyCompanyLimitedMember" id="Fact001329" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Ququanquan Information
    Technology Co., Ltd. (&#8220;Ququanquan&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiQuquanquanInformationTechnologyCompanyLimitedMember_zzTtH3Lkydw9" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiQuquanquanInformationTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001331" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">October,
    2019</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_987_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiQuquanquanInformationTechnologyCompanyLimitedMember_z3tU3GjoH0zf" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiQuquanquanInformationTechnologyCompanyLimitedMember" id="Fact001333" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiQuquanquanInformationTechnologyCompanyLimitedMember_zXOclPeUhnp3" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiQuquanquanInformationTechnologyCompanyLimitedMember" id="Fact001335" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huaian Beixia Information
    Technology Co., Ltd. (&#8220;Beixia&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HuaianBeixiaInformationTechnologyCompanyLimitedMember_zuAzCDtMYuqd" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HuaianBeixiaInformationTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001337" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">November,
    2020</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_988_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HuaianBeixiaInformationTechnologyCompanyLimitedMember_zXNufZ1xQtXi" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HuaianBeixiaInformationTechnologyCompanyLimitedMember" id="Fact001339" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HuaianBeixiaInformationTechnologyCompanyLimitedMember_z3vs0Qi0NeOc" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_HuaianBeixiaInformationTechnologyCompanyLimitedMember" id="Fact001341" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Miaoliang Information
    Technology Co., Ltd. (&#8220;Miaoliang&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiMiaoliangInformationTechnologyCompanyLimitedMember_zpOEiRQEHsui" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiMiaoliangInformationTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001343" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">November,
    2020</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiMiaoliangInformationTechnologyCompanyLimitedMember_z2Y7RW0F4V6" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiMiaoliangInformationTechnologyCompanyLimitedMember" id="Fact001345" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiMiaoliangInformationTechnologyCompanyLimitedMember_z6BZ8NObbQMj" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiMiaoliangInformationTechnologyCompanyLimitedMember" id="Fact001347" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Zishu Information
    Technology Co., Ltd. (&#8220;Zishu&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiZishuInformationTechnologyCompanyLimitdMember_zG5fidtw83Zd" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiZishuInformationTechnologyCompanyLimitdMember" format="ixt:datemonthyearen" id="Fact001349" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">November,
    2020</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98B_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiZishuInformationTechnologyCompanyLimitdMember_zSKqzg30Ek38" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiZishuInformationTechnologyCompanyLimitdMember" id="Fact001351" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiZishuInformationTechnologyCompanyLimitdMember_zKGOLQGOmdLc" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiZishuInformationTechnologyCompanyLimitdMember" id="Fact001353" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Yuanying Information
    Technology Co., Ltd. (&#8220;Yuanying&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiYuanyingInformationTechnologyCoLtdMember_z1d0d9dqAOg4" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiYuanyingInformationTechnologyCoLtdMember" format="ixt:datemonthyearen" id="Fact001355" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">April,
    2021</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiYuanyingInformationTechnologyCoLtdMember_zk2WwIDLCMK9" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiYuanyingInformationTechnologyCoLtdMember" id="Fact001357" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiYuanyingInformationTechnologyCoLtdMember_zSoXB2H0Re85" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiYuanyingInformationTechnologyCoLtdMember" id="Fact001359" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hainan Jinxuan Information
    Technology Co., Ltd. (&#8220;Jinxuan&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HainanJinxuanInformationTechnologyCoLtdMember_zCmJ8c50taq4" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HainanJinxuanInformationTechnologyCoLtdMember" format="ixt:datemonthyearen" id="Fact001361" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">June,
    2021</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HainanJinxuanInformationTechnologyCoLtdMember_zdBelz6Ry8q9" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HainanJinxuanInformationTechnologyCoLtdMember" id="Fact001363" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HainanJinxuanInformationTechnologyCoLtdMember_zyqnHc8glnTh" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_HainanJinxuanInformationTechnologyCoLtdMember" id="Fact001365" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bixing Network Technology
    (Shaoxing) Co., Ltd</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--BixingNetworkTechnologyShaoxingCompanyLimtedMember_zaVnscPjgNl2" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BixingNetworkTechnologyShaoxingCompanyLimtedMember" format="ixt:datemonthyearen" id="Fact001367" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">February,
    2023</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_981_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--BixingNetworkTechnologyShaoxingCompanyLimtedMember_zhnUVwnJl5t1" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BixingNetworkTechnologyShaoxingCompanyLimtedMember" id="Fact001369" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--BixingNetworkTechnologyShaoxingCompanyLimtedMember_zuWtCphRPEc5" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_BixingNetworkTechnologyShaoxingCompanyLimtedMember" id="Fact001371" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"/></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 169; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 8pt; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of subsidiaries and VIEs</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date
                                            of establishment/</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>acquisition</b></span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Place
    of incorporation</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 6.8pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage
                                            of direct or indirect economic</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ownership</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiaries
of Variable Interest Entity (&#8220;VIE subsidiaries&#8221;)</b></span></p></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Xike
    Information Technology Service Co., Ltd. (&#8220;Xike&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiXikeInformationTechnologyServiceCompanyLimitedMember_zMZxUZ04oPal" title="Date of establishment / acquisition"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiXikeInformationTechnologyServiceCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001373" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">July,
    2016</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiXikeInformationTechnologyServiceCompanyLimitedMember_zI1DYg3864Bl" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiXikeInformationTechnologyServiceCompanyLimitedMember" id="Fact001375" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiXikeInformationTechnologyServiceCompanyLimitedMember_zrZ7gdPKSY3g" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiXikeInformationTechnologyServiceCompanyLimitedMember" id="Fact001377" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction>%</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Tuile Information
    Technology Service Co., Ltd. (&#8220;Tuile&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiTuileInformationTechnologyServiceCoLtdMember_zFBjk5TBu9Q7" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiTuileInformationTechnologyServiceCoLtdMember" format="ixt:datemonthyearen" id="Fact001379" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">July,
    2016</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiTuileInformationTechnologyServiceCoLtdMember_z89Tx0PYNAu9" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiTuileInformationTechnologyServiceCoLtdMember" id="Fact001381" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiTuileInformationTechnologyServiceCoLtdMember_zhd2tXR4RuN8" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiTuileInformationTechnologyServiceCoLtdMember" id="Fact001383" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anhui Zhangduan Internet Technology
    Co., Ltd. (&#8220;Zhangduan&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--AnhuiZhangduanInternetTechnologyCompanyLimitedMember_zCTcDGDAckM" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_AnhuiZhangduanInternetTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001385" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">March,
    2017</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--AnhuiZhangduanInternetTechnologyCompanyLimitedMember_zbkT2JOqv1fh" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_AnhuiZhangduanInternetTechnologyCompanyLimitedMember" id="Fact001387" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--AnhuiZhangduanInternetTechnologyCompanyLimitedMember_z7XTCWnDPXI8" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_AnhuiZhangduanInternetTechnologyCompanyLimitedMember" id="Fact001389" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Qukandian Internet
    Technology Co., Ltd. (&#8220;Qukandian&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--BeijingQukandianInternetTechnologyCompanyLimitedMember_zPrIfYz7tny5" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BeijingQukandianInternetTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001391" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">April,
    2017</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--BeijingQukandianInternetTechnologyCompanyLimitedMember_ziuhZEMf69vc" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BeijingQukandianInternetTechnologyCompanyLimitedMember" id="Fact001393" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--BeijingQukandianInternetTechnologyCompanyLimitedMember_zNaPvGHz6wu5" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_BeijingQukandianInternetTechnologyCompanyLimitedMember" id="Fact001395" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tianjin Quwen Internet Technology
    Co., Ltd. (&#8220;Quwen&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--TianjinQuwenInternetTechnologyCompanyLimitedMember_z7tHFos5Rucg" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_TianjinQuwenInternetTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001397" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">August,
    2018</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--TianjinQuwenInternetTechnologyCompanyLimitedMember_zSSk6G3cUYGa" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_TianjinQuwenInternetTechnologyCompanyLimitedMember" id="Fact001399" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--TianjinQuwenInternetTechnologyCompanyLimitedMember_zirBuo7kZ19b" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_TianjinQuwenInternetTechnologyCompanyLimitedMember" id="Fact001401" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Big Rhinoceros Horn
    Information Technology, Co., Ltd (&#8220;Big Rhinoceros Horn&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiBigRhinocerosHornInformationTechnologyCompanyLimitedMember_zbhkuDKsv6v9" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiBigRhinocerosHornInformationTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001403" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">November,
    2018</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiBigRhinocerosHornInformationTechnologyCompanyLimitedMember_zqnYhsB7qvt" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiBigRhinocerosHornInformationTechnologyCompanyLimitedMember" id="Fact001405" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiBigRhinocerosHornInformationTechnologyCompanyLimitedMember_z2W56JyfBfPh" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiBigRhinocerosHornInformationTechnologyCompanyLimitedMember" id="Fact001407" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Heitu Internet Technology
    Co., Ltd. (&#8220;Heitu&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiHeituInternetTechnologyCompanyLimitedMember_z9uluPrqQCUg" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiHeituInternetTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001409" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">January,
    2019</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiHeituInternetTechnologyCompanyLimitedMember_zXNd7DX0Zsxh" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiHeituInternetTechnologyCompanyLimitedMember" id="Fact001411" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiHeituInternetTechnologyCompanyLimitedMember_zcoH0xRIIfAc" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiHeituInternetTechnologyCompanyLimitedMember" id="Fact001413" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Zheyun Internet Technology
    Co., Ltd. (&#8220;Zheyun&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiZheyunInternetTechnologyCompanyLimitedMember_zkyLIg8vqQR2" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiZheyunInternetTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001415" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">January,
    2019</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiZheyunInternetTechnologyCompanyLimitedMember_zgycEZgTWE43" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiZheyunInternetTechnologyCompanyLimitedMember" id="Fact001417" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiZheyunInternetTechnologyCompanyLimitedMember_z8m8GYFEiPfk" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiZheyunInternetTechnologyCompanyLimitedMember" id="Fact001419" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beijing Supreme Pole International
    Sports Development Co., Ltd. (&#8220;Supreme Pole International Sports&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--BeijingSupremePoleInternationalSportsDevelopmentCompanyLimitedMember_zFEG5WCY6Fl5" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BeijingSupremePoleInternationalSportsDevelopmentCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001421" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">January,
    2019</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--BeijingSupremePoleInternationalSportsDevelopmentCompanyLimitedMember_z0jYkDEUYse1" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_BeijingSupremePoleInternationalSportsDevelopmentCompanyLimitedMember" id="Fact001423" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--BeijingSupremePoleInternationalSportsDevelopmentCompanyLimitedMember_zy9GKC2jCMf" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_BeijingSupremePoleInternationalSportsDevelopmentCompanyLimitedMember" id="Fact001425" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hubei Qingluo Information
    Technology Co., Ltd. (&#8220;Qingluo&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HubeiQingluoInformationTechnologyCompanyLimitedMember_zxxHWLBfDk2h" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HubeiQingluoInformationTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001427" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">March,
    2019</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HubeiQingluoInformationTechnologyCompanyLimitedMember_zuir1dH150x1" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HubeiQingluoInformationTechnologyCompanyLimitedMember" id="Fact001429" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HubeiQingluoInformationTechnologyCompanyLimitedMember_z9bspNaEwtyc" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_HubeiQingluoInformationTechnologyCompanyLimitedMember" id="Fact001431" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction>%</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hubei Qingluo Information
    Technology Co., Ltd. Shanghai Branch (&#8220;Qingluo&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HubeiQingluoInformationTechnologyCompanyLimitedShanghaiBranchMember_z1E1orbwmYq8" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HubeiQingluoInformationTechnologyCompanyLimitedShanghaiBranchMember" format="ixt:datemonthyearen" id="Fact001433" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">March,
    2020</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HubeiQingluoInformationTechnologyCompanyLimitedShanghaiBranchMember_zD2Glw9KXO2h" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HubeiQingluoInformationTechnologyCompanyLimitedShanghaiBranchMember" id="Fact001435" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HubeiQingluoInformationTechnologyCompanyLimitedShanghaiBranchMember_z63QUAvnZkZ7" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_HubeiQingluoInformationTechnologyCompanyLimitedShanghaiBranchMember" id="Fact001437" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Tuohuan Information
    Technology Co., Ltd. (&#8220;Tuohuan&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiTuohuanInformationTechnologyCompanyLimitedMember_ztPTDB9T2uF7" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiTuohuanInformationTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001439" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">September,
    2019</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiTuohuanInformationTechnologyCompanyLimitedMember_zdYDxP9Xm7Wc" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiTuohuanInformationTechnologyCompanyLimitedMember" id="Fact001441" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiTuohuanInformationTechnologyCompanyLimitedMember_z1c9obBjNz3a" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiTuohuanInformationTechnologyCompanyLimitedMember" id="Fact001443" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Xunkai Information
    Technology Co., Ltd. (&#8220;Xunkai&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiXunkaiInformationTechnologyCompanyLimitedMember_znX3FcVhUFa3" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiXunkaiInformationTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001445" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">October,
    2019</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiXunkaiInformationTechnologyCompanyLimitedMember_zuFuTdcNGOyg" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiXunkaiInformationTechnologyCompanyLimitedMember" id="Fact001447" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiXunkaiInformationTechnologyCompanyLimitedMember_z4RB46l4ayya" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiXunkaiInformationTechnologyCompanyLimitedMember" id="Fact001449" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Xixia Information
    Technology Co., Ltd. (&#8220;Xixia&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaXixiaInformationTechnologyCompanyLimitedMember_zh5tLGoSAN85" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaXixiaInformationTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001451" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">October,
    2019</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaXixiaInformationTechnologyCompanyLimitedMember_ziIg1qIZBka5" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaXixiaInformationTechnologyCompanyLimitedMember" id="Fact001453" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaXixiaInformationTechnologyCompanyLimitedMember_zVcIEHEyYqkc" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaXixiaInformationTechnologyCompanyLimitedMember" id="Fact001455" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hubei Rapid Information Technology
    Co., Ltd. Shanghai Branch (&#8220;Jietu&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HubeiRapidInformationTechnologyCompanyLimitedShanghaiBranchMember_zzdqt26qKsMj" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HubeiRapidInformationTechnologyCompanyLimitedShanghaiBranchMember" format="ixt:datemonthyearen" id="Fact001457" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">January,
    2020</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HubeiRapidInformationTechnologyCompanyLimitedShanghaiBranchMember_zG13BdRM7Lu6" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HubeiRapidInformationTechnologyCompanyLimitedShanghaiBranchMember" id="Fact001459" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--HubeiRapidInformationTechnologyCompanyLimitedShanghaiBranchMember_z5I9QOOvITQh" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_HubeiRapidInformationTechnologyCompanyLimitedShanghaiBranchMember" id="Fact001461" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Manchuan Information
    Technology Co., Ltd. (&#8220;Manchuan&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiManchuanInformationTechnologyCompanyLimitedMember_zukMYZFVvy7c" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiManchuanInformationTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001463" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">March,
    2020</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiManchuanInformationTechnologyCompanyLimitedMember_zaCuyB09SUFf" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiManchuanInformationTechnologyCompanyLimitedMember" id="Fact001465" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiManchuanInformationTechnologyCompanyLimitedMember_z40mTb817QIe" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiManchuanInformationTechnologyCompanyLimitedMember" id="Fact001467" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Yunxi Information
    Technology Co., Ltd. (&#8220;Yunxi&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiYunxiInformationTechnologyCompanyLimitedMember_z7f4m4y1Vt7l" title="Date of incorporation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiYunxiInformationTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001469" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">April,
    2020</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiYunxiInformationTechnologyCompanyLimitedMember_zEff7h4QdN0d" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiYunxiInformationTechnologyCompanyLimitedMember" id="Fact001471" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiYunxiInformationTechnologyCompanyLimitedMember_zz4DfEyafYDb" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiYunxiInformationTechnologyCompanyLimitedMember" id="Fact001473" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Mili Information
    Technology Co., Ltd. (&#8220;Mili&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiMiliInformationTechnologyCompanyLimitedMember_zEx5mugCo761" title="Date of establishment / acquisition"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiMiliInformationTechnologyCompanyLimitedMember" format="ixt:datemonthyearen" id="Fact001475" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">March,
    2020</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiMiliInformationTechnologyCompanyLimitedMember_zF5fVGc8pj89" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiMiliInformationTechnologyCompanyLimitedMember" id="Fact001477" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiMiliInformationTechnologyCompanyLimitedMember_zqRq0R8y80we" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiMiliInformationTechnologyCompanyLimitedMember" id="Fact001479" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Guanji Information
    Technology Co., Ltd. (&#8220;Guanji&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiGuanjiInformationTechnologyCoLtdMember_z1b6lsk6Caah" title="Date of establishment / acquisition"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiGuanjiInformationTechnologyCoLtdMember" format="ixt:datemonthyearen" id="Fact001481" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">February,
    2021</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiGuanjiInformationTechnologyCoLtdMember_ze7GgLC6PYZ4" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiGuanjiInformationTechnologyCoLtdMember" id="Fact001483" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiGuanjiInformationTechnologyCoLtdMember_zUfUOurTrfFi" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiGuanjiInformationTechnologyCoLtdMember" id="Fact001485" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Yimao Information
    Technology Co., Ltd. (&#8220;Yimao&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiYimaoInformationTechnologyCoLtdMember_zGtD5xWSd4N5" title="Date of establishment / acquisition"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiYimaoInformationTechnologyCoLtdMember" format="ixt:datemonthyearen" id="Fact001487" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">February,
    2021</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiYimaoInformationTechnologyCoLtdMember_z5aIt90KKxb9" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiYimaoInformationTechnologyCoLtdMember" id="Fact001489" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiYimaoInformationTechnologyCoLtdMember_zL7tIbeflQ6a" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiYimaoInformationTechnologyCoLtdMember" id="Fact001491" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Xier Information
    Technology Co., Ltd. (&#8220;Xier&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiXierInformationTechnologyCoLtdMember_z8kQCruDzFi7" title="Date of establishment / acquisition"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiXierInformationTechnologyCoLtdMember" format="ixt:datemonthyearen" id="Fact001493" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">April,
    2021</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiXierInformationTechnologyCoLtdMember_zXCun7VsbfBb" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiXierInformationTechnologyCoLtdMember" id="Fact001495" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiXierInformationTechnologyCoLtdMember_zlPqFCTo8FG6" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiXierInformationTechnologyCoLtdMember" id="Fact001497" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai Yixun Information
    Technology Co., Ltd. (&#8220;Yixun&#8221;)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--EntityIncorporationMonthAndYearOfIncorporation_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiYixunInformationTechnologyCoLtdMember_zUBULqggbjAb" title="Date of establishment / acquisition"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiYixunInformationTechnologyCoLtdMember" format="ixt:datemonthyearen" id="Fact001499" name="QTTOY:EntityIncorporationMonthAndYearOfIncorporation">June,
    2021</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_ecustom--EntityIncorporationStateOrCountryName_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiYixunInformationTechnologyCoLtdMember_zo0nCgqkGaK7" title="Place of incorporation" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShanghaiYixunInformationTechnologyCoLtdMember" id="Fact001501" name="QTTOY:EntityIncorporationStateOrCountryName">PRC</ix:nonNumeric></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--ShanghaiYixunInformationTechnologyCoLtdMember_zDNqT3TIDQt5" title="Percentage of direct or indirect economic ownership" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2023-01-012023-12-31_custom_ShanghaiYixunInformationTechnologyCoLtdMember" id="Fact001503" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>%</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zuvsBNypBqOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Organization</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements include the financial statements of the Company, its subsidiaries, the Affiliated Entities for which
the Company is the primary beneficiary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jifen
was incorporated in the PRC in 2012 and started the operation of the mobile platforms for distribution, consumption and sharing of light
entertainment content (the &#8220;principal business&#8221;) from 2016. To facilitate offshore financing, an offshore corporate structure
was formed in 2017 by incorporating the Company and Quyun WFOE. On October 13, 2017, the Group entered into various arrangements (&#8220;VIE
Agreements&#8221;) as related to its Affiliated Entities or its shareholders in order to comply with PRC laws and regulations on internet
business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
entering the VIE Agreements, Jifen became a VIE whose primary beneficiary is Quyun WFOE and the shareholders of Jifen became the &#8220;Nominee
Shareholders&#8221; of Jifen. The principal terms of the contractual arrangements are described below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exclusive
Technology Support and Consulting Services Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the exclusive technology support and consulting services agreement between Jifen VIE and Quyun WFOE, Quyun WFOE has the exclusive right
to provide to Jifen technology support, business management consulting, marketing consultation, products research and development and
technology services related to all technologies, and business operations needed for its business. Quyun WFOE owns the exclusive intellectual
property rights created because of the performance of this agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
service fee payable by Jifen to Quyun WFOE is determined by Quyun WFOE based on its services provided including various factors such
as Quyun WFOE&#8217;s incurred technology support and consulting services fees, performance data and Jifen VIE&#8217;s revenues. The
term of this agreement will expire in <span id="xdx_907_ecustom--AgreementExpirationTerm_dtY_c20171013__20171013__us-gaap--TypeOfArrangementAxis__custom--ExclusiveTechnologySupportAndConsultingServicesAgreementBetweenJifenVIEAndQuyunWFOEMember_zxwqXwrDvkWh" title="Agreement expiration term"><ix:nonNumeric contextRef="From2017-10-132017-10-13_custom_ExclusiveTechnologySupportAndConsultingServicesAgreementBetweenJifenVIEAndQuyunWFOEMember" format="ixt-sec:duryear" id="Fact001505" name="QTTOY:AgreementExpirationTerm">10</ix:nonNumeric></span> years and may be extended at Quyun WFOE&#8217;s request prior to the expiration date. Quyun
WFOE is entitled to terminate the agreement at any time by providing <span id="xdx_902_ecustom--AgreementNoticePeriod_dtD_c20171013__20171013__us-gaap--TypeOfArrangementAxis__custom--ExclusiveTechnologySupportAndConsultingServicesAgreementBetweenJifenVIEAndQuyunWFOEMember_z7lQUMaa1pYa" title="Agreement notice period"><ix:nonNumeric contextRef="From2017-10-132017-10-13_custom_ExclusiveTechnologySupportAndConsultingServicesAgreementBetweenJifenVIEAndQuyunWFOEMember" format="ixt-sec:durday" id="Fact001507" name="QTTOY:AgreementNoticePeriod">30</ix:nonNumeric></span> days&#8217; prior written notice to Jifen VIE. There was no service
fee paid and payable from Jifen VIE to Quyun WFOE for this agreement for the years ended December 31, 2021, 2022 and 2023 as Jifen, in
aggregated, has been incurring losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 170; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exclusive
Option Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
parties to the exclusive option agreement entered are Jifen VIE, Quyun WFOE and each of the shareholders of Jifen VIE. Under the exclusive
option agreement, each of the shareholders of Jifen VIE irrevocably granted Quyun WFOE or its designated representative(s) an exclusive
option to purchase, to the extent permitted under PRC law, all or part of his or its equity interests in Jifen VIE and all or part of
assets of Jifen VIE. Quyun WFOE or its designated representative(s) have sole discretion as to when to exercise such options, either
in part or in full. The exercise price shall be the lowest allowable share purchase amount permitted by the PRC law for the <span id="xdx_90F_ecustom--PercentageOfDirectOrIndirectEconomicOwnership_dp_uPure_c20171013__20171013__srt--ConsolidatedEntitiesAxis__custom--InfoUniversalLimitedMember__srt--OwnershipAxis__custom--ShanghaiQuyunInternetTechnologyCompanyLimitedMember_zQlgrhaO7GIi" title="Ownership percentage"><ix:nonFraction name="QTTOY:PercentageOfDirectOrIndirectEconomicOwnership" contextRef="From2017-10-132017-10-13_custom_InfoUniversalLimitedMember_custom_ShanghaiQuyunInternetTechnologyCompanyLimitedMember" id="Fact001509" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% equity
interest (or pro-rata if Quyun WFOE decides to purchase part of the equity interest). Additionally, the share purchase amount paid by
WFOE to the shareholders should be used to settle the outstanding loan amounts under the loan agreement and/or refund back to Quyun WFOE
through the method permitted by the PRC law once received. Without Quyun WFOE&#8217;s prior written consent, Jifen VIE&#8217;s shareholders
shall not sell, transfer, mortgage or otherwise dispose their equity interests in Jifen VIE. The agreement expires upon transfer of all
shares or assets of Jifen VIE to Quyun WFOE or its designated representative(s). The term of this agreement will expire in <span id="xdx_90A_ecustom--AgreementExpirationTerm_dtY_c20171013__20171013__us-gaap--TypeOfArrangementAxis__custom--ExclusiveOptionAgreementAmongJifenVIEQuyunWFOEAndEachOfJifenVIEShareholdersMember_z0I0vkHbk4Bg" title="Agreement expiration term"><ix:nonNumeric contextRef="From2017-10-132017-10-13_custom_ExclusiveOptionAgreementAmongJifenVIEQuyunWFOEAndEachOfJifenVIEShareholdersMember" format="ixt-sec:duryear" id="Fact001511" name="QTTOY:AgreementExpirationTerm">10</ix:nonNumeric> </span>years and
may be extended at Quyun WFOE&#8217;s request prior to the expiration date. Quyun WFOE is entitled to terminate the agreement at any
time by providing <span id="xdx_904_ecustom--AgreementNoticePeriod_dtD_c20171013__20171013__us-gaap--TypeOfArrangementAxis__custom--ExclusiveOptionAgreementAmongJifenVIEQuyunWFOEAndEachOfJifenVIEShareholdersMember_zOGq6aWPAY5g" title="Agreement notice period"><ix:nonNumeric contextRef="From2017-10-132017-10-13_custom_ExclusiveOptionAgreementAmongJifenVIEQuyunWFOEAndEachOfJifenVIEShareholdersMember" format="ixt-sec:durday" id="Fact001513" name="QTTOY:AgreementNoticePeriod">30</ix:nonNumeric></span> days&#8217; prior written notice to Jifen VIE.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
Rights Proxy Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
parties to the exclusive option agreement are Jifen VIE, Quyun WFOE and each of the shareholders of Jifen VIE, with the exception of
The Paper (see below for additional information on The Paper arrangement). Under the agreement, each of the shareholders of Jifen VIE
irrevocably granted Quyun WFOE or its designated representative(s) the right to exercise his/her rights as a shareholder of Jifen VIE
including hosting board of directors meeting, terminate and nominate board members and senior management of Jifen VIE and other shareholders&#8217;
voting rights. During the period that each of Shanghai Quyun and Shanghai Jifen remain in operation, the voting rights proxy agreement
shall be irrevocable and continuously effective and valid for <span id="xdx_907_ecustom--AgreementExpirationTerm_dc_c20171013__20171013__us-gaap--TypeOfArrangementAxis__custom--VotingRightsProxyAgreementAmongJifenVIEQuyunWFOEAndEachOfJifenVIEShareholdersMember_zz3FQn9nefW" title="Agreement expiration term"><ix:nonNumeric contextRef="From2017-10-132017-10-13_custom_VotingRightsProxyAgreementAmongJifenVIEQuyunWFOEAndEachOfJifenVIEShareholdersMember" format="ixt-sec:durwordsen" id="Fact001515" name="QTTOY:AgreementExpirationTerm">ten years</ix:nonNumeric></span> from the execution date unless otherwise agreed to by all parties.
Upon the expiration of the original term or any renewal term of the voting rights proxy agreement, the agreement shall be automatically
renewed for an additional <span id="xdx_90E_ecustom--AgreementAutomaticRenewalTerm_dc_c20171013__20171013__us-gaap--TypeOfArrangementAxis__custom--VotingRightsProxyAgreementAmongJifenVIEQuyunWFOEAndEachOfJifenVIEShareholdersMember_zORN5GgLvLQ2" title="Agreement automatic renewal term"><ix:nonNumeric contextRef="From2017-10-132017-10-13_custom_VotingRightsProxyAgreementAmongJifenVIEQuyunWFOEAndEachOfJifenVIEShareholdersMember" format="ixt-sec:durwordsen" id="Fact001517" name="QTTOY:AgreementAutomaticRenewalTerm">one year</ix:nonNumeric></span> period unless, at least <span id="xdx_90E_ecustom--AgreementNoticePeriod_dtD_c20171013__20171013__us-gaap--TypeOfArrangementAxis__custom--VotingRightsProxyAgreementAmongJifenVIEQuyunWFOEAndEachOfJifenVIEShareholdersMember_zhjO3AQrUauk" title="Agreement notice period"><ix:nonNumeric contextRef="From2017-10-132017-10-13_custom_VotingRightsProxyAgreementAmongJifenVIEQuyunWFOEAndEachOfJifenVIEShareholdersMember" format="ixt-sec:durday" id="Fact001519" name="QTTOY:AgreementNoticePeriod">30</ix:nonNumeric></span> days prior to the expiration date, Shanghai Quyun provides notice to the
other parties to the voting rights proxy agreement not to renew the agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Loan
Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quyun
WFOE has entered into an interest-free loan agreement with Jifen VIE, which may only be used for the purpose of business operations and
development of Jifen VIE. Under the terms of the agreement, Quyun WFOE is going to provide unconditional financial support to Jifen VIE
and the amount would be agreed between Quyun WFOE and Jifen VIE. Jifen VIE along with its subsidiaries pledge all its shares equity for
the outstanding loan. Also, the maturity date of the loan is the earlier of <span id="xdx_905_eus-gaap--DebtInstrumentTerm_dtY_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--LoanAgreementBetweenQuyunWFOEAndJifenVIEMember_z86URINhvvF8" title="Maturity period of loan"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_LoanAgreementBetweenQuyunWFOEAndJifenVIEMember" format="ixt-sec:duryear" id="Fact001521" name="us-gaap:DebtInstrumentTerm">10</ix:nonNumeric></span> years, the end of Quyun WFOE&#8217;s operation period
or the end of Jifen VIE&#8217;s operation period. Upon maturity, Quyun WFOE or its designated third party may purchase the equity interests
in the Jifen VIE at a price equal to the lowest allowable amount for a similar transaction per PRC laws, rules and regulations. Quyun
WFOE can also accelerate the payment terms of Jifen VIE to repay the loan using its shares/equity. Additionally, Quyun WFOE should provide
unconditional capital support to Jifen VIE.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity
Interest Pledge Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the equity interest pledge agreement between Quyun WFOE and the shareholders of Jifen VIE, with the exception of The Paper (see below
for additional information on The Paper arrangement), the shareholders of Jifen VIE has pledged all of their equity interests in Jifen
VIE to Quyun WFOE to guarantee the performance by Jifen VIE and its shareholders&#8217; performance of their respective obligations under
the exclusive option agreement, exclusive technology support and business services agreement, voting rights proxy agreement and loan
agreement. If Jifen VIE and/or its shareholders breach their contractual obligations under those agreements, Quyun WFOE, as pledgee,
will be entitled to certain rights, including the right to sell the pledged equity interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 171; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jifen,
under Generally Accepted Accounting Principles in the United States (&#8220;US GAAP&#8221;), is considered to be a consolidated VIE in
which the Company, or its subsidiaries, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated
with, ownership of the entity, and therefore the Company or one of its subsidiaries is the primary beneficiary of the entity. Through
the aforementioned contractual agreements, the Company has the ability to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise
                                            effective control over Jifen whereby having the power to direct Jifen&#8217;s activities
                                            that most significantly drive the economic results of Jifen;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 79.8pt; text-align: justify; text-indent: -16.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">receive
                                            substantially all of the economic benefits and residual returns, and absorb substantially
                                            all the risks and expected losses from the Jifen as if it was their sole shareholder; and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 79.8pt; text-align: justify; text-indent: -16.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
                                            an exclusive option to purchase all of the equity interests in Jifen.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 79.8pt; text-align: justify; text-indent: -16.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
evaluated the relationships among the Company, Quyun WFOE and Jifen VIE, and concluded that Quyun WFOE is the primary beneficiary of
Jifen VIE. As a result, Jifen&#8217;s results of operations, assets and liabilities have been included in the Group&#8217;s consolidated
financial statements for all the presented periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s other VIEs entered into the VIE Agreements (Exclusive Technology Support and Consulting Services Agreement, Exclusive Option
Agreement, Voting Rights Proxy Agreement, Loan Agreement and Equity Interest Pledge Agreement) which have the same terms as those described
in Jifen VIE. As a result, these VIEs&#8217; primary beneficiaries are Quyun WFOE and Zhicao WFOE and their shareholders became the &#8220;Nominee
Shareholders&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2019, Jifen VIE issued equity interests representing <span id="xdx_902_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_uPure_c20190930__srt--OwnershipAxis__custom--ThePaperMember_zQItM7W9w1tf" title="Equity interests percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners" contextRef="AsOf2019-09-30_custom_ThePaperMember" id="Fact001523" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% of its enlarged share capital to Shanghai Dongfang Newspaper Co., Ltd.,
commonly known as &#8220;The Paper&#8221; at a nominal price. The Paper has designated one representative to Jifen VIE&#8217;s Board
of Directors to assist with enhancing the quality of contents and ensure the content compliance with the applicable laws on the Company&#8217;s
platform but does not participate in the VIE&#8217;s operational decision making. The Paper will not absorb the losses allocation, if
any, from the Jifen VIE. The Company believes that its control over the consolidated VIE and its subsidiaries and the economic benefits
received from the consolidated VIE will not be affected and will continue to consolidate the VIE. The <span id="xdx_902_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_uPure_c20190930__srt--OwnershipAxis__custom--ThePaperMember_zlkvcaYLaz6a" title="Equity interests percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners" contextRef="AsOf2019-09-30_custom_ThePaperMember" id="Fact001525" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>% equity interests held by The
Paper represents a non-controlling interest of the Group.</span></p>
<!-- Field: Split-Segment; Name: 01 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001527" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_809_eus-gaap--SignificantAccountingPoliciesTextBlock_zgvCPJHEQcdg" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<span id="xdx_825_zapJSm2zZ4uf">Principal Accounting Policies</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001529" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_842_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zraHLON8C7f1" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<span id="xdx_86D_zMHwazdAKoj7">Basis of preparation</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America (&#8220;US GAAP&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in
the normal course of business are dependent on the Group&#8217;s ability to reduce cash used in operating activities, adjust the pace
of its operation expansion, control of the related expense to fund its general operations and capital expansion needs, and the ability
to pursue financing arrangements and obtain additional funds from the sale of its assets to support its working capital requirements
and its obligations and commitments on loans and borrowings when they become due.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following factors raise substantial doubt about the Group&#8217;s ability to continue as a going concern:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            the years ended December 31, 2021, 2022 and 2023, the Group incurred net losses of RMB<span id="xdx_907_eus-gaap--ProfitLoss_iN_pn5n6_di_uRMB_c20210101__20211231_zEowiIDGGMEa" title="Net loss"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact001531" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="RMB">1,240.2</ix:nonFraction></span>
                                            million, RMB<span id="xdx_908_eus-gaap--ProfitLoss_iN_pn5n6_di_uRMB_c20220101__20221231_zTTEETozwbwl" title="Net loss"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact001533" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="RMB">914.8</ix:nonFraction></span> million and RMB<span id="xdx_907_eus-gaap--ProfitLoss_iN_pn5n6_di_uRMB_c20230101__20231231_zakCgG48T8ok" title="Net loss"><ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact001535" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="RMB">185.3</ix:nonFraction></span> million, respectively.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 79.8pt; text-align: justify; text-indent: -16.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            the years ended December 31, 2021, 2022 and 2023, the Group had net cash used in operating
                                            activities of RMB<span id="xdx_903_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn5n6_di_uRMB_c20210101__20211231_zJaUy7Af3j9f" title="Net cash used in operating activities"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31" id="Fact001537" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="RMB">279.1</ix:nonFraction></span>million, RMB<span id="xdx_900_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn5n6_di_uRMB_c20220101__20221231_zFxFxtwguYU8" title="Net cash used in operating activities"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-012022-12-31" id="Fact001539" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="RMB">443.8</ix:nonFraction> </span>million and RMB<span id="xdx_90D_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn5n6_di_uRMB_c20230101__20231231_z5NzG8nDJYOb" title="Net cash used in operating activities"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact001541" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="RMB">65.7</ix:nonFraction> </span>million, respectively.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 79.8pt; text-align: justify; text-indent: -16.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            of December 31, 2023, the Group had an accumulated deficit of RMB<span id="xdx_906_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_uRMB_c20231231_zmza6Ff0KdEa" title="Accumulated deficit"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2023-12-31" id="Fact001543" format="ixt:numdotdecimal" decimals="-5" scale="6" sign="-" unitRef="RMB">8,724.5</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span> million and a deficit
                                            in working capital of RMB<span id="xdx_905_ecustom--WorkingCapital_iI_pn5n6_uRMB_c20231231_zspeiyJqtF24" title="Working capital"><ix:nonFraction name="QTTOY:WorkingCapital" contextRef="AsOf2023-12-31" id="Fact001545" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">458.9</ix:nonFraction></span> million.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 79.8pt; text-align: justify; text-indent: -16.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            of December 31, 2023, the Group had cash, cash equivalents, restricted cash and short-term
                                            investments of RMB<span id="xdx_900_ecustom--RestrictedCashAndShortTermInvestment_iI_pn5n6_uRMB_c20231231_zesqHov3FImb" title="Restricted cash and short term investment"><ix:nonFraction name="QTTOY:RestrictedCashAndShortTermInvestment" contextRef="AsOf2023-12-31" id="Fact001547" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">91.7</ix:nonFraction></span> million.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 79.8pt; text-align: justify; text-indent: -16.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            of December 31, 2023, as discussed in Note 13 and Note 25 to the consolidated financial statements,
                                            the Group has a Convertible Loan from Alibaba (&#8220;Convertible Loan&#8221;) of approximately
                                            RMB<span id="xdx_90A_eus-gaap--ConvertibleDebt_iI_pn7n9_uRMB_c20231231__us-gaap--ShortTermDebtTypeAxis__us-gaap--ConvertibleDebtMember__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember_zLeaGR8a6u8" title="Convertible debt"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2023-12-31_us-gaap_ConvertibleDebtMember_custom_AlibabaInvestmentLimitedMember" id="Fact001549" format="ixt:numdotdecimal" decimals="-7" scale="9" unitRef="RMB">1.94</ix:nonFraction></span> billion, including principal of US$<span id="xdx_902_eus-gaap--ConvertibleDebt_iI_pn5n6_uUSD_c20231231_zeqbNrQgsio" title="Convertible debt"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2023-12-31" id="Fact001551" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">171.1</ix:nonFraction></span> million and unpaid interest that was expected
                                            to be matured within one year from the date of the issuance of the consolidated financial statements.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 79.8pt; text-align: justify; text-indent: -16.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 172; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
liquidity of the Group is primarily dependent on management&#8217;s ability to adjust the pace of its operation expansion, to control
operating cost and expenses to reduce the cash used in operating cash flows, to pursue financing arrangements, including the renewal
of its Convertible Loan with the creditor, and to obtain additional funds from the sale of its assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has carried out a review of its cash flow forecast for the twelve months from the date of issuance of the consolidated financial
statements. In preparing the cash flow forecast, the Company&#8217;s management has considered historical cash requirements of the Group,
the Group&#8217;s expected loan repayment obligations in 2024 and beyond, and the Company&#8217;s plan to further reduce operating costs
and expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is currently exploring a variety of measures to improve the Group&#8217;s liquidity and financial position as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company continues to optimize its user loyalty programs and traffic acquisition strategy to efficiently control and reduce costs and
continues to be selective in their content and better leverage its existing content varieties to attract and maintain users. These measures
can in turn lead to savings in user related costs. The Company further plans to preserve liquidity and manage cash flows by reducing
expenditure on developing novel applications and limiting other general and administrative expenses. The
Company also plans to obtain additional external financing and funds through, including but not limited to, additional credit facilities
obtained from banks in the normal course of business, potential additional issuances of equity and/ or debt as a Group or through its
subsidiaries, and sale of its assets, including the Group&#8217;s equity interest in its subsidiaries, to third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Convertible Loan had the original maturity date on April 4, 2022 (Note 13). The Company and Alibaba entered into several supplemental
agreements to the original convertible loan agreement, pursuant to which the maturity date of the Convertible Loan has been extended
to April 30, 2025. The interest rate of the Convertible Loan has also been amended from an original compound rate of <span id="xdx_90F_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_c20220404__srt--RangeAxis__srt--MinimumMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember_zgk7MQd5mJUd" title="Debt Instrument Percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2022-04-04_srt_MinimumMember_custom_ConvertibleLoanAgreementMember_custom_AlibabaInvestmentLimitedMember" id="Fact001553" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3</ix:nonFraction></span>% per annum to
a compound rate of <span id="xdx_90B_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_dp_c20220404__srt--RangeAxis__srt--MaximumMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember_zERTt3IbX0Ui" title="Debt Instrument Percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2022-04-04_srt_MaximumMember_custom_ConvertibleLoanAgreementMember_custom_AlibabaInvestmentLimitedMember" id="Fact001555" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">9</ix:nonFraction></span>% per annum plus a simple rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20220404__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember_zbHWMCrqPb7d" title="Debt Instrument Percentage"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2022-04-04_custom_ConvertibleLoanAgreementMember_custom_AlibabaInvestmentLimitedMember" id="Fact001557" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3</ix:nonFraction></span>% per annum, calculated from the original loan draw down date of April 4, 2019.
The total amount of the principal and accumulated interest payable of the Convertible Loan, including the incremental interest related
to the increase in interest rate under the supplemental agreements, will amount to approximately US$<span id="xdx_900_ecustom--DebtInstrumentTotalAmountOfPrincipalAndAccumulatedInterestIncludingIncrementalInterestUnderSupplementalAgreement_iI_pn5n6_uUSD_c20250430__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zlZRsOVerPU9"><ix:nonFraction name="QTTOY:DebtInstrumentTotalAmountOfPrincipalAndAccumulatedInterestIncludingIncrementalInterestUnderSupplementalAgreement" contextRef="AsOf2025-04-30_custom_ConvertibleLoanAgreementMember_custom_AlibabaInvestmentLimitedMember_us-gaap_SubsequentEventMember" id="Fact001558" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">312.7</ix:nonFraction></span> million as of April 30, 2025.
While the Company cannot assure that it will be able to continue to renew the Convertible Loan in future, the Company has assumed that
it will be able to extend and renew the Convertible Loan in preparing its cash flow forecast.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the management&#8217;s assessment, there can be no assurance, however, that the above operating measures will be successfully completed
due to factors outside of the Company&#8217;s control. There can also be no assurance that new financing, additional funds from the sale
of assets, extension of the maturity date of the Convertible Loan under the supplemental agreement, continuous renewal of the Convertible
Loan, or other transactions will be available to the Company on commercially acceptable terms, or at all. In addition, the potential
worsening global economic conditions may adversely impact the Group&#8217;s ability to secure additional financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facts
and circumstances including accumulated and recurring losses from operations, net cash used in operating activities, negative working
capital and uncertainties on the repayment of the Convertible Loan raise substantial doubt about the Group&#8217;s ability to continue
as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001560" name="us-gaap:UseOfEstimates"><p id="xdx_842_eus-gaap--UseOfEstimates_zvkLAkiofD5l" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<span id="xdx_860_zxGCgfwj6c4l">Use of estimates</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the Group&#8217;s consolidated financial statements in conformity with US GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
materially from such estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes that revenue recognition, liabilities related to loyalty programs, consolidation of VIEs, allowance for credit losses,
determination of share-based compensation and impairment assessment of long-lived assets reflect more significant judgments and estimates
used in the preparation of its consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
bases the estimates on historical experience and on various other assumptions as discussed elsewhere to the consolidated financial statements
that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and
liabilities. Actual results could materially differ from these estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 173; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001562" name="us-gaap:ConsolidationPolicyTextBlock"><p id="xdx_84C_eus-gaap--ConsolidationPolicyTextBlock_zkxHzTj3SKFj" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<span id="xdx_861_zWm9mLpHL9T9">Consolidation</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIEs and a VIEs&#8217;
subsidiaries for which the Company or its subsidiary is the primary beneficiary. All transactions and balances among the Company, its
subsidiaries, its VIEs have been eliminated upon consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting powers; or has the power
to appoint or remove the majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors;
or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or
equity holders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
VIE is an entity in which the Company, or its subsidiary, through contractual agreements, bears the risks of, and enjoys the rewards
normally associated with ownership of the entity. In determining whether the Company or its subsidiaries are the primary beneficiary,
the Company considered whether it has the power to direct activities that are significant to the VIEs&#8217; economic performance, and
also the Group&#8217;s obligation to absorb losses of the VIEs that could potentially be significant to the VIEs or the right to receive
benefits from the VIEs that could potentially be significant to the VIEs. The Company&#8217;s WFOEs and ultimately the Company hold all
the variable interests of the VIEs and its subsidiaries, and have been determined to be the primary beneficiaries of the VIEs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001564" name="us-gaap:ScheduleOfVariableInterestEntitiesTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfVariableInterestEntitiesTextBlock_ziBWNWnyd6q6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the assets, liabilities, results of operations and cash flows of VIEs and its subsidiaries, which are included
in the Group&#8217;s consolidated financial statements. Transactions between the VIEs and its subsidiaries are eliminated in the balances
presented below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;<span id="xdx_8BD_zNKo5dWT6qn" style="display: none">Schedule
of Assets, Liabilities, Result of Operations and Cash Flows of VIEs and its Subsidiaries</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.75in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_492_20221231__srt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zfVIK0EZCLmb" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20231231__srt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zUfoupW6OMqc" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--AssetsAbstract_zo0nLGBBJold" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--AssetsCurrentAbstract_z67GJIQFT3T4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_maACz4l3_z24959mpsRy6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001572" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">32,147</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001573" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">23,590</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--RestrictedCashCurrent_iI_pn3n3_maACz4l3_zVu2qE82aySg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
    cash</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RestrictedCashCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001575" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,384</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RestrictedCashCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001576" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">17,008</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--ShortTermInvestments_iI_pn3n3_maACz4l3_zCwbZwNWdkOl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
    investments</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShortTermInvestments" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001578" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,402</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1579">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--AccountsReceivableNetCurrent_iI_pn3n3_maACz4l3_zllBCAu28vL8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    receivable, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001581" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">110,523</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001582" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">73,143</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_ecustom--AmountDueFromSubsidiaries_iI_pn3n3_maACz4l3_zDzXVaVPx0Z3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    due from subsidiaries of the Company</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:AmountDueFromSubsidiaries" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001584" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">470,966</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:AmountDueFromSubsidiaries" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001585" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">320,387</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--OtherAssetsCurrent_iI_pn3n3_maACz4l3_zDQSbx7O8NI4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    due from related parties</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAssetsCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001587" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">48,284</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAssetsCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001588" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">45,182</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iI_pn3n3_maACz4l3_zW8xEatD7Njc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments
    and other current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001590" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">95,568</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001591" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">91,422</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--AssetsCurrent_iTI_pn3n3_mtACz4l3_maAzTE9_zNmKqhCfPCfa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current assets</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001593" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">771,274</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001594" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">570,732</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--AssetsNoncurrentAbstract_zMRgTuImWFhk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current
    assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentNet_iI_pn3n3_maANzscz_z86L8P7lTq1f" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
    and equipment, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001599" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,002</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001600" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">493</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--OperatingLeaseRightOfUseAsset_iI_pn3n3_maANzscz_z2p1FxinY0Ll" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use
    assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001602" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">21,879</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001603" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,633</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--IntangibleAssetsNetExcludingGoodwill_iI_pn3n3_maANzscz_zmTIJQfei7o" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
    assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001605" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,574</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IntangibleAssetsNetExcludingGoodwill" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001606" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,883</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--OtherAssetsNoncurrent_iI_pn3n3_maANzscz_zIG3n535IiOc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    non-current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001608" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,426</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001609" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">666</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--AssetsNoncurrent_iTI_pn3n3_mtANzscz_maAzTE9_zLCcQNnhGAuf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    non-current assets</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsNoncurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001611" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">34,881</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsNoncurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001612" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">10,675</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--Assets_iTI_pn3n3_mtAzTE9_zT4Rx4gD5IV1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    assets</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001614" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">806,155</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001615" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">581,407</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB_zBfSeEzLdukh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--LiabilitiesCurrentAbstract_iB_zcvJ4c4Jbjd4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--AccountsPayableCurrent_iI_pn3n3_maLCzNU9_zucNLSzdFX37" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001623" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">330,550</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001624" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">349,993</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--AmountDueToSubsidiariesOfCompany_iI_pn3n3_maLCzNU9_zPxJXFEf5wL3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    due to subsidiaries of the Company</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:AmountDueToSubsidiariesOfCompany" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001626" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,644,725</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:AmountDueToSubsidiariesOfCompany" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001627" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,560,180</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--OtherLiabilitiesCurrent_iI_pn3n3_maLCzNU9_zzG67N3RJDB5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    due to related parties</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1629">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001630" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">81</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_ecustom--LoyaltyPayableCurrent_iI_pn3n3_maLCzNU9_zZ68dgkIzJHh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered
    users&#8217; loyalty payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:LoyaltyPayableCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001632" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">29,773</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:LoyaltyPayableCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001633" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">13,863</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn3n3_maLCzNU9_zFKg6lBATV6e" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance
    from customers and deferred revenue</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001635" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,963</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ContractWithCustomerLiabilityCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001636" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">12,351</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_pn3n3_maLCzNU9_z44brbz7tkK5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salary
    and welfare payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EmployeeRelatedLiabilitiesCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001638" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">28,048</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EmployeeRelatedLiabilitiesCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001639" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">15,784</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--TaxesPayableCurrent_iI_pn3n3_maLCzNU9_zLfxrKaWo9Le" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax payable</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001641" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">29,584</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001642" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">36,588</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--OperatingLeaseLiabilityCurrent_iI_pn3n3_maLCzNU9_zwIpMi4Dqpc2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    liabilities, current</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001644" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">15,083</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001645" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,407</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--AccruedLiabilitiesCurrent_iI_pn3n3_maLCzNU9_zEu7xDbU0REf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    liabilities related to users&#8217; loyalty programs</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001647" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">64,589</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001648" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">33,489</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iI_pn3n3_maLCzNU9_zqu0pix9auGk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    liabilities and other current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001650" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">301,713</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001651" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">220,104</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--LiabilitiesCurrent_iTI_pn3n3_mtLCzNU9_maLzyMD_zEfV40FMadzj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current liabilities</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001653" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,456,028</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001654" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,244,840</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_pn3n3_maLzyMD_zGks8Sq82a7b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    liabilities, non-current</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001656" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,599</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001657" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,366</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--Liabilities_iTI_pn3n3_mtLzyMD_zwWSgavdZWd2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001659" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,463,627</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001660" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,248,206</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 174; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_492_20210101__20211231__srt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zLadf6cB6KWf" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_495_20220101__20221231__srt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zMnbpWFJkhI2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_490_20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zGCmr44vTBT7" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--RevenuesAbstract_iB_z0ARJfAFvsUk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember__srt--ProductOrServiceAxis__custom--ThirdPartyRevenuesMember_zKjC2mxBWpbb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third-party
    revenues</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember_custom_ThirdPartyRevenuesMember" id="Fact001666" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,336,388</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember_custom_ThirdPartyRevenuesMember" id="Fact001667" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">828,341</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember_custom_ThirdPartyRevenuesMember" id="Fact001668" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">673,730</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember__srt--ProductOrServiceAxis__custom--IntragroupRevenuesMember_zWXkktfNBqmb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intra-Group
    revenues</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember_custom_IntragroupRevenuesMember" id="Fact001670" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">188,298</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember_custom_IntragroupRevenuesMember" id="Fact001671" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">579,967</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember_custom_IntragroupRevenuesMember" id="Fact001672" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">637,646</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_uRMB_zC4Tdz6dhHZ5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    revenues</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001674" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,524,686</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="Fact001675" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,408,308</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="Fact001676" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,311,376</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--CostOfRevenueAbstract_iB_pn3n3_zsN188c6cPH5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenues:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--CostOfRevenue_iN_pn3n3_di_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember__srt--ProductOrServiceAxis__custom--ThirdPartyRevenuesMember_z8jeXLrf0Cz5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third-party
    cost of revenues</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember_custom_ThirdPartyRevenuesMember" id="Fact001682" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">867,701</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember_custom_ThirdPartyRevenuesMember" id="Fact001683" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">446,189</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember_custom_ThirdPartyRevenuesMember" id="Fact001684" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">365,857</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--CostOfRevenue_iN_pn3n3_di_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember__srt--ProductOrServiceAxis__custom--IntragroupRevenuesMember_zs2bw3K5EWUa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intra-Group
    cost of revenues</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember_custom_IntragroupRevenuesMember" id="Fact001686" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">18,959</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember_custom_IntragroupRevenuesMember" id="Fact001687" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">376,184</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember_custom_IntragroupRevenuesMember" id="Fact001688" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">571,434</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--CostOfRevenue_iN_pn3n3_di_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_z9KA5XfDqQXa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    cost of revenues</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001690" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">886,660</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="Fact001691" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">822,373</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CostOfRevenue" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="Fact001692" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">937,291</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_406_eus-gaap--GrossProfit_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_z4ZOeRw9txZ" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross profit</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001694" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,638,026</ix:nonFraction></b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="Fact001695" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">585,935</ix:nonFraction></b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonFraction name="us-gaap:GrossProfit" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="Fact001696" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">374,085</ix:nonFraction></b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OperatingExpensesAbstract_iB_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zAeME2xk1b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating expenses:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--OperatingExpenses_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember__srt--ProductOrServiceAxis__custom--ThirdPartyRevenuesMember_zdoVSqHj0wjg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third-party
    operating expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember_custom_ThirdPartyRevenuesMember" id="Fact001702" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">4,067,548</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember_custom_ThirdPartyRevenuesMember" id="Fact001703" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">572,365</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember_custom_ThirdPartyRevenuesMember" id="Fact001704" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">248,310</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OperatingExpenses_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember__srt--ProductOrServiceAxis__custom--IntragroupRevenuesMember_zJv0MLlrUe36" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intra-Group
    operating expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember_custom_IntragroupRevenuesMember" id="Fact001706" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">951,702</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember_custom_IntragroupRevenuesMember" id="Fact001707" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">384,197</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember_custom_IntragroupRevenuesMember" id="Fact001708" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">140,418</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40E_eus-gaap--OperatingExpenses_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zGWAGJdNKhwc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    operating expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001710" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">5,019,250</ix:nonFraction></b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="Fact001711" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">956,562</ix:nonFraction></b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="Fact001712" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">388,728</ix:nonFraction></b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr>
  <tr id="xdx_408_ecustom--OtherOperatingGains_pn3n3_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zOf8w3VK51N7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    operating income</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:OtherOperatingGains" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001714" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">18,659</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:OtherOperatingGains" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="Fact001715" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,153</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:OtherOperatingGains" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="Fact001716" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,237</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--OperatingIncomeLoss_pn3n3_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zZGtHzjBvUjg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
    from Operations</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001718" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,362,565</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="Fact001719" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">361,474</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingIncomeLoss" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="Fact001720" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">10,406</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--OtherNonoperatingIncomeExpense_pn3n3_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zPvrXnMxnMcl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-operating
    income/(expense)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001722" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">22,282</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="Fact001723" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">9,311</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="Fact001724" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">859</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_pn3n3_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_znX2t5agTA3e" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
    before income tax expense</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001726" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,340,283</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="Fact001727" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">370,785</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="Fact001728" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">9,547</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--IncomeTaxExpenseBenefit_pn3n3_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zlrR2xzxVhF4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax benefit /(expense)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001730" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">131</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="Fact001731" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">54</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="Fact001732" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">412</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--IncomeLossFromEquityMethodInvestments_pn3n3_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zJZPuXqznBdd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
    in loss of an affiliate company</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001734" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">3,195</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="Fact001735" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,416</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1736">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--ProfitLoss_pn3n3_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zwuLmP3EPLVc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    loss</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001738" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,343,609</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="Fact001739" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">372,255</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="Fact001740" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">9,135</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 371.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_495_20210101__20211231_zpLQWdrxArS8" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_493_20220101__20221231_zSKhmPJXXMXc" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_494_20230101__20231231_zlmP0fuOcvQk" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
    ended December 31, </b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--NetCashProvidedByUsedInOperatingActivities_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_z4GvrhpPYozh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash used in operating activities</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001742" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">190,975</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="Fact001743" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">22,037</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="Fact001744" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">58,155</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_400_eus-gaap--NetCashProvidedByUsedInInvestingActivities_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_znEEi8GV7uSl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash
    provided by investing activities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001746" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">63,047</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="Fact001747" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">28,625</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="Fact001748" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">59,222</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--NetCashProvidedByUsedInFinancingActivities_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zq9igmBzrZbh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash provided by financing
    activities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001750" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">84,471</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1751">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1752">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zTpEzQfmVOfh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net (decrease)/ increase in cash and cash
    equivalents</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2021-01-012021-12-31_srt_AffiliatedEntityMember" id="Fact001754" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">43,457</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2022-01-012022-12-31_srt_AffiliatedEntityMember" id="Fact001755" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,588</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2023-01-012023-12-31_srt_AffiliatedEntityMember" id="Fact001756" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,067</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zFugDHOiGaUd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents
    at the beginning of year</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2020-12-31_srt_AffiliatedEntityMember" id="Fact001758" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">76,400</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2021-12-31_srt_AffiliatedEntityMember" id="Fact001759" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">32,943</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001760" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">39,531</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_pn3n3_uRMB_hsrt--ConsolidatedEntitiesAxis__srt--AffiliatedEntityMember_zo3YtqgCnril" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents,
    restricted cash at the end of year</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2021-12-31_srt_AffiliatedEntityMember" id="Fact001762" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">32,943</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2022-12-31_srt_AffiliatedEntityMember" id="Fact001763" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">39,531</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2023-12-31_srt_AffiliatedEntityMember" id="Fact001764" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">40,598</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A4_zJXnoIXIRx4l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 371.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 175; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the aforementioned VIE agreements, the Company has power to direct activities of the VIEs, and can have assets transferred
out of VIEs. Therefore the Company considers that there is no asset in VIEs that can be used only to settle obligations of the VIEs,
except for registered capital, as of December 31, 2022 and 2023. As the VIEs and their subsidiaries were incorporated as limited liability
Company under the PRC Company Law, the creditors do not have recourse to the general credit of the Company for all the liabilities of
the VIEs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VIEs&#8217;
assets comprise both recognized and unrecognized revenue-producing assets. The recognized revenue-producing assets include leasehold
improvements, computers and network equipment and purchased intangible assets which are recognized in the Company&#8217;s consolidated
balance sheet. The unrecognized revenue-producing assets mainly consist of patents, trademarks and assembled workforce which are not
recorded in the financial statements of VIEs as they did not meet the recognition criteria set in ASC 350-30-25.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no pledges or collateralization of the Affiliated Entities&#8217; assets. As the Company is conducting its business mainly through
the Affiliated Entities, the Company may provide such support on a discretionary basis in the future, which could expose the Company
to a loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no VIEs where the Company has variable interest but is not the primary beneficiary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group believes that the contractual arrangements among its shareholders and WFOEs comply with PRC law and are legally enforceable. However,
uncertainties in the PRC legal system could limit the Company&#8217;s ability to enforce these contractual arrangements and if the shareholders
of the VIEs were to reduce their interests in the Company, their interests may diverge from that of the Company and that may potentially
increase the risk that they would seek to act contrary to the contractual terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s ability to control the VIEs also depends on the voting rights proxy and the effect of the share pledge under the Equity
Interest Pledge Agreement and the WFOEs have to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Company
believes this voting right proxy is legally enforceable but may not be as effective as direct equity ownership.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001766" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_84B_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zVrLeTF7jLYk" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
<span id="xdx_86D_zMblRlpPDKge">Functional Currency and Foreign Currency Translation</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group uses Renminbi (&#8220;RMB&#8221;) as its reporting currency. The functional currency of the Company and its subsidiaries incorporated
outside of PRC is the United States dollar (&#8220;US$&#8221;), while the functional currency of the PRC entities in the Group is RMB
as determined based on the criteria of ASC 830, Foreign Currency Matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates
prevailing on the transaction dates. Financial assets and liabilities denominated in other than the functional currency are re-measured
at the balance sheet date exchange rate. The resulting exchange differences are recorded in the consolidated statements of comprehensive
loss as foreign exchange related gain / loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of the Group are translated from the functional currency to the reporting currency, RMB. Assets and liabilities
of the subsidiaries are translated into RMB using the exchange rate in effect at each balance sheet date. Income and expense items are
generally translated at the average exchange rates prevailing during the fiscal year. Foreign currency translation adjustments arising
from these are accumulated as a separate component of shareholders&#8217; deficit on the consolidated financial statement. The exchange
rates used for translation on December 31, 2022 and December 29, 2023 were US$1.00= RMB<span id="xdx_90F_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_c20221231_z50SXw5yZ0Nf" title="Exchange rate"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2022-12-31" id="Fact001768" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">6.9646</ix:nonFraction></span> and RMB<span id="xdx_904_eus-gaap--ForeignCurrencyExchangeRateTranslation1_iI_pid_c20231229_zUXGYQslnxQi" title="Exchange rate"><ix:nonFraction name="us-gaap:ForeignCurrencyExchangeRateTranslation1" contextRef="AsOf2023-12-29" id="Fact001770" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">7.0827</ix:nonFraction></span>, respectively, representing
the index rates stipulated by the People&#8217;s Bank of China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001772" name="QTTOY:ConvenienceTranslationPolicyTextBlock"><p id="xdx_84D_ecustom--ConvenienceTranslationPolicyTextBlock_zQtMeRexxIy7" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
<span id="xdx_869_zanFR9v1PXFa">Convenience Translation</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Translations
of balances in the Group&#8217;s consolidated balance sheet, consolidated statement of operations and comprehensive loss and consolidated
statement of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the readers
and were calculated at the rate of US$1 = RMB<span id="xdx_90A_ecustom--ConvenienceTranslationExchangeRate_iI_c20231231_zRSNUAeSuikc" title="Convenience translation rate"><ix:nonFraction name="QTTOY:ConvenienceTranslationExchangeRate" contextRef="AsOf2023-12-31" id="Fact001774" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">7.0999</ix:nonFraction></span>, representing the noon buying rate set forth in the H.10 statistical release of the
US Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted,
realized or settled into US$ at that rate on December 31, 2023, or at any other rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 176; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001776" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_842_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zJyqFmUYPt6c" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
<span id="xdx_86F_znmL0SBava48">Fair value of financial instruments</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to
be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers
assumptions that market participants would use when pricing the asset or liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs
when measuring fair value. A financial instrument&#8217;s categorization within the fair value hierarchy is based upon the lowest level
of input that is significant to the fair value measurement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
three levels of inputs that may be used to measure fair value include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income
approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving
identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present
value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach
is based on the amount that would currently be required to replace an asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s financial instruments consist principally of cash and cash equivalents, short-term investments, accounts receivable, equity
securities, short-term borrowings, accounts payable, advance from advertising customers, registered users&#8217; loyalty payable, other
liabilities, and Convertible Loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, the carrying values of cash and cash equivalents, short-term investments in time deposits, current accounts
receivable, non-marketable equity securities, short-term borrowings, accounts payable, advance from customers and deferred revenue, registered
users&#8217; loyalty payable and other liabilities approximated their fair values reported in the consolidated balance sheets due to
the short-term maturities of these instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimated fair value of noncurrent accounts receivable approximates the carrying value as the discounting impact is not material. The
estimated fair value of the Convertible Loan approximated its carrying amount as the stated interest rate of the loan is close to the
market rate. The Convertible Loan would qualify as Level 3 in the fair value hierarchy if it was to be carried at fair value due to the
presence of significant unobservable inputs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Assets
and liabilities measured at fair value on a recurring basis</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
a recurring basis, the Group measures its short-term investments in wealth management products and publicly traded equity security at
fair value. The following table sets forth the Group&#8217;s assets and liabilities that are measured at fair value on a recurring basis
and are categorized using the fair value hierarchy:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001778" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zJ2UH4RIdp6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zNFhtlrTZDn3" style="display: none">Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">level
    1</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">level
    2</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">level
    3</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
    at fair value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--InvestmentTypeExtensibleEnumeration_iI_dxL_c20221231_zb2mITPNnhf9" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23ShortTermInvestments"><span style="-sec-ix-hidden: xdx2ixbrl1779">Short-term
    investments&#8212;Wealth management products</span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zvD478OJciBh" title="Short-term investments Wealth management products" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1781">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zQUl5u3fORBf" title="Short-term investments Wealth management products" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AsOf2022-12-31_us-gaap_FairValueInputsLevel2Member_us-gaap_FairValueMeasurementsRecurringMember" id="Fact001783" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">26,402</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zilV9DGrjOyh" title="Short-term investments Wealth management products" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1785">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zzQSVLNqcxPl" title="Short-term investments Wealth management products" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:InvestmentsFairValueDisclosure" contextRef="AsOf2022-12-31_us-gaap_FairValueMeasurementsRecurringMember" id="Fact001787" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">26,402</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 30.55pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 30.55pt; text-align: center"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">As of December 31, 2023</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center">level 1</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center">level 2</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center">level 3</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center">Balance at fair value</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; font-weight: bold">Assets</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"/><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"/><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"/><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right"/><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><span id="xdx_90D_eus-gaap--InvestmentTypeExtensibleEnumeration_iI_dxL_c20231231_zfjzlNWOt9L1" title="::XDX::http%3A%2F%2Ffasb.org%2Fus-gaap%2F2023%23ShortTermInvestments"><span style="-sec-ix-hidden: xdx2ixbrl1788">Short-term investments&#8212;Wealth management products</span></span></td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zTDvzD5VEtwb" title="Short-term investments  Wealth management products" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1790">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zQnpIAbnD3Oi" title="Short-term investments  Wealth management products" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1792">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_znt2q2aBeT7d" title="Short-term investments  Wealth management products" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1794">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td id="xdx_981_eus-gaap--InvestmentsFairValueDisclosure_iI_pn3n3_c20231231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z9ppMIiFpzT3" title="Short-term investments Wealth management products" style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1796">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A6_zNXSXU9x9gA" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 30.55pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 177; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group values its investments in wealth management products issued by certain banks using quoted subscription/redemption prices published
by these banks, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 2.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Assets
and liabilities measured at fair value on a non-recurring basis</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
equity securities without readily determinable fair value are measured at fair value on a non-recurring basis, adjusted for observable
transactions for identical or similar investments of the same issuer or impairment. These securities are classified as Level 3 in the
fair value hierarchy because the Company estimates the value based on valuation methods using the observable transaction price at the
transaction date and other unobservable inputs such as volatility, rights, and obligations of the securities we hold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001798" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84B_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_ztpYVZjkxtW9" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
<span id="xdx_86F_z5YTkK4Q4Cp6">Cash and Cash Equivalents</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents include cash in bank and time deposits placed with banks or other financial institutions, which have original maturities
of three months or less at the time of purchase and are readily convertible to known amounts of cash.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001800" name="us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy"><p id="xdx_843_eus-gaap--CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_zGGA1g1Iiiha" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
<span id="xdx_86A_zNemDXU2KJH9">Restricted cash</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, restricted cash of RMB</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--RestrictedCashCurrent_iI_pn5n6_uRMB_c20221231_zJtvIurFp86" title="Restriced cash"><ix:nonFraction name="us-gaap:RestrictedCashCurrent" contextRef="AsOf2022-12-31" id="Fact001802" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">7.6</ix:nonFraction></span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
and RMB<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--RestrictedCashCurrent_iI_pn5n6_uRMB_c20231231_zvA9YBkgb3L2" title="Restriced cash"><ix:nonFraction name="us-gaap:RestrictedCashCurrent" contextRef="AsOf2023-12-31" id="Fact001804" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">17.1</ix:nonFraction></span> million </span> represents the cash balance
that was frozen in cooperation with preliminary investigation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001806" name="us-gaap:InvestmentPolicyTextBlock"><p id="xdx_842_eus-gaap--InvestmentPolicyTextBlock_z7WFeJyfABFl" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
<span id="xdx_86A_zysh0MeeLDJk">Short-term investments</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
investments include time deposits with original maturities between three months and a year with banks in the PRC and investments in wealth
management products issued by certain banks which are redeemable by the Company at any time. The company classifies investments as current
based on the nature of the investments and their availability for use in current operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
wealth management products are unsecured with variable interest rates and primarily invested in debt securities issued by the PRC government,
corporate debt securities and central bank bills. The Company measures the investments in wealth management products at fair value using
the quoted subscription or redemption prices published by these banks. As of December 31, 2023, <span id="xdx_90D_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_do_c20231231__us-gaap--FinancialInstrumentAxis__us-gaap--ShortTermInvestmentsMember_zdyNib2azYPl" title="Allowance for credit losses"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2023-12-31_us-gaap_ShortTermInvestmentsMember" id="Fact001808" format="ixt-sec:numwordsen" decimals="0" unitRef="RMB">no</ix:nonFraction></span> allowance for credit losses
in short- term investments was recorded.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001810" name="us-gaap:TradeAndOtherAccountsReceivablePolicy"><p id="xdx_84A_eus-gaap--TradeAndOtherAccountsReceivablePolicy_zBiV72NPiWEa" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
<span id="xdx_86A_zUNSUmfpM6Qd">Accounts receivable, net</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable represents those receivables derived in the ordinary course of business, net of an allowance for any potentially uncollectible
amounts, and are classified as current or long-term in accordance with customer payment terms. The Company makes estimates of expected
credit and collectability trends for the allowance for credit losses based upon its assessment of various factors, including historical
experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and
supportable forecasts of future economic conditions that may vary by geography, customer-type, or industry sub-vertical, and other factors
that may affect its ability to collect from customers. Expected credit losses are recorded as general and administrative expenses on
our consolidated statements of comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Company has historically not experienced significant credit losses, they may experience increasing credit loss risks from accounts
receivable in future periods if its customers are adversely affected by economic pressures or uncertainty associated with local or global
economic recessions, disruption associated with the current COVID-19 pandemic, or other customer-specific factors, and actual experience
in the future may differ from their past experiences or current assessment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 178; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001812" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_847_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_ziex5HEZnz1l" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
<span id="xdx_869_zQpsYXZHWi7e">Property and equipment, net</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated using
the straight-line method over their estimated useful lives. The estimated useful lives are as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001814" name="QTTOY:ScheduleOfEstimatedUsefulLivesTableTextBlock"><p id="xdx_899_ecustom--ScheduleOfEstimatedUsefulLivesTableTextBlock_zI5IhyUkwP93" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B2_znes86fFBC8d" style="display: none">Schedule of Estimated Useful Lives</span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 86%; border-collapse: collapse; margin-left: 1in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
    improvements</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentDispositions_c20230101__20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z3Mp6iorX4p8" title="Property and equipment, Estimated useful lives"><ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_LeaseholdImprovementsMember" id="Fact001816" name="us-gaap:PropertyPlantAndEquipmentDispositions">Over
    the shorter of lease term or estimated useful lives of the assets</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zohHusVQ5iTh" title="Property and equipment, Estimated useful lives"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MinimumMember_us-gaap_OfficeEquipmentMember" format="ixt-sec:duryear" id="Fact001818" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">3</ix:nonNumeric></span>
    &#8211;<span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_ztdkqQnpuew" title="Property and equipment, Estimated useful lives"> <ix:nonNumeric contextRef="AsOf2023-12-31_srt_MaximumMember_us-gaap_OfficeEquipmentMember" format="ixt-sec:duryear" id="Fact001820" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5</ix:nonNumeric></span> years</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A3_zFikW4JOqXGf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 8pt; text-align: justify; text-indent: 70pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenditures
for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between
the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive
loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001822" name="us-gaap:EquityMethodInvestmentsPolicy"><p id="xdx_841_eus-gaap--EquityMethodInvestmentsPolicy_zpDOzibIR2Ke" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
<span id="xdx_86F_zzBCU1NayUFj">Long-term equity investments</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s equity investments are accounted for as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-marketable
                                            equity securities that do not have readily determinable fair value are measured using the
                                            measurement alternative recorded at cost less any impairment, plus or minus changes resulting
                                            from subsequent qualifying observable price changes. Any changes in carrying value of these
                                            equity investments are recorded in the consolidated statements of comprehensive loss. For
                                            the Company&#8217;s long-term investment in an equity fund, the Company elected to apply
                                            the net asset value (NAV) practical expedient per ASC 820 to measure these investments at
                                            fair value. The NAV is the estimated fair value of these investments, and changes in fair
                                            value is recorded in the consolidated statements of comprehensive loss. The fair value of
                                            this equity fund is<span id="xdx_90E_eus-gaap--EquityFairValueDisclosure_iI_pn3n3_dxL_c20221231_zfxzPkagVlRf" title="Equity instruments fair value::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1824"> nil</span></span> as of December 31, 2023. This equity fund was reclassed to short-term
                                            investments as of December 31, 2021 since it became redeemable in 2022.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 79.8pt; text-align: justify; text-indent: -16.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
                                            method investments are securities that the Company does not control but is able to exert
                                            significant influence over the investments. These investments are initially recorded at cost
                                            and subsequently recognizes proportionate share of each equity investee&#8217;s net income
                                            or loss and to reflect the amortization of basis differences in the consolidated statements
                                            of comprehensive loss and accordingly adjusts the carrying amount of the investments. An
                                            impairment charge is recorded if the carrying amount of the investments exceed their fair
                                            value and this condition is determined to be other-than-temporary. When the Company&#8217;s
                                            share of losses in the equity investee equals or exceeds its interest in the equity investee,
                                            the Company does not recognize further losses, unless the Company has incurred obligations
                                            or made payments or guarantees on behalf of the equity investee.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 79.8pt; text-align: justify; text-indent: -16.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company monitors its investments for other-than-temporary impairment by considering factors including, but not limited to, current economic
and market conditions, the operating performance of the companies including current earnings trends and other company-specific information.
Refer to Note 5&#8211; Investments for additional information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001826" name="us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy"><p id="xdx_843_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zQ9PDfPVHpZ8" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)
<span id="xdx_865_zlYUPoSgUpAd">Goodwill and intangible assets</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Intangible
assets</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets include the acquired right to operate an online audio/video content platform, which is amortized on a straight-line basis over
its estimated useful life of <span id="xdx_904_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231_zpMbM1z1YrLe" title="Intangible assets, amortization period"><ix:nonNumeric contextRef="AsOf2023-12-31" format="ixt-sec:duryear" id="Fact001828" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">10</ix:nonNumeric></span> years, and computer software, which is amortized on a straight-line basis over its estimated useful life
of <span id="xdx_901_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember__srt--RangeAxis__srt--MinimumMember_z1Tz386AP2c" title="Intangible assets, amortization period"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_SoftwareDevelopmentMember_srt_MinimumMember" format="ixt-sec:duryear" id="Fact001830" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">3</ix:nonNumeric></span>-<span id="xdx_904_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember__srt--RangeAxis__srt--MaximumMember_zKE5DGG8bWJg" title="Intangible assets, amortization period"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_SoftwareDevelopmentMember_srt_MaximumMember" format="ixt-sec:duryear" id="Fact001832" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">10</ix:nonNumeric></span> years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the Fun Series C Preferred Shares arrangement (see Note 20), the Company acquired intangible assets. For accounting purposes,
the consideration was allocated to developed technology and user data. The acquired technology is amortized over <span id="xdx_902_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_za2OSD1jmnji" title="Intangible assets, amortization period"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_DevelopedTechnologyRightsMember" format="ixt-sec:duryear" id="Fact001834" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">5</ix:nonNumeric></span> years and user data
related assets is amortized over <span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DatabasesMember_zwvUwZ2NhSN" title="Intangible assets, amortization period"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_DatabasesMember" format="ixt-sec:duryear" id="Fact001836" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">3</ix:nonNumeric></span> years on a straight-line basis. The carrying value related to user data was fully amortized during
2022. (Note 9)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimated life of intangible assets subject to amortization is reassessed if circumstances occur that indicate the life has changed.
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets
may not be recoverable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 179; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>
<!-- Field: Split-Segment; Name: Split_004 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Goodwill</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
represents the excess of the total cost of the acquisition over the fair value of the identifiable tangible and intangible assets acquired
and liabilities assumed of the acquired entity as a result of the Company&#8217;s acquisitions of interests in its subsidiaries and VIEs.
Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate
that it might be impaired. The Company first assesses qualitative factors to determine whether it is more likely than not (that is, a
likelihood of more than 50%) that the fair value of the reporting unit is less than its carrying value. In the qualitative assessment,
the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit
and other specific information related to the operations. If the reporting unit does not pass the qualitative assessment, the Company
estimates its fair value and compares the fair value with the carrying value of its reporting unit, including goodwill. If the fair value
is greater than the carrying value of its reporting unit, no impairment is recorded. If the fair value is less than the carrying value,
an impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value,
limited to the total amount of goodwill allocated to that reporting unit. The impairment charge would be recorded to earnings in the
consolidated statements of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Application
of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets,
liabilities and goodwill to reporting units and the determination of the fair value of each reporting unit. The Company estimates the
fair value of the reporting unit using a discounted cash flow model. This valuation approach considers various assumptions including
projections of future cash flows, perpetual growth rates and discount rates. The assumptions about future cash flows and growth rates
are based on management&#8217;s assessment of a number of factors, including the reporting unit&#8217;s recent performance against budget,
performance in the market that the reporting unit serves, as well as industry and general economic data from third party sources. Discount
rate assumptions reflect an assessment of the risk inherent in those future cash flows. Changes to the underlying businesses could affect
the future cash flows, which in turn could affect the fair value of the reporting unit. Management performs its annual goodwill impairment
test as of December 31. Each quarter the Company reviews the events and circumstances to determine if there are indicators that goodwill
may be impaired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, there is no event or any circumstance that the Company identified, which indicated that the fair value
of the Company&#8217;s reporting unit was substantially lower than the respective carrying value. There was <span id="xdx_90A_eus-gaap--GoodwillImpairmentLoss_pn3n3_do_c20210101__20211231_zSHW1sLn8Ze4" title="Goodwill impairment"><span id="xdx_909_eus-gaap--GoodwillImpairmentLoss_pn3n3_do_c20220101__20221231_zIwPALVJfQMh" title="Goodwill impairment"><span id="xdx_902_eus-gaap--GoodwillImpairmentLoss_pn3n3_do_c20230101__20231231_z7CnAHZqwCPd" title="Goodwill impairment"><ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2021-01-012021-12-31" id="Fact001838" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="RMB"><ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2022-01-012022-12-31" id="Fact001840" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="RMB"><ix:nonFraction name="us-gaap:GoodwillImpairmentLoss" contextRef="From2023-01-01to2023-12-31" id="Fact001842" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="RMB">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> impairment of goodwill
for the years ended December 31, 2021, 2022 and 2023 and there was <span id="xdx_90B_eus-gaap--GoodwillPeriodIncreaseDecrease_pn3n3_do_c20220101__20221231_zkGAhkIFMOp" title="Change in goodwill"><span id="xdx_903_eus-gaap--GoodwillPeriodIncreaseDecrease_pn3n3_do_c20230101__20231231_zs9zBxMoRsHa" title="Change in goodwill"><ix:nonFraction name="us-gaap:GoodwillPeriodIncreaseDecrease" contextRef="From2022-01-012022-12-31" id="Fact001844" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="RMB"><ix:nonFraction name="us-gaap:GoodwillPeriodIncreaseDecrease" contextRef="From2023-01-01to2023-12-31" id="Fact001846" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="RMB">no</ix:nonFraction></ix:nonFraction></span></span> change in goodwill during 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001848" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock"><p id="xdx_846_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_zrlDXua2AlEh" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)
<span id="xdx_861_zoluuT34l4qh">Impairment of long-lived assets other than Goodwill</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
other long-lived assets including property and equipment, other non-current assets and intangible assets, the Group evaluates for impairment
whenever events or changes (triggering events) indicate that the carrying amount of an asset may no longer be recoverable. The Group
assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted
future cash flows expected to receive from use of the assets and their eventual disposition. Such assets are considered to be impaired
if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment to be recognized is
measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. There was <span id="xdx_901_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_pn3n3_do_c20210101__20211231_zrD1M8vx80A3" title="Impairment of long-lived assets to be disposed of"><span id="xdx_90A_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_pn3n3_do_c20220101__20221231_zxt67Gg1wSTl" title="Impairment of long-lived assets to be disposed of"><span id="xdx_906_eus-gaap--ImpairmentOfLongLivedAssetsToBeDisposedOf_pn3n3_do_c20230101__20231231_z3MmogV53Yic" title="Impairment of long-lived assets to be disposed of"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2021-01-012021-12-31" id="Fact001850" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="RMB"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2022-01-012022-12-31" id="Fact001852" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="RMB"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsToBeDisposedOf" contextRef="From2023-01-01to2023-12-31" id="Fact001854" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="RMB">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> impairment of any
long-lived assets other than goodwill for the years ended December 31, 2021, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001856" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_842_eus-gaap--LesseeLeasesPolicyTextBlock_z1aCaklJi3Ci" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)
<span id="xdx_860_zTpIGSagN7C9">Leases</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company determines if an arrangement is a lease or contains a lease at inception. Operating leases are included in operating lease right-of-use
(&#8220;ROU&#8221;) assets, operating lease liability, and operating lease liability, non-current in the Company&#8217;s consolidated
balance sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROU
assets represent the Company&#8217;s right to use an underlying asset for the lease term and lease liabilities represent the Company&#8217;s
obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date
based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend
or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company&#8217;s leases do not
provide an implicit rate, the Company uses its incremental borrowing rate, which it calculates based on the credit quality of the Company
and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral
over the term of each lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 180; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) elect for each lease not
to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components
associated with that lease component as a single lease component; (ii) for leases that have lease terms of 12 months or less and does
not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements;
and (iii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1,
2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and
(c) initial direct costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001858" name="QTTOY:AdvancesFromAdvertisingCustomersPolicyTextBlock"><p id="xdx_844_ecustom--AdvancesFromAdvertisingCustomersPolicyTextBlock_z6QEX4N7S3c7" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)
<span id="xdx_869_zGOXIIxfsvV5">Advances from customers and deferred revenue</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
third party advertising customers pay in advance to purchase advertising and marketing services. Cash proceeds received from customers
are initially recorded as advances from advertising customers and are recognized as revenues when revenue recognition criteria are met.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances
from customers and deferred revenue also consist of prepayments from users in the form of the purchase of the Group&#8217;s virtual currency
that can be used for live streaming and online games that are not yet consumed or converted into virtual items, and that upon the consumption
or conversion, are recognized as revenue according to the prescribed revenue recognition policies described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001860" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock"><p id="xdx_84B_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_z9CGoYBJFU" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)
<span id="xdx_861_zPy5vbMAo482">Revenue recognition</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a description of principal activities of the Group from which the Group generates its revenue under ASC 606.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
Advertising and marketing</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 40.65pt; text-align: justify; text-indent: -10.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s main revenue generating activity is the provision of online advertising and marketing services. The Group generates revenue
from performing specific actions, i.e. an optimized cost per thousand impressions (&#8220;oCPM&#8221;) or optimized cost per click (&#8220;oCPC&#8221;)
basis or related advertising and marketing services. Revenue is recognized on an oCPM or oCPC basis as impressions or clicks are delivered,
or when related advertising and marketing services are performed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
revenues should be reported on a gross or net basis is determined by an assessment of whether the Group is acting as the principal or
an agent in the transaction. In determining whether the Group acts as the principal or an agent, the Group follows the accounting guidance
for principal-agent considerations. Such determination involves judgment and is based on evaluation of the terms of each arrangement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
Advertising and marketing service provided to advertising customers</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group provides advertising and marketing services to advertising customers and recognizes advertising and marketing revenues on a gross
basis as impressions or clicks are delivered. The Group receives refundable advance payments from advertising customers. If the advance
payment deposited in the Group is not ultimately used for the advertisement on Qutoutiao, the Group refunds the advance payment back
to advertising customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Starting
from 2019, the placement of the advertising customers&#8217; advertisements is not restricted to be only on Qutoutiao&#8217;s application.
When advertisements cannot be placed on Qutoutiao due to capacity limit or bidding, the Group has the discretion to choose a media platform
for advertisement placement. The Group determined it is the principal to the advertising customer when the Group (1) is the primary obligor
ultimately responsible for delivering advertising and marketing services to the advertising customers, (2) has the discretion in pricing
and (3) takes certain risks of loss due to the different settlement methods between the media platform and advertising customers. Hence,
the Group recognizes the revenue on a gross basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2019, the Group also started a new advertising and marketing service by providing integrated marketing solution to its customers
based on their customized needs. The services include but are not limited to designing and executing a systematic marketing plan
online and offline, coming up with best solutions for online promotion of the customers&#8217; mobile application by selecting
appropriate advertisement platforms, designing the advertisement clips, monitoring advertisement effects and organizing offline
marketing campaigns. The Group pays the vendors or suppliers when costs are incurred and advertisements are displayed while the
Group charges the service fees to the customers based on specified achievements, </span>i.e. a Gross Merchandise Volume
(&#8220;GMV&#8221;) which revenue is recognized based on number of first effective purchase, or optimized cost per action
(&#8220;oCPA&#8221;) basis which revenue is recognized based on number of registered new users. The Group is the principal
ultimately responsible for delivering the integrated marketing services to the customers in the arrangement, it has the discretion
in pricing and takes certain risks of loss as the results cannot be guaranteed while costs are incurred. The Group recognizes the
integrated marketing services revenue at gross based on GMV or oCPA basis and recognizes incurred expenses to vendors or suppliers
as cost of revenue.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 181; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
Advertising and marketing services provided to advertising platforms</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group provides advertising and marketing services to other third-party advertising platforms. In the arrangement with these advertising
platforms, these advertising platforms are the customers of the Group and the performance obligation of the Group is to provide traffic
service to these advertising platforms. Therefore, the Group recognizes revenue based on the net amount as impressions or clicks are
delivered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
Other services</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 43.7pt; text-align: justify; text-indent: -13.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.
Agent and platform service</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group also provides agent and platform service by facilitating the advertising customers to select third-party advertising platforms
to display their advertisements. The Group recognizes revenue from the advertising customers based on the net amount equal to certain
agreed percentage of the gross revenue earned by the third-party advertising platforms when impressions or clicks are successfully delivered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.
Live streaming</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2019, the Group started operating its own live streaming platform. It generates revenue from sales of virtual items in the platform.
Users can access the platforms and view the live streaming content showed by the performers for free. The Group shares a portion of the
sales proceeds of virtual items (&#8220;revenue sharing fee&#8221;) with performers and talent agencies in accordance with their revenue
sharing arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group evaluates and determines that it is the principal and views users to be its customers. The Group reports live streaming revenues
on a gross basis. Accordingly, the amounts paid by users to purchase virtual items are recorded as revenues and revenue sharing fee paid
to performers and talent agencies are recorded as cost of revenues. Where the Group is the principal, it controls the virtual items before
they are transferred to users. Its control is evidenced by the Group&#8217;s sole ability to monetize the virtual items before they are
transferred to users, and is further supported by the Group being primarily responsible to users and having a level of discretion in
establishing pricing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group designs, creates and offers various virtual items for sales to users with pre-determined selling price. Users can purchase and
present virtual items to performers to show support for their favorite performers and virtual items are consumed and used upon purchase.
Accordingly, live streaming revenue is recognized immediately when virtual items are used. The Group does not have further obligations
to the user after the virtual items are consumed immediately.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group may also enter into contracts that can include various combinations of virtual items and privileges such as priority speaking rights
or special symbols, which are generally capable of being distinct and accounted for as separate performance obligations, such as the
VIP member program. Judgments are required as follow: 1) determining whether those virtual items and privilege are considered distinct
performance obligations that should be accounted for separately versus together, 2) determining the standalone selling price for each
distinct performance obligation, and 3) allocating of the arrangement consideration to the separate accounting of each distinct performance
obligation based on their relative standalone selling prices. In instances where standalone selling price is not directly observable
as the Group does not sell the virtual item or privilege separately, the Group determines the standalone selling price based on pricing
strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct performance obligations identified
in accordance with the applicable revenue recognition method relevant for that obligation. For consumable virtual items, revenues is
recognized immediately when the virtual item is used. For durable virtual items, revenue is recognized over the estimated user relationship
periods. For the years ended December 31, 2021, 2022 and 2023, the VIP membership program was not material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.
Online games</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group generates revenues from offering virtual items in online games developed by third parties to game players.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Users
play games on the Group&#8217;s various mobile applications free of charge and are charged for purchases of consumable virtual items,
which can be utilized in the online games to enhance their game-playing experience.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to contracts signed between the Group and the respective game developers, although game developers own the games&#8217; copyrights and
other intellectual property, in general the Group controls the games and takes the main responsibilities to operate the games, maintains
a functioning gaming environment for the players, sets the pricing of virtual items, collects the in-game purchase payment from the players
and shares the revenue based on a pre-agreed scheme to the game developers. The users make the purchases in the games operated and managed
by the Group and the Group provides the game services to the users. Accordingly, the Group is the principal in the arrangements. The
revenues derived from these online games are recorded on a gross basis and the amount paid to game developers are recorded as cost of
revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 182; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Online
games revenue is recognized immediately when the consumable virtual item is purchased and used. The Group does not have further obligations
to the user after the virtual items are consumed immediately.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Group sells the advertisement spots placed in the online games to the advertisers and gets paid based on views/clicks.
The advertisements price is negotiated and determined by the Group with a shared fee to be paid to the game developer. Similar to the
advertising and marketing service provided to advertising customers described above in 2(r)(i) a, the Group is the principal in the arrangement
and revenue is recognized on a gross basis as clicks or impressions are delivered with fees paid to game developers as cost of revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D.
Disaggregation of revenue</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001862" name="us-gaap:DisaggregationOfRevenueTableTextBlock"><p id="xdx_891_eus-gaap--DisaggregationOfRevenueTableTextBlock_zoSmfMWJmTt9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the following table, revenue is disaggregated by major service line and gross vs net recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_zpABNQsTsU7b" style="display: none">Schedule of Disaggregation of Revenue</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
<tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major service
    line</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_496_20210101__20211231_z5NcPCjg5NYb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_49B_20220101__20221231_zI5rbi4K8ODc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_493_20230101__20231231_zPUF8Jgy7XO2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$(Note
    2(e))</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Major service
    line</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AdvertisingAndMarketingServiceProvidedToAdvertisingCustomersMember_zAd6ur8yUyQf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising service
    provided to advertising customers, recorded gross</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_AdvertisingAndMarketingServiceProvidedToAdvertisingCustomersMember" id="Fact001864" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,533,327</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_AdvertisingAndMarketingServiceProvidedToAdvertisingCustomersMember" id="Fact001865" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">404,443</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_AdvertisingAndMarketingServiceProvidedToAdvertisingCustomersMember" id="Fact001866" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">420,275</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_uUSD_c20230101__20231231__srt--ProductOrServiceAxis__custom--AdvertisingAndMarketingServiceProvidedToAdvertisingCustomersMember_z0DNWLro61d4" title="Advertising service provided to advertising customers, recorded gross" style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_AdvertisingAndMarketingServiceProvidedToAdvertisingCustomersMember" id="Fact001868" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">59,196</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AdvertisingAndMarketingServiceProvidedToAdvertisingPlatformsMember_zNBdiL0h4mA1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising service provided
    to advertising platforms, recorded net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_AdvertisingAndMarketingServiceProvidedToAdvertisingPlatformsMember" id="Fact001870" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,557,056</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_AdvertisingAndMarketingServiceProvidedToAdvertisingPlatformsMember" id="Fact001871" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">434,934</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_AdvertisingAndMarketingServiceProvidedToAdvertisingPlatformsMember" id="Fact001872" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">149,294</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_uUSD_c20230101__20231231__srt--ProductOrServiceAxis__custom--AdvertisingAndMarketingServiceProvidedToAdvertisingPlatformsMember_zjTwKpOWhvJg" title="Advertising service provided to advertising platforms, recorded net" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_AdvertisingAndMarketingServiceProvidedToAdvertisingPlatformsMember" id="Fact001874" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">21,027</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other service</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--AgentAndPlatformServiceFeesMember_zoNGahOLRYF1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agent
    and platform services</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_AgentAndPlatformServiceFeesMember" id="Fact001876" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">22,004</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_AgentAndPlatformServiceFeesMember" id="Fact001877" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,355</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_AgentAndPlatformServiceFeesMember" id="Fact001878" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">16,548</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_uUSD_c20230101__20231231__srt--ProductOrServiceAxis__custom--AgentAndPlatformServiceFeesMember_zjylgSAn9oK7" title="Agent and platform services" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_AgentAndPlatformServiceFeesMember" id="Fact001880" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">2,331</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--LiveStreamingAndOnlineGamesMember_zKSjzalAq7ld" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Live streaming
    and online games</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_LiveStreamingAndOnlineGamesMember" id="Fact001882" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">140,269</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_LiveStreamingAndOnlineGamesMember" id="Fact001883" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">195,213</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_LiveStreamingAndOnlineGamesMember" id="Fact001884" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">155,659</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_uUSD_c20230101__20231231__srt--ProductOrServiceAxis__custom--LiveStreamingAndOnlineGamesMember_zFH0xb54Zerb" title="Live streaming and online games" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_LiveStreamingAndOnlineGamesMember" id="Fact001886" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">21,924</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--OtherRevenuesMember_zFNaHorRMdb7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    revenues</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_OtherRevenuesMember" id="Fact001888" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">86,947</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_custom_OtherRevenuesMember" id="Fact001889" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">44,100</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_OtherRevenuesMember" id="Fact001890" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,781</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_uUSD_c20230101__20231231__srt--ProductOrServiceAxis__custom--OtherRevenuesMember_z5vSNwn4H6w3" title="Other revenues" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_custom_OtherRevenuesMember" id="Fact001892" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">533</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__us-gaap--ServiceOtherMember_zjwCHySeV8mb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Other services</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_us-gaap_ServiceOtherMember" id="Fact001894" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">249,220</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31_us-gaap_ServiceOtherMember" id="Fact001895" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">243,668</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_us-gaap_ServiceOtherMember" id="Fact001896" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">175,988</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_uUSD_c20230101__20231231__srt--ProductOrServiceAxis__us-gaap--ServiceOtherMember_z2NOKaBspO26" title="Total Other services" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-012023-12-31_us-gaap_ServiceOtherMember" id="Fact001898" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">24,788</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_z2H8LqMb2wn8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Revenues</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31" id="Fact001900" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,339,603</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2022-01-012022-12-31" id="Fact001901" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,083,045</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-01to2023-12-31" id="Fact001902" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">745,557</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_uUSD_c20230101__20231231_zRjhCW43MjEa" title="Net Revenues" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2023-01-01to2023-12-31" id="Fact001904" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">105,011</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_ztssZqwD88Kc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 34.8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> For the years ended December 31, 2021, 2022 and 2023 revenue in advertising services provided to advertising customers which recorded
gross include integrated marketing solution services which amounted to RMB<span id="xdx_90D_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn5n6_uRMB_c20210101__20211231__srt--ProductOrServiceAxis__custom--AdvertisingServicesMember_zJMU9i1YSKI" title="Net revenues" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERpc2FnZ3JlZ2F0aW9uIG9mIFJldmVudWUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax" contextRef="From2021-01-012021-12-31_custom_AdvertisingServicesMember" id="Fact001906" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">39.8</ix:nonFraction></span> million, <span id="xdx_907_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_dxL_uRMB_c20220101__20221231__srt--ProductOrServiceAxis__custom--AdvertisingServicesMember_zKneebOt20s6" title="Net revenues::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERpc2FnZ3JlZ2F0aW9uIG9mIFJldmVudWUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span style="-sec-ix-hidden: xdx2ixbrl1908">nil</span></span> and <span id="xdx_905_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_dxL_uRMB_c20230101__20231231__srt--ProductOrServiceAxis__custom--AdvertisingServicesMember_zdmqrUsYnFka" title="Net revenues::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIERpc2FnZ3JlZ2F0aW9uIG9mIFJldmVudWUgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><span style="-sec-ix-hidden: xdx2ixbrl1910">nil</span></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001912" name="us-gaap:CostOfSalesPolicyTextBlock"><p id="xdx_84A_eus-gaap--CostOfSalesPolicyTextBlock_z5a60fyV1Z5h" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)
<span id="xdx_869_zvL1wjBcbsYg">Cost of revenues</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s cost of revenues consists primarily of (i) bandwidth and server costs, (ii) costs incurred to vendors and suppliers
for advertising and marketing services, (iii) content procurement costs paid to third-party professional media companies and
freelancers, (iv) direct cost related to in-house content, rental cost, depreciation, salary and welfare for cost personnel and
other miscellaneous costs, (v) costs incurred for mobile gaming and live streaming content, (vi) cultural development fee and
surcharges. The Group is subject to a cultural development fee on the provision of advertising services in the PRC. The applicable
tax rate prior to June 30, 2019 was <span id="xdx_901_ecustom--ApplicableTaxRateOnAdvertisingServicesRevenues_dp_uPure_c20190101__20190630_zDPs18u1Peyd"><ix:nonFraction name="QTTOY:ApplicableTaxRateOnAdvertisingServicesRevenues" contextRef="From2019-01-012019-06-30" id="Fact001913" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
of the net advertising revenues, and was changed to <span id="xdx_90E_ecustom--ApplicableTaxRateOnAdvertisingServicesRevenues_dp_uPure_c20190701__20190701_zE5vO3E0yDd8"><ix:nonFraction name="QTTOY:ApplicableTaxRateOnAdvertisingServicesRevenues" contextRef="From2019-07-012019-07-01" id="Fact001914" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.5</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%
effective from July 1, 2019 to December 31, 2024. Due to the COVID-19 pandemic, the Group was exempt from the cultural development
fee for 2020 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001916" name="us-gaap:ResearchAndDevelopmentExpensePolicy"><p id="xdx_84D_eus-gaap--ResearchAndDevelopmentExpensePolicy_zLttnPXwrkV" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)
<span id="xdx_86F_zmU7IkxJjfn8">Research and development expenses</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development expenses consist primarily of (i) salary and welfare for research and development personnel, (ii) stock-based compensation
for research and development personnel (iii) office rental expenses (iv) IT service fees and (v) depreciation of office premise and servers
utilized by research and development personnel. Costs incurred during the research stage are expensed as incurred. Costs incurred in
the development stage, prior to the establishment of technological feasibility, which is when a working model is available, are expensed
when incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for internal use software development costs in accordance with guidance on intangible assets and internal use software.
This requires capitalization of qualifying costs incurred during the software&#8217;s application development stage and to expense costs
as they are incurred during the preliminary project and post implementation/operation stages. For the years ended December 31, 2021,
2022 and 2023, the Company has not capitalized any costs related to internal use software because the inception of the Group software
development costs qualified for capitalization have been insignificant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 183; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001918" name="QTTOY:SalesAndMarketingExpensesPolicyTextBlock"><p id="xdx_842_ecustom--SalesAndMarketingExpensesPolicyTextBlock_zpirnNG1kzD9" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)
<span id="xdx_866_z22fSfC5LAwf">Sales and marketing expenses</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
and marketing expenses consist primarily of (i) rewards to registered users related to loyalty programs, (ii) advertising and
marketing expenses, (iii) charges for short mobile message service to registered users (iv) salary and welfare for sales and
marketing personnel and (v) stock-based compensation expenses for sales and marketing personnel. The advertising and marketing
expenses amounted to RMB <span id="xdx_902_eus-gaap--MarketingAndAdvertisingExpense_pn5n6_c20210101__20211231_zLGdicgLwWTd"><ix:nonFraction name="us-gaap:MarketingAndAdvertisingExpense" contextRef="From2021-01-012021-12-31" id="Fact001919" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">2,662.0</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
, RMB<span id="xdx_908_eus-gaap--MarketingAndAdvertisingExpense_pn5n6_c20220101__20221231_zlf31ItmHU59"><ix:nonFraction name="us-gaap:MarketingAndAdvertisingExpense" contextRef="From2022-01-012022-12-31" id="Fact001920" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">234.0</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
and RMB<span id="xdx_900_eus-gaap--MarketingAndAdvertisingExpense_pn5n6_c20230101__20231231_zr6OF6yr3qQ8"><ix:nonFraction name="us-gaap:MarketingAndAdvertisingExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001921" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">117.9</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
during the years ended December 31, 2021, 2022 and 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001923" name="us-gaap:SellingGeneralAndAdministrativeExpensesPolicyTextBlock"><p id="xdx_845_eus-gaap--SellingGeneralAndAdministrativeExpensesPolicyTextBlock_z0xmi5k7NuJj" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)
<span id="xdx_860_z7k16hsGLQg4">General and administrative expenses</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses also consist of (i) salary and welfare for general and administrative personnel, (ii) office expense, </span>(iii)
professional service fees, (iv) stock-based compensation expense and (v) bad debt expense.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001925" name="QTTOY:RevenueFromContractWithCustomerLoyaltyProgramsPolicyPolicyTextBlock"><p id="xdx_848_ecustom--RevenueFromContractWithCustomerLoyaltyProgramsPolicyPolicyTextBlock_zJu47MSVEjEj" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
<span id="xdx_862_zDX06qe3roGi">User loyalty programs</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has loyalty programs for its registered users primarily in its mobile Qutoutiao and Midu to enhance user engagement, loyalty and
to incentivize word-of-mouth referrals. Through the programs, the Group give users loyalty points and in certain cases cash credits for
taking specific actions. Such actions primarily include referring new users to register on the platforms or through the viewing or sharing
of content, providing valuable comments and encourage inactive users to continue to the platforms. The cost of users&#8217; loyalty points
is recognized as sales and marketing expenses in the consolidated statements of operations and comprehensive loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
Qutoutiao, the Group&#8217;s users can redeem earned rewards, which is in a form of cash credits reflecting the same amount of cash value,
upon redemption. The Group offers its users the flexibility to choose a number of rewards payment options, including i) online cash out,
when the cash credits balance exceeds a certain cash out threshold or at a lower cash out threshold if the users log on Qutoutiao for
a certain number of consecutive days, ii) purchasing virtual items in live streaming and online games, iii) purchasing merchandise through
Qutoutiao&#8217;s online market place. On <i>Midu</i>, the loyalty program is operated in a similar manner as <i>Qutoutiao</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group also has a number of other loyalty programs for various applications. As of December 31, 2023, the loyalty program volume associated
with these applications are immaterial.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
Qutoutiao&#8217;s loyalty program, rewards to its users are cleared from their accounts and will not be redeemable after the users have
been inactive for 90 days. Other loyalty programs also have similar rewards clearing policies after the users have been inactive for
a certain period of time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s experience indicates that a certain portion of rewards is never redeemed in cash by its users, which the Group refers to
as a &#8220;breakage&#8221;. The liability accrued for the reward is reduced by the estimated breakage that is expected to occur. The
Group estimates breakage based upon its analysis of relevant reward history and redemption pattern as well as considering the expiration
period of the rewards under the users agreement. In the assessment of breakage, each individual user&#8217;s account is categorized into
certain pools of different range of outstanding rewards, and then further grouped into certain sub-groups on the basis of inactivity
days. The past reward redemption pattern in those sub-groups was used to estimate the respective breakage for the outstanding rewards
in each sub-group at each period end. For the years ended December 31, 2021, 2022 <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</span> 2023, total costs related to the users&#8217; rewards
granted (before estimated breakage) amounted to RMB<span id="xdx_903_ecustom--CostsRelatedToUsersRewardsGranted_pn5n6_c20210101__20211231_z1xobllRKv18" title="Costs related to users rewards granted"><ix:nonFraction name="QTTOY:CostsRelatedToUsersRewardsGranted" contextRef="From2021-01-012021-12-31" id="Fact001927" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">731.2</ix:nonFraction></span> million, RMB<span id="xdx_906_ecustom--CostsRelatedToUsersRewardsGranted_pn5n6_c20220101__20221231_zyPbPswbkPmi" title="Costs related to users rewards granted"><ix:nonFraction name="QTTOY:CostsRelatedToUsersRewardsGranted" contextRef="From2022-01-012022-12-31" id="Fact001929" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">194.8</ix:nonFraction></span> million and RMB<span id="xdx_90C_ecustom--CostsRelatedToUsersRewardsGranted_pn5n6_c20230101__20231231_z2DR5j0pDqQ1" title="Costs related to users rewards granted"><ix:nonFraction name="QTTOY:CostsRelatedToUsersRewardsGranted" contextRef="From2023-01-01to2023-12-31" id="Fact001931" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">40.2</ix:nonFraction></span> million, respectively, and total rewards
redeemed in cash amounted to RMB<span id="xdx_905_ecustom--RewardsRedeemedAmount_pn5n6_c20210101__20211231_z8jfR9Bx1e9" title="Rewards redeemed amount"><ix:nonFraction name="QTTOY:RewardsRedeemedAmount" contextRef="From2021-01-012021-12-31" id="Fact001933" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">673.8</ix:nonFraction></span> million, RMB<span id="xdx_90B_ecustom--RewardsRedeemedAmount_pn5n6_c20220101__20221231_zXPExe7K2HOe" title="Rewards redeemed amount"><ix:nonFraction name="QTTOY:RewardsRedeemedAmount" contextRef="From2022-01-012022-12-31" id="Fact001935" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">250.9</ix:nonFraction></span> million and RMB<span id="xdx_901_ecustom--RewardsRedeemedAmount_pn5n6_c20230101__20231231_zX14Tes0uIjf" title="Rewards redeemed amount"><ix:nonFraction name="QTTOY:RewardsRedeemedAmount" contextRef="From2023-01-01to2023-12-31" id="Fact001937" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">89.6</ix:nonFraction></span> million respectively. The Company also reversed the accrued
rewards of users who have not been active for the period specified in accordance with its rewards clearance policies, which amounted
to non-cash adjustments of RMB<span id="xdx_909_ecustom--AccruedRewardsReversedAmount_pn5n6_c20210101__20211231__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_zBfoIweL82a2" title="Accrued rewards reversed amount"><ix:nonFraction name="QTTOY:AccruedRewardsReversedAmount" contextRef="From2021-01-012021-12-31_us-gaap_SellingAndMarketingExpenseMember" id="Fact001939" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">81.4</ix:nonFraction></span> million RMB <span id="xdx_90D_ecustom--AccruedRewardsReversedAmount_pn5n6_c20220101__20221231__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_zXKM9denAPLd" title="Accrued rewards reversed amount"><ix:nonFraction name="QTTOY:AccruedRewardsReversedAmount" contextRef="From2022-01-012022-12-31_us-gaap_SellingAndMarketingExpenseMember" id="Fact001941" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">63.9</ix:nonFraction></span> million and RMB<span id="xdx_90B_ecustom--AccruedRewardsReversedAmount_pn5n6_c20230101__20231231__us-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_z2Oa05yt3Um8" title="Accrued rewards reversed amount"><ix:nonFraction name="QTTOY:AccruedRewardsReversedAmount" contextRef="From2023-01-012023-12-31_us-gaap_SellingAndMarketingExpenseMember" id="Fact001943" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">48.4</ix:nonFraction></span> million for the years ended December 31, 2021, 2022 and 2023,
respectively, which were recorded as a reduction of sales and marketing expense. As of December 31, 2021, 2022 and 2023, the total estimated
breakage not accrued approximated to RMB<span id="xdx_90F_ecustom--EstimatedBreakageAmount_iI_pn5n6_c20211231_zvKKPzcGPNRg" title="Total estimated breakage amount"><ix:nonFraction name="QTTOY:EstimatedBreakageAmount" contextRef="AsOf2021-12-31" id="Fact001945" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">15.3</ix:nonFraction></span> million, RMB<span id="xdx_901_ecustom--EstimatedBreakageAmount_iI_pn5n6_c20221231_z3cdAib21EKj" title="Total estimated breakage amount"><ix:nonFraction name="QTTOY:EstimatedBreakageAmount" contextRef="AsOf2022-12-31" id="Fact001947" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">6.2</ix:nonFraction></span> million and RMB<span id="xdx_90F_ecustom--EstimatedBreakageAmount_iI_pn5n6_c20231231_zu1tKo8cjwKg" title="Total estimated breakage amount"><ix:nonFraction name="QTTOY:EstimatedBreakageAmount" contextRef="AsOf2023-12-31" id="Fact001949" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">2.0</ix:nonFraction></span> million, respectively. For the years ended December 31,
2021, 2022 and 2023, rewards consumed by purchasing the virtual items in live streaming and online games amounted to RMB<span id="xdx_909_ecustom--RewardsConsumedByPurchasingVirtualItems_pn5n6_c20210101__20211231__srt--ProductOrServiceAxis__custom--LiveStreamingAndOnlineGamesMember_zT9JjKSh3kF3" title="Rewards consumed by purchasing virtual items"><ix:nonFraction name="QTTOY:RewardsConsumedByPurchasingVirtualItems" contextRef="From2021-01-012021-12-31_custom_LiveStreamingAndOnlineGamesMember" id="Fact001951" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">8.0</ix:nonFraction></span> million,
RMB<span id="xdx_90C_ecustom--RewardsConsumedByPurchasingVirtualItems_pn5n6_c20220101__20221231__srt--ProductOrServiceAxis__custom--LiveStreamingAndOnlineGamesMember_zjrUzRP5fuCg" title="Rewards consumed by purchasing virtual items"><ix:nonFraction name="QTTOY:RewardsConsumedByPurchasingVirtualItems" contextRef="From2022-01-012022-12-31_custom_LiveStreamingAndOnlineGamesMember" id="Fact001953" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1.4</ix:nonFraction></span> million and RMB<span id="xdx_90D_ecustom--RewardsConsumedByPurchasingVirtualItems_pn4n6_c20230101__20231231__srt--ProductOrServiceAxis__custom--LiveStreamingAndOnlineGamesMember_zsQQUaOWqAeh" title="Rewards consumed by purchasing virtual items"><ix:nonFraction name="QTTOY:RewardsConsumedByPurchasingVirtualItems" contextRef="From2023-01-012023-12-31_custom_LiveStreamingAndOnlineGamesMember" id="Fact001955" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="RMB">0.04</ix:nonFraction></span> million respectively. The consumption was recorded as a reduction of revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 184; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the amount of accumulated unredeemed rewards for individual user exceeds the cash out threshold or the continuous log-on criteria is
reached, the Group reclassifies the balance as &#8220;registered users&#8217; loyalty payable&#8221; in consolidated balance sheet as
a monetary liability and reverses the amount of breakage originally assumed. The registered users&#8217; loyalty payable is derecognized
only if (1) the Group pays the user and is relieved of its obligation for the liability by paying the users, including delivery of cash
or (2) the Group is legally released from the liability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
actual cost to settle the estimated liability may differ from the estimated liability recorded. As of December 31, 2022 and 2023,
users&#8217; reward recorded in Registered Users&#8217; Loyalty Payable were RMB<span id="xdx_90B_ecustom--LoyaltyPayable_iI_pn5n6_c20221231_z9QH7ag8CJHj" title="Registered users' loyalty payable"><ix:nonFraction name="QTTOY:LoyaltyPayable" contextRef="AsOf2022-12-31" id="Fact001957" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">29.8</ix:nonFraction></span>
million and RMB<span id="xdx_905_ecustom--LoyaltyPayable_iI_pn5n6_c20231231_zor40tiviyG6" title="Registered users' loyalty payable"><ix:nonFraction name="QTTOY:LoyaltyPayable" contextRef="AsOf2023-12-31" id="Fact001959" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">13.9</ix:nonFraction></span>
million, respectively, and estimated users&#8217; rewards recorded in Accrued Liabilities Related to Users&#8217; Loyalty Programs&#8221; were RMB<span id="xdx_908_eus-gaap--AccruedLiabilitiesCurrent_iI_pn5n6_c20221231_zAjS10uUBRO9" title="Accrued liabilities related to users' loyalty programs"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact001961" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">64.6</ix:nonFraction></span>
million and RMB<span id="xdx_909_eus-gaap--AccruedLiabilitiesCurrent_iI_pn5n6_c20231231_z6NM0KiPrEYa" title="Accrued liabilities related to users' loyalty programs"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001963" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">33.5</ix:nonFraction></span>
million, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001965" name="QTTOY:EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock"><p id="xdx_84B_ecustom--EmployeeSocialSecurityAndWelfareBenefitsPolicyTextBlock_z0964hLsvMU2" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)
<span id="xdx_865_zr33IMFVhVYc">Employee social security and welfare benefits</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employees
of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance,
medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution
plan. The Group is required to contribute to the plan based on certain percentages of the employees&#8217; salaries, up to a maximum
amount specified by the local government.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group&#8217;s
obligations are limited to the amounts contributed and no legal obligation beyond the contributions made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001967" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_845_eus-gaap--IncomeTaxPolicyTextBlock_zfkpfLwnfkE6" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)
<span id="xdx_86B_zw1KX7MNvSLb">Income taxes</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are
not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax
consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial
statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount
attributed to that asset or liability for tax purposes. The effect on deferred taxes of a change in tax rates is recognized in the consolidated
statements of comprehensive loss in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets
if it is considered more likely than not that some portion of, or all of, the deferred tax assets will not be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Uncertain
tax positions</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statements recognition
and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income
tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties
associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required
in evaluating the Group&#8217;s uncertain tax positions and determining its provision for income taxes. The Group recognizes interests
and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheets and under other expenses
in its statements of operations and comprehensive loss. The Group did <span id="xdx_90C_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense_do_c20210101__20211231_zRWuQFznoTg1" title="Interest and penalties associated with uncertain tax positions"><span id="xdx_90A_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense_do_c20220101__20221231_zTm7YmDjWyMk" title="Interest and penalties associated with uncertain tax positions"><span id="xdx_903_eus-gaap--UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense_do_c20230101__20231231_zDkJ2EAWX678" title="Interest and penalties associated with uncertain tax positions"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" contextRef="From2021-01-012021-12-31" id="Fact001969" format="ixt-sec:numwordsen" decimals="0" unitRef="RMB"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" contextRef="From2022-01-012022-12-31" id="Fact001971" format="ixt-sec:numwordsen" decimals="0" unitRef="RMB"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense" contextRef="From2023-01-01to2023-12-31" id="Fact001973" format="ixt-sec:numwordsen" decimals="0" unitRef="RMB">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>t recognize any significant interest and penalties associated
with uncertain tax positions for the years ended December 31, 2021, 2022 and 2023. As of December 31, 2022 and 2023, the Group did <span id="xdx_908_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20211231_zb1vcfvGLvs3" title="Unrecognized uncertain tax positions"><span id="xdx_90B_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20221231_zGUzs4vjFyM9" title="Unrecognized uncertain tax positions"><span id="xdx_903_eus-gaap--UnrecognizedTaxBenefits_iI_do_c20231231_zdeZoxCTpcCe" title="Unrecognized uncertain tax positions"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefits" contextRef="AsOf2021-12-31" id="Fact001975" format="ixt-sec:numwordsen" decimals="0" unitRef="RMB"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefits" contextRef="AsOf2022-12-31" id="Fact001977" format="ixt-sec:numwordsen" decimals="0" unitRef="RMB"><ix:nonFraction name="us-gaap:UnrecognizedTaxBenefits" contextRef="AsOf2023-12-31" id="Fact001979" format="ixt-sec:numwordsen" decimals="0" unitRef="RMB">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>t
have any significant unrecognized uncertain tax positions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001981" name="us-gaap:RepurchaseAndResaleAgreementsPolicy"><p id="xdx_845_eus-gaap--RepurchaseAndResaleAgreementsPolicy_zNIzC9aQ9xNf" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y)
<span id="xdx_86A_zYqLuy3K3lXg">Treasury Stock</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group accounts for treasury stock using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the
treasury stock account in the consolidated balance sheets. At retirement, the ordinary shares account is charged only for the aggregate
par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par value is allocated between additional
paid-in capital (up to the amount credited to the additional paid-in capital upon original issuance of the shares) and retained earnings.
In the event that treasury stock is reissued at an amount different from the cost the Company paid to repurchase the treasury stock,
the Company will recognize the difference in additional paid-in capital by using the specified identification method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 185; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001983" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy"><p id="xdx_849_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zrgQwSdGpXb2" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)
<span id="xdx_863_zNDp73jjxrI">Share-based compensation</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation costs are measured at the grant date. The share-based compensation expenses have been categorized as either cost of revenue,
general and administrative expenses, selling and marketing expenses or research and development expenses, depending on the job functions
of the grantees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Option
granted to employees</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the options granted to employees, the compensation expense is recognized using the straight-line method over the requisite service period.
Forfeitures are estimated at the time of grant, with such estimate updated periodically and with actual forfeitures recognized currently
to the extent they differ from the estimate. In determining the fair value of the Company&#8217;s share options, the binomial option
pricing model has been applied.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Option
granted to non-employee</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
share-based awards granted to non-employees, the Group accounts for the related share-based compensation expenses in accordance with
ASC subtopic, 505-50 (&#8220;ASC 505-50&#8221;), Equity-Based Payments to Non-Employees. Under the provision of ASC 505-50, options of
the Company issued to non-employees are measured based on fair value of the options which are determined by using the binomial option
pricing model. These options are measured as of the earlier of the date at which either: (1) commitment for performance by the non-employee
has been reached; or the non-employee&#8217;s performance is complete. Subsequent to the completion of the performance, the share-based
award is assessed in accordance with ASC 815 to determine whether the award meets the definition of a derivative. In 2020, the entity
adopted ASU 2018-07, and from the adoption date the Company applied the same guidance to both employee and nonemployee share-based awards,
which nonemployee share- based payment equity awards are measured at the grant-date fair value of the equity instruments, similar to
employee share-based payment equity awards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001985" name="QTTOY:GovernmentGrantsPolicyPolicyTextBlock"><p id="xdx_845_ecustom--GovernmentGrantsPolicyPolicyTextBlock_zx4LuqHxgfE" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)
<span id="xdx_86D_ztwULlIhV2xa">Government grants</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
grants are recognized as other income/ (expenses) when received. For the years ended December 31, 2021, 2022 and 2023, the Group received
financial subsidies of RMB<span id="xdx_90C_eus-gaap--IncomeTaxExpenseBenefitContinuingOperationsGovernmentGrants_pn5n6_c20210101__20211231__srt--StatementGeographicalAxis__country--CN_zRgvcoba8A26" title="Government grants received"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefitContinuingOperationsGovernmentGrants" contextRef="From2021-01-012021-12-31_country_CN" id="Fact001987" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">7.2</ix:nonFraction></span> million, RMB<span id="xdx_90E_eus-gaap--IncomeTaxExpenseBenefitContinuingOperationsGovernmentGrants_pn5n6_c20220101__20221231__srt--StatementGeographicalAxis__country--CN_zS0YARQTKQod" title="Government grants received"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefitContinuingOperationsGovernmentGrants" contextRef="From2022-01-012022-12-31_country_CN" id="Fact001989" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">4.5</ix:nonFraction></span> million and RMB<span id="xdx_90E_eus-gaap--IncomeTaxExpenseBenefitContinuingOperationsGovernmentGrants_pn5n6_c20230101__20231231__srt--StatementGeographicalAxis__country--CN_zhgEGwZurUTi" title="Government grants received"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefitContinuingOperationsGovernmentGrants" contextRef="From2023-01-012023-12-31_country_CN" id="Fact001991" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">0.1</ix:nonFraction></span> million from the local PRC government authorities, respectively. These
subsidies were non-recurring, not refundable and with no conditions attached. There are no defined rules and regulations to govern the
criteria necessary for companies to enjoy such benefits and the amount of financial subsidy is determined at the discretion of the relevant
government authorities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001993" name="QTTOY:StatutoryReservesPolicyTextBlock"><p id="xdx_849_ecustom--StatutoryReservesPolicyTextBlock_zfTbXXRWuZKi" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ab)
<span id="xdx_86B_zCQ8ZWCzyIrb">Statutory reserves</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s subsidiaries, consolidated VIEs and its subsidiaries incorporated in the PRC are required on an annual basis to make appropriations
of retained earnings set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations
(&#8220;PRC GAAP&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appropriation
to the statutory general reserve should be at least <span id="xdx_907_ecustom--PercentageOfAfterTaxNetIncomeToBeAllocatedToGeneralReserveUnderPrcLaw_dp_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zsIsfCB01dLi" title="Percentage of after tax net income to be allocated to general reserve under PRC law"><ix:nonFraction name="QTTOY:PercentageOfAfterTaxNetIncomeToBeAllocatedToGeneralReserveUnderPrcLaw" contextRef="From2023-01-012023-12-31_srt_MinimumMember" id="Fact001995" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% of the after tax net income determined in accordance with the legal requirements
in the PRC until the reserve is equal to <span id="xdx_907_ecustom--PercentageOfAfterTaxNetIncomeToBeAllocatedToGeneralReserveUnderPrcLaw_dp_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_zdcYJufWmWhd" title="Percentage of after tax net income to be allocated to general reserve under PRC law"><ix:nonFraction name="QTTOY:PercentageOfAfterTaxNetIncomeToBeAllocatedToGeneralReserveUnderPrcLaw" contextRef="From2023-01-012023-12-31_srt_MaximumMember" id="Fact001997" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% of the entities&#8217; registered capital. The Group is not required to make appropriation
to other reserve funds and the Group does not have any intentions to make appropriations to any other reserve funds.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
general reserve fund can only be used for specific purposes, such as setting off the accumulated losses, enterprise expansion or increasing
the registered capital. Appropriations to the general reserve funds are classified in the consolidated balance sheets as statutory reserves.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no legal requirements in the PRC to fund these reserves by transfer of cash to restricted accounts, and the Group was not done so.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relevant
laws and regulations permit payments of dividends by the PRC subsidiaries and affiliated companies only out of their retained earnings,
if any, as determined in accordance with respective accounting standards and regulations. Accordingly, the above balances are not allowed
to be transferred to the Company in terms of cash dividends, loans or advances.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001999" name="QTTOY:RelatedPartiesPolicyTextBlock"><p id="xdx_846_ecustom--RelatedPartiesPolicyTextBlock_zfvuw3gjAgIj" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ac)
<span id="xdx_86F_zr3a74wAKUaf">Related parties</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties
are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject
to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002001" name="us-gaap:StockholdersEquityPolicyTextBlock"><p id="xdx_84C_eus-gaap--StockholdersEquityPolicyTextBlock_z6tuWUB6lRO9" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ad)
<span id="xdx_867_zJ08Nb6n5lDj">Dividends</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
are recognized when declared. No dividends were declared for the years ended December 31, 2021, 2022 and 2023, respectively. The Group
does not have any present plan to pay any dividends on ordinary shares in the foreseeable future. The Group currently intends to retain
the available funds and any future earnings to operate and expand its business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 186; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002003" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_844_eus-gaap--EarningsPerSharePolicyTextBlock_zDJXp0ukSBUc" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ae)
<span id="xdx_86B_z5Lurd7WSuwj">Loss per share</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
loss per share is computed by dividing net loss attributable to holders of ordinary shares by the weighted average number of ordinary
shares outstanding during the year using the two class method. Ordinary shares issuable for little or no cash consideration are also
included as outstanding shares once all of their conditions have been met as they are considered contingently issuable shares. Using
the two class method, net loss is allocated between ordinary shares and other participating securities (i.e. preferred shares) based
on their participating rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted
loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary
equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalents shares outstanding during the
year. Dilutive equivalent shares are excluded from the computation of diluted loss per share if their effects would be anti-dilutive.
Ordinary share equivalents consist of the ordinary shares issuable upon the conversion of the stock options, using the treasury stock
method. Except for voting rights, the Class A and Class B ordinary shares have all the same rights and therefore the loss per share for
both classes of shares are identical.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002005" name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock"><p id="xdx_840_eus-gaap--ComprehensiveIncomePolicyPolicyTextBlock_zCskj6F1AGm" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(af)
<span id="xdx_860_zK4EIFEUVS9e">Comprehensive loss</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive
loss is defined as the change in shareholders&#8217; deficit of the Company during a period arising from transactions and other events
and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive
loss is reported in the consolidated statements of comprehensive loss. Accumulated other comprehensive losses of the Group include the
foreign currency translation adjustments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002007" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_841_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zdYhYqzHz3Wk" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ag)
<span id="xdx_861_zNctZyjCtCVd">Segment reporting</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available
that is regularly evaluated by the Group&#8217;s chief operating decision makers in deciding how to allocate resources and assess performance.
The Group&#8217;s chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results
including revenue, gross profit and operating profit at a consolidated level only. The Group does not distinguish between markets for
the purpose of making decisions about resources allocation and performance assessment. Hence, the Group has only one operating segment
and one reportable segment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002009" name="QTTOY:RecentlyAdoptedAccountingPronouncementsPolicyTextBlock"><p id="xdx_841_ecustom--RecentlyAdoptedAccountingPronouncementsPolicyTextBlock_zpoadoI5jnT5" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ah)
<span id="xdx_86E_zMYtnWlGD8t1">Recent Adopted Accounting Pronouncements</span></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">In October 2021, the FASB issued ASU 2021-08, Topic 805 &#8220;Business
Combinations&#8221; &#8211; Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this
update require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination
in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with
Topic 606 as if it had originated the contracts. To achieve this, an acquirer may assess how the acquiree applied Topic 606 to determine
what to record for the acquired revenue contracts. The Group adopted this standard on January 1, 2023 with no material impact on its consolidated
financial statements and related disclosures as a result of adopting the standard.</p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002011" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_84D_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zCGlvk9squy6" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b><i>(ai) <span id="xdx_86E_z016SPu7KyLg">Recent Issued Accounting Pronouncements</span></i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">In June 2022, the FASB issued ASU 2022-03,
Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies
that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security
and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account,
recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to
contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the
amendments recognized in earnings and disclosed on the date of adoption. This guidance is effective for the Group for fiscal years beginning
after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Group does not expect that the
adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.3pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In November 2023, the
FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (</span><span style="font-family: Aptos,sans-serif">&#8220;</span><span style="font-family: Times New Roman, Times, Serif">ASU
2023-07</span><span style="font-family: Aptos,sans-serif">&#8221;</span><span style="font-family: Times New Roman, Times, Serif">), which
focuses on improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.
A public entity shall disclose for each reportable segment the significant expense categories and amounts that are regularly provided
to the CODM and included in reported segment profit or loss. ASU 2023-07 also requires public entities to provide in interim periods all
disclosures about a reportable segment</span><span style="font-family: Aptos,sans-serif">&#8217;</span><span style="font-family: Times New Roman, Times, Serif">s
profit or loss and assets that are currently required annually. Entities are permitted to disclose more than one measure of a segment</span><span style="font-family: Aptos,sans-serif">&#8217;</span><span style="font-family: Times New Roman, Times, Serif">s
profit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures
is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the consolidated
financial statements. ASU 2023-07 is applied retrospectively to all periods presented in financial statements, unless it is impracticable.
This update will be effective for the Group</span><span style="font-family: Aptos,sans-serif">&#8217;</span><span style="font-family: Times New Roman, Times, Serif">s
fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption
is permitted. The Group is currently in the process of evaluating the disclosure impact of adopting ASU 2023-07.</span></p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">In December 2023, the FASB issued ASU 2023-09 &#8220;Income Taxes (Topics
740): Improvements to Income Tax Disclosures&#8221; to expand the disclosure requirements for income taxes, specifically related to the
rate reconciliation and income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption
permitted. The Group is currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.</p>

</ix:nonNumeric><p id="xdx_856_zfM78TUd4wT8" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 187; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002013" name="us-gaap:ConcentrationRiskDisclosureTextBlock"><p id="xdx_803_eus-gaap--ConcentrationRiskDisclosureTextBlock_zdcHhu9XuG5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
<span><span id="xdx_82F_z8QdLI2P2z57">Risks and Concentration</span></span></b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
PRC regulations</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
VIEs</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is possible that the Group&#8217;s operation of certain of its operations and businesses through VIEs could be found by PRC authorities
to be in violation of PRC law and regulations prohibiting or restricting foreign ownership of companies that engage in such operations
and businesses. If a finding were made by PRC authorities that the Group&#8217;s operation of certain of its operations and businesses
through VIEs is prohibited, regulatory authorities with jurisdiction over the licensing and operation of such operations and businesses
would have broad discretion in dealing with such a violation, including levying fines, confiscating the Group&#8217;s income, revoking
the business or operating licenses of the affected businesses, requiring the Group to restructure its ownership structure or operations,
or requiring the Group to discontinue all or any portion of its operations. Any of these actions could cause significant disruption to
the Group&#8217;s business operations, and have a severe adverse impact on the Group&#8217;s cash flows, financial position, and operating
performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, it is possible that the contracts among the Group, the consolidated VIEs and the shareholders of such VIEs would not be enforceable
in China if PRC government authorities or courts were to find that such contracts contravene PRC law and regulations or are otherwise
not enforceable for public policy reasons. As of the date of this report, the validity and enforceability of the contracts among the
Group, the consolidated VIEs and the shareholders of such VIEs, and, to the knowledge of the Group, of any similar contracts entered
into by other</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC-based
companies, have never been considered or determined by a PRC court. In the event that the Group was unable to enforce these contractual
arrangements, the Group would not be able to exert effective control over the affected VIEs. Consequently, such VIEs&#8217; results of
operations, assets and liabilities would not be included in the Group&#8217;s consolidated financial statements. If such were the case,
the Group&#8217;s cash flows, financial position and operating performance would be severely adversely affected. The Group&#8217;s contractual
arrangements with respect to its consolidated VIEs are in place.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s operations and businesses rely on the operations and businesses of its VIEs, which hold certain assets that are
important to the operation of the Group&#8217;s business. The VIEs&#8217; assets comprise both recognized and unrecognized
revenue-producing assets. The recognized revenue-producing assets include leasehold improvements, computers and network equipment
and purchased intangible assets which are recognized in the Group&#8217;s consolidated balance sheet. The unrecognized
revenue-producing assets mainly consist of patents, trademarks and assembled workforce which are not recorded in the financial
statements of VIEs as they did not meet the recognition criteria set in ASC </span>350-30-25. The Group&#8217;s operations and
businesses may be adversely impacted if the Group loses the ability to use and benefit from assets held by these VIEs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
Inability to fully comply with Audio-visual Program Provisions</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Administrative Provisions on Internet Audio-visual Program Service, or the Audio-visual Program Provisions, which was issued by
the State Administration of Radio, Film and Television (the predecessor of GAPPRFT), or SARFT, and MIIT on December 20, 2007 and came
into effect on January 31, 2008 and was amended on August 28, 2015, online transmission of audio and video programs requires an Internet
audio- visual program transmission license and online audio-visual service providers must be either wholly state-owned or state-controlled.
In a press conference jointly held by SARFT and MIIT to answer questions with respect to the Audio-visual Program Provisions in February
2008, SARFT and MIIT clarified that online audio-visual service providers that had already been operating lawfully prior to the issuance
of the Audiovisual Program Provisions may re-register and continue to operate without becoming state-owned or controlled, provided that
such providers have not engaged in any unlawful activities. This exemption will not be granted to online audio/video service providers
established after the Audio-visual Program Provisions was issued.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Group has been taking measures to ensure compliance, the Group may not be able to fully comply with Audio-visual Program Provisions.
As a result, the Group may face, according to Audio-visual Program Provisions, administrative sanctions including receiving a warning
and be ordered to pay a fine of not more than RMB<span id="xdx_903_eus-gaap--LossContingencyEstimateOfPossibleLoss_iI_pn3n3_c20231231__srt--RangeAxis__srt--MaximumMember__us-gaap--LossContingenciesByNatureOfContingencyAxis__us-gaap--UnfavorableRegulatoryActionMember__us-gaap--PublicUtilitiesRegulatoryProceedingAxis__custom--InternetAudioVisualProgramTransmissionLicenseMember_zXpfqd8esCR5" title="Fine on lack of license payment"><ix:nonFraction name="us-gaap:LossContingencyEstimateOfPossibleLoss" contextRef="AsOf2023-12-31_srt_MaximumMember_us-gaap_UnfavorableRegulatoryActionMember_custom_InternetAudioVisualProgramTransmissionLicenseMember" id="Fact002015" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">30,000</ix:nonFraction></span>. In the case of severe contravention, the Group may be ordered to cease transmission
of audio and video programs, be subject to a penalty equal to one to two times our total investment in the affected business and the
devices the Group used for such operation may be confiscated. Furthermore, according to the Audio-visual Program Provisions, the telecommunications
administrative authorities may, based on written opinions of GAPPRFT, and in accordance with the relevant laws and regulations on supervision
of telecommunications and Internet, close the Group&#8217;s mobile platform, revoke the license for the provision of Internet information
services, or the ICP license, and order the relevant network operation entity which provides the Group signal access services to stop
such provision of services.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group believes that the risks of material loss related to inability to fully comply with Audio-visual Program Provisions and fines or
penalties are remote.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 188; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Foreign exchange risk</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s sales, purchase and expense transactions are generally denominated in RMB and a significant portion of the Group&#8217;s
liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the PRC, foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates
set by the People&#8217;s Bank of China. In addition, the Group&#8217;s cash denominated in US$ subject the Group to risks associated
with changes in the exchange rate of RMB against US$ and may affect the Group&#8217;s results of operations going forward.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Credit and Concentration risk</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s credit risk arises from cash and cash equivalents, short-term investments, prepayments and other current assets, and accounts
receivable. The carrying amounts of these financial instruments represent the maximum amount of loss due to credit risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group expects that there is no significant credit risk associated with the cash and cash equivalents and short-term investments which
are held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries and the Affiliated Entities are
located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has no significant concentrations of credit risk with respect to its prepayments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable are typically unsecured and are derived from revenue earned through third party advertising platforms and customers as well
as related parties. The risk with respect to accounts receivable is mitigated by credit evaluations performed on them, and the Company
maintains an allowance for estimated credit losses.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(1)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration
    of revenues</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021, 2022 and 2023, Customer A contributed <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20211231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zwgF2rfJcFD3" title="Concentration risk percent"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerAMember" id="Fact002017" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">18</ix:nonFraction></span>%, <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_zytHzCfnoZMc" title="Concentration risk percent"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerAMember" id="Fact002019" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">11</ix:nonFraction></span>% and lower than <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAMember_ztvZdthr6S43" title="Concentration risk percent"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerAMember" id="Fact002021" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% of total net revenue of the Group,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(2)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration
    of accounts receivable</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group has not experienced any significant recoverability issue with respect to its accounts receivable. The Group conducts credit evaluations
on its platforms and customers and generally does not require collateral or other security from such platforms and customers. The Group
periodically evaluates the creditworthiness of the existing platforms in determining an allowance for doubtful accounts primarily based
upon the age of the receivables and factors surrounding the credit risk of specific customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002023" name="us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock"><p id="xdx_89D_eus-gaap--SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_zSQvl1b5Lx58" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarized customers with greater than 10% of the accounts receivables, including accounts receivable from related parties:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zA1Kyqvyhf3b" style="display: none">Schedule
of Concentration Risk</span> </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="vertical-align: bottom">
    <td style="font-size: 12pt; text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>As of December 31,</b></span></td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font-size: 12pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 68%; text-align: left">Customer A &#8212; advertising and marketing customer</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAAdvertisingAndMarketingMember_zKlkLQkJ83Ze" title="Concentration risk percent"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerAAdvertisingAndMarketingMember" id="Fact002025" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">29</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right"><span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerAAdvertisingAndMarketingMember_zn9GdYVdciSk" title="Concentration risk percent"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerAAdvertisingAndMarketingMember" id="Fact002027" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">31</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Customer B &#8212; advertising and marketing customer</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20221231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBAdvertisingAndMarketingMember_zi9k37F7xZTc" title="Concentration risk percent"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerBAdvertisingAndMarketingMember" id="Fact002029" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">14</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerBAdvertisingAndMarketingMember_zIOdoDaetOLh" title="Concentration risk percent"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-012023-12-31_us-gaap_SalesRevenueNetMember_us-gaap_CustomerConcentrationRiskMember_custom_CustomerBAdvertisingAndMarketingMember" id="Fact002031" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">13</ix:nonFraction></span></td><td style="text-align: left">%</td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AA_zxQGV9ivWyba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 189; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002033" name="us-gaap:CashAndCashEquivalentsDisclosureTextBlock"><p id="xdx_80A_eus-gaap--CashAndCashEquivalentsDisclosureTextBlock_zbYrWCNW6yi3" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.
<span id="xdx_829_zO2ibUJYh496">Cash and cash equivalents</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents represent cash on hand and time deposits placed with banks or other financial institutions with original maturities
less than three months, which are unrestricted as to withdrawal or use. Interest income associated with these deposits amounted to RMB<span id="xdx_902_eus-gaap--InterestIncomeDepositsWithFinancialInstitutions_pn5n6_c20210101__20211231_zTV2YCCZSs58" title="Interest income, deposits with financial institutions"><ix:nonFraction name="us-gaap:InterestIncomeDepositsWithFinancialInstitutions" contextRef="From2021-01-012021-12-31" id="Fact002035" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">2.4</ix:nonFraction></span>
million, RMB<span id="xdx_907_eus-gaap--InterestIncomeDepositsWithFinancialInstitutions_pn5n6_c20220101__20221231_zOzuu56J9ri" title="Interest income, deposits with financial institutions"><ix:nonFraction name="us-gaap:InterestIncomeDepositsWithFinancialInstitutions" contextRef="From2022-01-012022-12-31" id="Fact002037" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1.4</ix:nonFraction></span> million and RMB<span id="xdx_90D_eus-gaap--InterestIncomeDepositsWithFinancialInstitutions_pn5n6_c20230101__20231231_zkrc4t0a8cRa" title="Interest income, deposits with financial institutions"><ix:nonFraction name="us-gaap:InterestIncomeDepositsWithFinancialInstitutions" contextRef="From2023-01-01to2023-12-31" id="Fact002039" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">0.1</ix:nonFraction></span> million in the consolidated statements of comprehensive loss for the years ended December 31, 2021,
2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002041" name="us-gaap:ScheduleOfCashAndCashEquivalentsTableTextBlock"><p id="xdx_896_eus-gaap--ScheduleOfCashAndCashEquivalentsTableTextBlock_zEGQVgFueCri" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth a breakdown of cash and cash equivalents by currency denomination and jurisdiction as of December 31, 2022
and 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zm9RFgAFd5qg" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule of Cash and Cash Equivalents</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 96%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB
    thousands</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB
    thousands equivalent (US$)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB
    thousands equivalent</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(HKD/SGD/IDR)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    in</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overseas</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overseas</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overseas</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB
    thousands</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-VIE</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VIE</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-VIE</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VIE</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-VIE</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VIE</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20221231__srt--StatementGeographicalAxis__custom--OverseasMember__custom--CountryCurrencyAxis__custom--RmbMember_zRhOsXaUVxM6" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-12-31_custom_OverseasMember_custom_RmbMember" id="Fact002043" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">30,080</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20221231__custom--VariableInterestEntitiesByClassificationsOfEntityAxis__us-gaap--VariableInterestEntityNotPrimaryBeneficiaryMember__srt--StatementGeographicalAxis__country--CN_zoYXpnHy2GYg" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_country_CN" id="Fact002045" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,730</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20221231__custom--VariableInterestEntitiesByClassificationsOfEntityAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember__srt--StatementGeographicalAxis__country--CN_zLKf6yfvpu69" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_country_CN" id="Fact002047" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">32,147</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uUSD_c20221231__srt--StatementGeographicalAxis__custom--OverseasMember_zjgdEw9e5ggc" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-12-31_custom_OverseasMember" id="Fact002049" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">55,389</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uIDR_c20221231__srt--StatementGeographicalAxis__custom--OverseasMember_zn1bzrfWgbM4" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-12-31_custom_OverseasMember" id="Fact002051" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="IDR">455</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20221231_zcbTQC2BGBE4" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-12-31" id="Fact002053" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">122,801</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2023</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20231231__srt--StatementGeographicalAxis__custom--OverseasMember__custom--CountryCurrencyAxis__custom--RmbMember_zVTfjw2Jh9M6" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31_custom_OverseasMember_custom_RmbMember" id="Fact002055" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">32,470</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20231231__custom--VariableInterestEntitiesByClassificationsOfEntityAxis__us-gaap--VariableInterestEntityNotPrimaryBeneficiaryMember__srt--StatementGeographicalAxis__country--CN_zQf04jWmmJwh" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityNotPrimaryBeneficiaryMember_country_CN" id="Fact002057" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,043</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20231231__custom--VariableInterestEntitiesByClassificationsOfEntityAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember__srt--StatementGeographicalAxis__country--CN_zNVx2xjyTNR8" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_country_CN" id="Fact002059" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">23,490</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uUSD_c20231231__srt--StatementGeographicalAxis__custom--OverseasMember_zZf76SVZy5Pk" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31_custom_OverseasMember" id="Fact002061" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">17,486</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_uIDR_c20231231__srt--StatementGeographicalAxis__custom--OverseasMember_zl7vaxiRfdv7" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31_custom_OverseasMember" id="Fact002063" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="IDR">159</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pn3n3_c20231231_zG47Era5Fj3g" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31" id="Fact002065" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">74,648</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A4_z4CmG39bYlk3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002067" name="us-gaap:InvestmentTextBlock"><p id="xdx_801_eus-gaap--InvestmentTextBlock_zFlvYYcxWd21" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.
<span id="xdx_827_zCgBNTmx5Hk1">Investments</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002069" name="us-gaap:ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock"><p id="xdx_89B_eus-gaap--ScheduleOfCashCashEquivalentsAndShortTermInvestmentsTableTextBlock_zccxOr8XUJN8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, the Company&#8217;s short-term investments are comprised of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_zM3LgA4Kp7q7" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Short-Term Investments</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_492_20221231_zgPvryaYuBNg" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_493_20231231_zp9bIShxz6ya" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--ShortTermInvestments_iI_pn3n3_hus-gaap--CashAndCashEquivalentsAxis__custom--WealthManagementProductsMember_zmRngJ3LNMpd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wealth
    management products</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShortTermInvestments" contextRef="AsOf2022-12-31_custom_WealthManagementProductsMember" id="Fact002071" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">26,402</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2072">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--ShortTermInvestments_iI_pn3n3_zAOQ60sNmhl8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    short-term investments</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShortTermInvestments" contextRef="AsOf2022-12-31" id="Fact002074" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">26,402</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2075">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AA_zg3r1cem7Ef6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
time deposits with original maturities between three months and a year, its interest income amounted to RMB<span id="xdx_90D_eus-gaap--InterestIncomeExpenseNonoperatingNet_pn5n6_c20210101__20211231__us-gaap--CashAndCashEquivalentsAxis__us-gaap--BankTimeDepositsMember_zGgJmtRBLlfj" title="Interest income"><ix:nonFraction name="us-gaap:InterestIncomeExpenseNonoperatingNet" contextRef="From2021-01-012021-12-31_us-gaap_BankTimeDepositsMember" id="Fact002077" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">3.1</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million,
RMB<span id="xdx_904_eus-gaap--InterestIncomeExpenseNonoperatingNet_pn5n6_c20220101__20221231__us-gaap--CashAndCashEquivalentsAxis__us-gaap--BankTimeDepositsMember_zqeFGBHYXtI3" title="Interest income"><ix:nonFraction name="us-gaap:InterestIncomeExpenseNonoperatingNet" contextRef="From2022-01-012022-12-31_us-gaap_BankTimeDepositsMember" id="Fact002079" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1.3</ix:nonFraction></span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
and RMB</span><span id="xdx_90A_eus-gaap--InterestIncomeExpenseNonoperatingNet_pn5n6_c20230101__20231231__us-gaap--CashAndCashEquivalentsAxis__us-gaap--BankTimeDepositsMember_zpcFjwlnoNP9" title="Interest income"><ix:nonFraction name="us-gaap:InterestIncomeExpenseNonoperatingNet" contextRef="From2023-01-012023-12-31_us-gaap_BankTimeDepositsMember" id="Fact002081" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1.7</ix:nonFraction></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
in the consolidated statements of comprehensive loss for the years ended December 31, 2021, 2022 and 2023, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 190; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
change in fair value of short-term investments in wealth management products was recorded as investment gains which amounted to RMB<span id="xdx_90C_eus-gaap--InvestmentIncomeNonoperating_pn5n6_c20210101__20211231_zUqPhH97EvLh" title="Investment income, nonoperating"><ix:nonFraction name="us-gaap:InvestmentIncomeNonoperating" contextRef="From2021-01-012021-12-31" id="Fact002083" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">9.0</ix:nonFraction></span>
million, RMB<span id="xdx_90F_eus-gaap--InvestmentIncomeNonoperating_pn5n6_c20220101__20221231_zGXeg86rtiu5" title="Investment income, nonoperating"><ix:nonFraction name="us-gaap:InvestmentIncomeNonoperating" contextRef="From2022-01-012022-12-31" id="Fact002085" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">2.3</ix:nonFraction></span> million and RMB<span id="xdx_909_eus-gaap--InvestmentIncomeNonoperating_pn6n6_c20230101__20231231_zPrRwEuT4gc6" title="Investment income, nonoperating"><ix:nonFraction name="us-gaap:InvestmentIncomeNonoperating" contextRef="From2023-01-01to2023-12-31" id="Fact002087" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="RMB">1</ix:nonFraction></span> million for the years ended December 31, 2021, 2022 and 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2020, the Company invested RMB<span id="xdx_905_eus-gaap--EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_iI_pn5n6_c20201231_zzAaNDOzUqF4" title="Related party transaction, investment"><ix:nonFraction name="us-gaap:EquitySecuritiesWithoutReadilyDeterminableFairValueAmount" contextRef="AsOf2020-12-31" id="Fact002089" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">20.0</ix:nonFraction></span> million in a publicly traded security listed on the Hong Kong Stock Exchange and the investment was
sold in 2021. The gain (loss) for the security was recorded as Investment Gains/(Loss) which amounted to RMB<span id="xdx_905_eus-gaap--UnrealizedGainLossOnInvestments_pn5n6_c20200101__20201231_zrLMumtOjQMe" title="Unrealized gain (loss) on investments"><ix:nonFraction name="us-gaap:UnrealizedGainLossOnInvestments" contextRef="From2020-01-012020-12-31" id="Fact002091" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">16.7</ix:nonFraction></span> million
and (RMB<span id="xdx_904_eus-gaap--UnrealizedGainLossOnInvestments_pn5n6_c20210101__20211231_zbGIVjxp4B1a" title="Unrealized gain (loss) on investments"><ix:nonFraction name="us-gaap:UnrealizedGainLossOnInvestments" contextRef="From2021-01-012021-12-31" id="Fact002093" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">15.3</ix:nonFraction></span> million) for the years ended December 31, 2020 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s investments in non-marketable equity securities consist of an investment in an equity fund. During the first quarter
of 2020, the Company subscribed to shares of an equity fund as a limited partner, with an initial cost of RMB<span id="xdx_907_eus-gaap--EquityMethodInvestments_iI_pn5n6_c20200331__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--LimitedPartnerMember_ze7ygUEg2lna" title="Equity method investments"><ix:nonFraction name="us-gaap:EquityMethodInvestments" contextRef="AsOf2020-03-31_us-gaap_LimitedPartnerMember" id="Fact002095" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">106.0</ix:nonFraction></span> million. The investment
in the fund is nonredeemable for two years after the subscription date and the directors of the fund can extend the non-redemption period
for another two years. The investment is measured under the NAV practical expedient. Unrealized losses of RMB<span id="xdx_90C_eus-gaap--UnrealizedGainLossOnInvestments_pn5n6_c20210101__20211231__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--LimitedPartnerMember_zvE1kZLy5w8h" title="Unrealized gain (loss) on investments"><ix:nonFraction name="us-gaap:UnrealizedGainLossOnInvestments" contextRef="From2021-01-012021-12-31_us-gaap_LimitedPartnerMember" id="Fact002097" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1.2</ix:nonFraction></span> million, RMB<span id="xdx_901_eus-gaap--UnrealizedGainLossOnInvestments_pn5n6_c20220101__20221231__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--LimitedPartnerMember_zRnVVmpbcbal" title="Unrealized gain (loss) on investments"><ix:nonFraction name="us-gaap:UnrealizedGainLossOnInvestments" contextRef="From2022-01-012022-12-31_us-gaap_LimitedPartnerMember" id="Fact002099" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">50.5</ix:nonFraction></span> million
and <span id="xdx_905_eus-gaap--UnrealizedGainLossOnInvestments_pn5n6_dxL_c20230101__20231231__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--LimitedPartnerMember_zgxUP0ytUYVh" title="Unrealized gain (loss) on investments::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2101">nil</span></span> was recorded in Investment Gains/(Loss) in the consolidated statements of comprehensive loss for the years ended December 31,
2021, 2022 and 2023, respectively. As of December 31, 2022, and 2023, the fair value of investments measured at NAV was <span id="xdx_908_eus-gaap--EquityMethodInvestmentsFairValueDisclosure_iI_pn5n6_dxL_c20221231__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--LimitedPartnerMember_zefU2vWMSdD4" title="Equity method investments, fair value disclosure::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2103">nil</span></span> and <span id="xdx_900_eus-gaap--EquityMethodInvestmentsFairValueDisclosure_iI_pn5n6_dxL_c20231231__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--LimitedPartnerMember_zxsd3AXKRzQi" title="Equity method investments, fair value disclosure::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2105">nil</span></span>,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, the Company&#8217;s equity method investment is an investment of RMB<span id="xdx_906_eus-gaap--EquityMethodInvestments_iI_pn5n6_c20201231__us-gaap--PartnerTypeOfPartnersCapitalAccountAxis__us-gaap--LimitedPartnerMember_zVwZhHog8OHd" title="Equity method investments"><ix:nonFraction name="us-gaap:EquityMethodInvestments" contextRef="AsOf2020-12-31_us-gaap_LimitedPartnerMember" id="Fact002107" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">27.6</ix:nonFraction></span> million as a limited partner in a venture
fund. During 2021, this equity method investment was fully impaired as the Company determined that it is unlikely their investment is
recoverable due to the deterioration of the investment environment and capital market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, the Company deconsolidated one of its subsidiaries when a third-party investor purchased <span id="xdx_903_ecustom--PercentageOfEquityInterestAcquiredByThirdPartyInvestor_dp_uPure_c20210101__20211231_zUyJSK7m7Qe9" title="Percentage of equity interest acquired by third party investor"><ix:nonFraction name="QTTOY:PercentageOfEquityInterestAcquiredByThirdPartyInvestor" contextRef="From2021-01-012021-12-31" id="Fact002109" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span>% of the subsidiary&#8217;s equity ownership.
On the date the subsidiary was deconsolidated, the Company recorded the difference of RMB<span id="xdx_90D_eus-gaap--EquityMethodInvestmentRealizedGainLossOnDisposal_pn5n6_c20210101__20211231_zsVuqh0HUHD2" title="Gain on disposal of subsidiary"><ix:nonFraction name="us-gaap:EquityMethodInvestmentRealizedGainLossOnDisposal" contextRef="From2021-01-012021-12-31" id="Fact002111" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">23.1</ix:nonFraction></span> million between the fair value consideration
received and the carrying value of the subsidiary&#8217;s net assets as a disposal gain in Other Income /(Expenses). The remaining <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20211231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--SubsidiaryMember_zOVqVqX1xqEi" title="Equity method investment ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-12-31_custom_SubsidiaryMember" id="Fact002113" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">40</ix:nonFraction></span>%
equity ownership in the subsidiary was recorded as an equity method investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year end December 31, 2023, the Group recognized <span id="xdx_90B_eus-gaap--IncomeLossFromEquityMethodInvestments_dxL_c20230101__20231231__us-gaap--FairValueByAssetClassAxis__us-gaap--EquityMethodInvestmentsMember_zz77gvXMNpp1" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2114">nil</span></span> of share of loss of equity method investments (2021 and 2022: share of loss
of RMB<span id="xdx_900_eus-gaap--IncomeLossFromEquityMethodInvestments_pn5n6_c20210101__20211231__us-gaap--FairValueByAssetClassAxis__us-gaap--EquityMethodInvestmentsMember_znXv1LFCEvI9"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2021-01-012021-12-31_us-gaap_EquityMethodInvestmentsMember" id="Fact002115" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">3.2</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
and RMB<span id="xdx_90A_eus-gaap--IncomeLossFromEquityMethodInvestments_pn5n6_c20220101__20221231__us-gaap--FairValueByAssetClassAxis__us-gaap--EquityMethodInvestmentsMember_z0OV8kdive9j"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" contextRef="From2022-01-012022-12-31_us-gaap_EquityMethodInvestmentsMember" id="Fact002116" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1.4</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million,
respectively).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s investments in non-marketable equity securities primarily consist of an investment in an equity fund and small, non-
controlling investments in companies for which the Company has equity ownership with preferential rights but cannot exert significant
influence. During 2021, equity securities of RMB<span id="xdx_90D_eus-gaap--EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_iI_pn5n6_c20211231_zMtMMPAbwzli" title="Related party transaction, investment"><ix:nonFraction name="us-gaap:EquitySecuritiesWithoutReadilyDeterminableFairValueAmount" contextRef="AsOf2021-12-31" id="Fact002118" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">8.0</ix:nonFraction></span> million without readily determinable fair value were either disposed or impaired
and had <span id="xdx_905_eus-gaap--EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_iI_pn5n6_dxL_c20221231_zeuUXFs3nMPe" title="Related party transaction, investment::XDX::-"><span id="xdx_90A_eus-gaap--EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_iI_pn5n6_dxL_c20231231_z9P434oCuLue" title="Related party transaction, investment::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2120"><span style="-sec-ix-hidden: xdx2ixbrl2122">nil</span></span></span></span> carrying value as of December 31, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002124" name="us-gaap:LoansNotesTradeAndOtherReceivablesDisclosureTextBlock"><p id="xdx_805_eus-gaap--LoansNotesTradeAndOtherReceivablesDisclosureTextBlock_z8eGCLQ3O8Df" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.
<span id="xdx_825_z6w2Fim6fsfb">Accounts receivable, net</span></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002126" name="us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_zCwyN5wJzGje" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zKLmRIu2zrl8" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule of Accounts Receivable, Net</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 86%; margin-left: 1in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49A_20221231_zow8j8TqFTGg" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20231231_zbTr8F1P6Jwh" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--AccountsReceivableGrossCurrent_iI_pn3n3_maARNznh8_zGESPCU5h5K" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable,
    gross &#8211; current</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsReceivableGrossCurrent" contextRef="AsOf2022-12-31" id="Fact002128" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">452,783</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsReceivableGrossCurrent" contextRef="AsOf2023-12-31" id="Fact002129" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">389,355</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--AllowanceForDoubtfulAccountsReceivableCurrent_iNI_pn3n3_di_msARNznh8_zJuRFyv6YOI" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: allowance for credit
    losses</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2022-12-31" id="Fact002131" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">335,374</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent" contextRef="AsOf2023-12-31" id="Fact002132" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">315,785</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40C_eus-gaap--AccountsReceivableNet_iTI_pn3n3_mtARNznh8_zD5OhkDzshlj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    receivable, net</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsReceivableNet" contextRef="AsOf2022-12-31" id="Fact002134" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">117,409</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><ix:nonFraction name="us-gaap:AccountsReceivableNet" contextRef="AsOf2023-12-31" id="Fact002135" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">73,570</ix:nonFraction></p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zaM2HPtxctqc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002137" name="us-gaap:ScheduleOfCreditLossesForFinancingReceivablesCurrentTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfCreditLossesForFinancingReceivablesCurrentTableTextBlock_ziJUj4grng7b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movement
of allowance for credit losses was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_zQt6l0vZ4lGl" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule of Allowance for Credit Losses</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_494_20210101__20211231_zaaeE4kgsMka" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_492_20220101__20221231_zD3NPK4xjI85" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49A_20230101__20231231_zMkYUok6Gtui" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--FinancingReceivableAllowanceForCreditLosses_iNS_di_zcRz2khu4a71" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At beginning of the period</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:FinancingReceivableAllowanceForCreditLosses" contextRef="AsOf2020-12-31" id="Fact002139" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">86,698</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:FinancingReceivableAllowanceForCreditLosses" contextRef="AsOf2021-12-31" id="Fact002140" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">335,841</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:FinancingReceivableAllowanceForCreditLosses" contextRef="AsOf2022-12-31" id="Fact002141" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">335,374</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40E_eus-gaap--ProvisionForLoanLeaseAndOtherLosses_iN_di_zTBBAQlDCr4g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Additional)/Reversal of
    provisions</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProvisionForLoanLeaseAndOtherLosses" contextRef="From2021-01-012021-12-31" id="Fact002143" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">249,143</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProvisionForLoanLeaseAndOtherLosses" contextRef="From2022-01-012022-12-31" id="Fact002144" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">467</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ProvisionForLoanLeaseAndOtherLosses" contextRef="From2023-01-01to2023-12-31" id="Fact002145" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">19,589</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--FinancingReceivableAllowanceForCreditLosses_iNE_di_zFd7lJNbHCr2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the end of the period</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:FinancingReceivableAllowanceForCreditLosses" contextRef="AsOf2021-12-31" id="Fact002147" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">335,841</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:FinancingReceivableAllowanceForCreditLosses" contextRef="AsOf2022-12-31" id="Fact002148" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">335,374</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:FinancingReceivableAllowanceForCreditLosses" contextRef="AsOf2023-12-31" id="Fact002149" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">315,785</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zndsoAV3gKQd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 191; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002151" name="QTTOY:PrepaymentsAndOtherAssetsTextBlock"><p id="xdx_801_ecustom--PrepaymentsAndOtherAssetsTextBlock_zLVpJf8x89Z4" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.
<span id="xdx_827_zwMkjFgBDb87">Prepayments and other assets</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002153" name="us-gaap:ScheduleOfOtherAssetsTableTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfOtherAssetsTableTextBlock_zn6upumvRqQl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment
and other current assets consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B3_zw6uRG6IGb6g" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule of Other Assets</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49A_20221231_zcxOnCNTbadb" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20231231_ziZ7jfyYQqxd" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--ValueAddedTaxReceivableCurrent_iI_pn3n3_maPEAOAzpzX_zf6DzVQzPS72" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value-added tax
    receivable</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ValueAddedTaxReceivableCurrent" contextRef="AsOf2022-12-31" id="Fact002155" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">102,453</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ValueAddedTaxReceivableCurrent" contextRef="AsOf2023-12-31" id="Fact002156" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">102,528</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--Deposit_iI_pn3n3_maPEAOAzpzX_zLeymsKgPAGg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deposits</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:Deposit" contextRef="AsOf2022-12-31" id="Fact002158" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,465</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:Deposit" contextRef="AsOf2023-12-31" id="Fact002159" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,402</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--LoansAndAdvanceToEmployees_iI_pn3n3_maPEAOAzpzX_zyJ2N3GdpHDj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans
    and advance to employees<sup></sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:LoansAndAdvanceToEmployees" contextRef="AsOf2022-12-31" id="Fact002161" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,583</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:LoansAndAdvanceToEmployees" contextRef="AsOf2023-12-31" id="Fact002162" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">8,892</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_ecustom--PrepaymentForThirdParties_iI_pn3n3_maPEAOAzpzX_z91nVDr1NlL8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayment for the third parties</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PrepaymentForThirdParties" contextRef="AsOf2022-12-31" id="Fact002164" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">16,898</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:PrepaymentForThirdParties" contextRef="AsOf2023-12-31" id="Fact002165" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,225</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_ecustom--CooperationServiceFeeCurrentPortion_iI_pn3n3_maPEAOAzpzX_z3VgJQoWI3T9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cooperation service fee &#8211;
    current portion</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:CooperationServiceFeeCurrentPortion" contextRef="AsOf2022-12-31" id="Fact002167" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,674</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:CooperationServiceFeeCurrentPortion" contextRef="AsOf2023-12-31" id="Fact002168" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,240</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_ecustom--LeaseDepositsCurrent_iI_pn3n3_maPEAOAzpzX_zKaNQNEmtmg6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease deposits-current portion</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:LeaseDepositsCurrent" contextRef="AsOf2022-12-31" id="Fact002170" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">876</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:LeaseDepositsCurrent" contextRef="AsOf2023-12-31" id="Fact002171" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,048</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--OtherAssetsCurrent_iI_pn3n3_maPEAOAzpzX_zMn51m4JBXc3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Others</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAssetsCurrent" contextRef="AsOf2022-12-31" id="Fact002173" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">13,862</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAssetsCurrent" contextRef="AsOf2023-12-31" id="Fact002174" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,598</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_iTI_pn3n3_mtPEAOAzpzX_zoPmwIKhrKy7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2022-12-31" id="Fact002176" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">158,811</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2023-12-31" id="Fact002177" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">137,933</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other non-current
    assets:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_ecustom--LongTermCooperationServiceFee_iI_pn3n3_maPEAOAzDYb_zCXZFx5zS9a3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term cooperation service
    fee</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:LongTermCooperationServiceFee" contextRef="AsOf2022-12-31" id="Fact002179" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,476</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2180">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_ecustom--LongTermLeaseDeposits_iI_pn3n3_maPEAOAzDYb_ziIKm8GiKhac" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    lease deposits</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:LongTermLeaseDeposits" contextRef="AsOf2022-12-31" id="Fact002182" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,426</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:LongTermLeaseDeposits" contextRef="AsOf2023-12-31" id="Fact002183" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">666</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--PrepaidExpenseAndOtherAssetsNoncurrent_iTI_pn3n3_mtPEAOAzDYb_znE1zUVRVYi9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsNoncurrent" contextRef="AsOf2022-12-31" id="Fact002185" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,902</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsNoncurrent" contextRef="AsOf2023-12-31" id="Fact002186" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">666</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


</ix:nonNumeric><p id="xdx_8A6_zZSwHfImllq5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002188" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_808_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zpDoIuTChi3d" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.
<span id="xdx_822_zvrT1oKRhb8a">Property and equipment, net</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002190" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_89C_eus-gaap--PropertyPlantAndEquipmentTextBlock_zhZ2W04Lj3ki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_zIDRFOZ7Lvp4" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule of Property and Equipment</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49A_20221231_zNWWjU7rslSd" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20231231_zojCNnYwvCch" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zLdt18QKcQJc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office equipment</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_us-gaap_OfficeEquipmentMember" id="Fact002192" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,843</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_us-gaap_OfficeEquipmentMember" id="Fact002193" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">8,626</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zMavtnta6TZ6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold
    improvements<sup id="xdx_F45_z7dNilcNEtrl">(1)</sup> </span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_us-gaap_LeaseholdImprovementsMember" id="Fact002195" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,211</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2196">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzr91_zijkThpRPFLg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total cost</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31" id="Fact002198" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">16,054</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31" id="Fact002199" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">8,626</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzr91_zyyzbq4evnP8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
    Accumulated depreciation</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2022-12-31" id="Fact002201" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,041</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact002202" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">8,122</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzr91_zMA2iNH6l2q5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
    and equipment, net</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31" id="Fact002204" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,013</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31" id="Fact002205" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">504</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F0C_zs7evo6TrJo" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F19_zDdhRHDzNQ17" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002206" xml:lang="en-US">Leasehold improvements
of RMB<span id="xdx_904_eus-gaap--LeaseholdImprovementsGross_iI_pn5n6_c20231231_zuv7iLyWrywl" title="Leasehold improvements"><ix:nonFraction name="us-gaap:LeaseholdImprovementsGross" contextRef="AsOf2023-12-31" id="Fact002208" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">4.2</ix:nonFraction></span> million was expensed due to the termination of the underlying office lease contract in 2023.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8A0_zAnmI5vrHLPi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002210" name="QTTOY:DepreciationExpenseTableTextBlock"><p id="xdx_896_ecustom--DepreciationExpenseTableTextBlock_z5E0TrL00hp9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense recognized for the years ended December 31, 2021, 2022 and 2023 are summarized as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zT8SBpc8EVR5" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Depreciation Expense</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20210101__20211231_zeGKEqJsiATd" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20220101__20221231_zqceTG0Ge0Dg" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_497_20230101__20231231_zi78sbbxPc03" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--Depreciation_pn3n3_hus-gaap--IncomeStatementLocationAxis__us-gaap--CostOfSalesMember_zFLyz9cipwBg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenues</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31_us-gaap_CostOfSalesMember" id="Fact002212" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,024</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31_us-gaap_CostOfSalesMember" id="Fact002213" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">534</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-012023-12-31_us-gaap_CostOfSalesMember" id="Fact002214" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">358</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--Depreciation_pn3n3_hus-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zWYnXcjah5A8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31_us-gaap_ResearchAndDevelopmentExpenseMember" id="Fact002216" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6150</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31_us-gaap_ResearchAndDevelopmentExpenseMember" id="Fact002217" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1202</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-012023-12-31_us-gaap_ResearchAndDevelopmentExpenseMember" id="Fact002218" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">525</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--Depreciation_pn3n3_hus-gaap--IncomeStatementLocationAxis__us-gaap--SellingAndMarketingExpenseMember_zT2ckzSuIBHa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales and marketing expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31_us-gaap_SellingAndMarketingExpenseMember" id="Fact002220" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">622</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31_us-gaap_SellingAndMarketingExpenseMember" id="Fact002221" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">249</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-012023-12-31_us-gaap_SellingAndMarketingExpenseMember" id="Fact002222" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">415</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--Depreciation_pn3n3_hus-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zvjArM8Ygusf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
    and administrative expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31_us-gaap_GeneralAndAdministrativeExpenseMember" id="Fact002224" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,312</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31_us-gaap_GeneralAndAdministrativeExpenseMember" id="Fact002225" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">339</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-012023-12-31_us-gaap_GeneralAndAdministrativeExpenseMember" id="Fact002226" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,047</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--Depreciation_pn3n3_zvZbGpB7YpQ2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31" id="Fact002228" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,108</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31" id="Fact002229" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,324</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact002230" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,345</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--Depreciation_pn3n3_z2Yd63x1Byp9" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation expense</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31" id="Fact002232" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,108</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31" id="Fact002233" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,324</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact002234" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,345</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AE_zvZuikNP2Qhk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 418.6pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 192; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002236" name="us-gaap:IntangibleAssetsDisclosureTextBlock"><p id="xdx_80C_eus-gaap--IntangibleAssetsDisclosureTextBlock_zmaOqYN1ZWk8" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.
<span id="xdx_823_zv96RYwYJmmj">Intangible assets, net</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002238" name="us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_zFdE5vFpn3ma" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets consist of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_8B9_z8DWH6zhMYL8" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule of Intangible Assets</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49A_20221231_z9NvRxiYeN9j" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20231231_z7CJQHfamWS7" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AcquiredUserDataMember_ztTHL3z1Md1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired
    user data</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2022-12-31_custom_AcquiredUserDataMember" id="Fact002240" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">127,133</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2023-12-31_custom_AcquiredUserDataMember" id="Fact002241" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">127,133</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--OnlineAudioVideoContentPlatformMember_zXPIyYIdeTW" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired
    right to operate an online audio/video platform including content deferred tax liabilities impact</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2022-12-31_custom_OnlineAudioVideoContentPlatformMember" id="Fact002243" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">96,130</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2023-12-31_custom_OnlineAudioVideoContentPlatformMember" id="Fact002244" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">96,130</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--ComputerSoftwareIntangibleAssetMember_zbafYdC9gRM9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer
    software</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2022-12-31_us-gaap_ComputerSoftwareIntangibleAssetMember" id="Fact002246" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">12,290</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2023-12-31_us-gaap_ComputerSoftwareIntangibleAssetMember" id="Fact002247" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">12,290</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_hus-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedTechnologyMember_zMvPEV64z7bk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developed
    technology</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2022-12-31_custom_DevelopedTechnologyMember" id="Fact002249" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2023-12-31_custom_DevelopedTechnologyMember" id="Fact002250" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_maFLIANzAyB_zfxQVfPYCxm2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total cost</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2022-12-31" id="Fact002252" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">244,553</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2023-12-31" id="Fact002253" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">244,553</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_msFLIANzAyB_z6JSqTXBQLL" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
    Accumulated amortization</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2022-12-31" id="Fact002255" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">181,904</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization" contextRef="AsOf2023-12-31" id="Fact002256" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">194,209</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pn3n3_mtFLIANzAyB_z5Og6BE5Vm4d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
    assets, net</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2022-12-31" id="Fact002258" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">62,649</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2023-12-31" id="Fact002259" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50,344</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A2_zwGJOAHAmj6c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 390.55pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
right to operate an online audio/video content platform was acquired on November 1, 2018 through an acquisition of <span id="xdx_905_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_dp_uPure_c20231231__us-gaap--BusinessAcquisitionAxis__us-gaap--SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--OnlineAudioVideoContentPlatformMember_zc35Yt0gxem4" title="Percentage of equity interest acquired"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2023-12-31_us-gaap_SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember_custom_OnlineAudioVideoContentPlatformMember" id="Fact002261" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% equity interests
of a company for a total cash considerations of RMB <span id="xdx_909_eus-gaap--BusinessCombinationConsiderationTransferred1_pn5n6_c20230101__20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--OnlineAudioVideoContentPlatformMember_zvxjhELTQxDe" title="Total cash considerations"><ix:nonFraction name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="From2023-01-012023-12-31_custom_OnlineAudioVideoContentPlatformMember" id="Fact002263" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">72.1</ix:nonFraction></span> million and is owned by a consolidated VIE of the Group upon the completion
of the transaction. The acquisition was accounted for as an asset acquisition rather than a business combination as what the company
acquired did not meet the criteria of a business and substantially all of the fair value of the gross assets acquired was concentrated
in a single asset, which met the screen test criteria to be an asset acquisition for the adopted ASU 2017-01. A deferred tax liability
of RMB <span id="xdx_906_eus-gaap--DeferredIncomeTaxLiabilitiesNet_iI_pn5n6_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--OnlineAudioVideoContentPlatformMember_zgQ4h4crCvu2" title="Deferred tax liability, intangible assets"><ix:nonFraction name="us-gaap:DeferredIncomeTaxLiabilitiesNet" contextRef="AsOf2023-12-31_custom_OnlineAudioVideoContentPlatformMember" id="Fact002265" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">24.0</ix:nonFraction></span> million arising from the difference between the accounting basis and tax basis of the identifiable intangible asset is recognized
and will be realized over <span id="xdx_90A_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231_z514vjAnaE6b" title="Intangible assets, amortization period"><ix:nonNumeric contextRef="AsOf2023-12-31" format="ixt-sec:duryear" id="Fact002267" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">10</ix:nonNumeric></span> years which is in line with the acquired right&#8217;s amortization period. The recognition of the deferred
tax liability related to the intangible asset in turn increases the book basis of the asset. The acquired right to operate an online
audio/video content platform with amount of RMB <span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn5n6_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--OnlineAudioVideoContentPlatformMember_z6kU9y5tPxY7" title="Acquired right to operate an online audio/video content platform with amount"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsGross" contextRef="AsOf2023-12-31_custom_OnlineAudioVideoContentPlatformMember" id="Fact002269" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">96.1</ix:nonFraction></span> million is amortized over <span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--OnlineAudioVideoContentPlatformMember_zu0adNEJTKUk" title="Intangible assets, amortization period"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_OnlineAudioVideoContentPlatformMember" format="ixt-sec:duryear" id="Fact002271" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">10</ix:nonNumeric></span> years on a straight-line basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 26.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also acquired intangible assets of RMB<span id="xdx_900_eus-gaap--FinitelivedIntangibleAssetsAcquired1_pn5n6_c20230101__20231231_zXrI9R9Nn5Xg" title="Finite lived intangible assets acquired"><ix:nonFraction name="us-gaap:FinitelivedIntangibleAssetsAcquired1" contextRef="From2023-01-01to2023-12-31" id="Fact002273" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">136.1</ix:nonFraction></span> million. For accounting purposes, the consideration was allocated to developed technology
and user data (Note 20). The transfer of the intangible assets was completed in January 2021. The acquired technology with amount of
RMB<span id="xdx_900_eus-gaap--AmortizationOfIntangibleAssets_pn5n6_c20230101__20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedTechnologyMember_zzoHAj5bj7Qd" title="Amortization of intangible assets"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2023-01-012023-12-31_custom_DevelopedTechnologyMember" id="Fact002275" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">9.0</ix:nonFraction></span> million will be amortized over <span id="xdx_90A_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--DevelopedTechnologyMember_zqhfJaz6dkr9" title="Intangible assets, amortization period"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_DevelopedTechnologyMember" format="ixt-sec:duryear" id="Fact002277" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">5</ix:nonNumeric></span> years and user data related assets of RMB<span id="xdx_901_eus-gaap--AmortizationOfIntangibleAssets_pn5n6_c20230101__20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AcquiredUserDataMember_za7IohxMpMQ" title="Amortization of intangible assets"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2023-01-012023-12-31_custom_AcquiredUserDataMember" id="Fact002279" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">127.1</ix:nonFraction></span> million will be amortized over <span id="xdx_90D_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AcquiredUserDataMember_zvjTckAbKqYc" title="Intangible assets, amortization period"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_AcquiredUserDataMember" format="ixt-sec:duryear" id="Fact002281" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">3</ix:nonNumeric></span> years on a straight-line
basis. The carrying value related to user data as of December 31, 2022, amounting to RMB<span id="xdx_901_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn5n6_c20221231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--AcquiredUserDataMember_zOIKY4pyQIr" title="Intangible assets, net"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2022-12-31_custom_AcquiredUserDataMember" id="Fact002283" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">45.9</ix:nonFraction></span> million, was fully amortized during 2022
due to changes in its monetization pattern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 26.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002285" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock"><p id="xdx_893_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock_zEZiHzSbNrU1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
expense for intangible assets for the years ended December 31, 2021, 2022 and 2023 is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_z9GEN39bLz17" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Amortization Expense</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20210101__20211231_zBfSbFCioyN6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_495_20220101__20221231_z5Mlr8Gs4wVl" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_490_20230101__20231231_zlDvQ021paP5" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_hus-gaap--IncomeStatementLocationAxis__us-gaap--CostOfSalesMember_zAKTAZS1rdo7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenues</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-01-012021-12-31_us-gaap_CostOfSalesMember" id="Fact002287" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,613</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2022-01-012022-12-31_us-gaap_CostOfSalesMember" id="Fact002288" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,613</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2023-01-012023-12-31_us-gaap_CostOfSalesMember" id="Fact002289" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,613</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_hus-gaap--IncomeStatementLocationAxis__custom--ResearchAndDevelopmentExpensesMember_zafc7mwJMrpe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research and development expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-01-012021-12-31_custom_ResearchAndDevelopmentExpensesMember" id="Fact002291" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">825</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2022-01-012022-12-31_custom_ResearchAndDevelopmentExpensesMember" id="Fact002292" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">900</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2023-01-012023-12-31_custom_ResearchAndDevelopmentExpensesMember" id="Fact002293" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,800</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_hus-gaap--IncomeStatementLocationAxis__custom--SalesAndMarketingExpensesMember_zXQssPmTh2nf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales and marketing expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-01-012021-12-31_custom_SalesAndMarketingExpensesMember" id="Fact002295" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">38,846</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2022-01-012022-12-31_custom_SalesAndMarketingExpensesMember" id="Fact002296" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">88,287</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2297">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_hus-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_z1zvqdYkFL33" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
    and administrative expenses</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-01-012021-12-31_us-gaap_GeneralAndAdministrativeExpenseMember" id="Fact002299" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,815</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2022-01-012022-12-31_us-gaap_GeneralAndAdministrativeExpenseMember" id="Fact002300" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,821</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2023-01-012023-12-31_us-gaap_GeneralAndAdministrativeExpenseMember" id="Fact002301" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">892</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_zfsqmr2BvEF5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-01-012021-12-31" id="Fact002303" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">54,099</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2022-01-012022-12-31" id="Fact002304" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">102,621</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2023-01-01to2023-12-31" id="Fact002305" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">12,305</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_zOSGWUsgNMC3" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total amortization expense</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2021-01-012021-12-31" id="Fact002307" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">54,099</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2022-01-012022-12-31" id="Fact002308" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">102,621</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AmortizationOfIntangibleAssets" contextRef="From2023-01-01to2023-12-31" id="Fact002309" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">12,305</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AE_zadbtZlMMDb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 193; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002311" name="us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock"><p id="xdx_891_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zdJbkWDjN2dd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
intangible asset amortization as of December 31, 2023 is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zxNaxiB67W96" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Summary of Future Intangible Asset Amortization</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 1in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_494_20231231_zKxjLXMfYi12" style="border-bottom: Black 1.5pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
    Expense</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn3n3_maFLIANz2Xh_zWybGs8Wy9j7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 36%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact002313" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,437</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pn3n3_maFLIANz2Xh_zUgJFx1tVABb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" contextRef="AsOf2023-12-31" id="Fact002315" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,437</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_pn3n3_maFLIANz2Xh_zmJleU0PPCbi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" contextRef="AsOf2023-12-31" id="Fact002317" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,787</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_pn3n3_maFLIANz2Xh_ztMHWQjwGs3f" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" contextRef="AsOf2023-12-31" id="Fact002319" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,637</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_iI_pn3n3_maFLIANz2Xh_zanxG9qRT5La" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2028</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" contextRef="AsOf2023-12-31" id="Fact002321" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">8,036</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_pn3n3_maFLIANz2Xh_zSe9H7ufzjK2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive" contextRef="AsOf2023-12-31" id="Fact002323" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">10</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--FiniteLivedIntangibleAssetsNet_iTI_pn3n3_mtFLIANz2Xh_z6JNHCGyHHsb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:FiniteLivedIntangibleAssetsNet" contextRef="AsOf2023-12-31" id="Fact002325" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50,344</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A2_zYcp9R0CSy8c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002327" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_806_eus-gaap--LesseeOperatingLeasesTextBlock_zlDfL9chmBtd" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.
<span id="xdx_82B_zqgOmfSMV2x1">Leases</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company leases facilities under non-cancellable operating leases expiring on different dates. The terms of substantially all of these
leases are three years or less. When determining the lease term, the Company includes options to extend or terminate the lease when it
is reasonably certain that it will exercise that option, if any. All of the Company&#8217;s leases qualify as operating leases. With
the adoption of the new leasing standard, the Company has recorded a right-of-use asset and corresponding lease liability, by calculating
the present value of future lease payments, discounted at <span id="xdx_909_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20221231_z5XIjvDMF7yg" title="Discount rate"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2022-12-31" id="Fact002329" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.7</ix:nonFraction></span>%, the Company&#8217;s incremental borrowing rate, over the expected term.
Short-term leases (lease terms less than 12 months) expenses are recognized as incurred. Currently, the Company does not have any variable
lease costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002331" name="us-gaap:LeaseCostTableTextBlock"><p id="xdx_897_eus-gaap--LeaseCostTableTextBlock_zMueFhF8lMbc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B0_zAmMmIzj0Hp3" style="display: none">Schedule of Components of Lease Expenses</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            components of lease expenses were as follows:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20220101__20221231_z74CTNApNaf9" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_497_20230101__20231231_z9lTuZyXvvb3" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--LeaseCostAbstract_iB_zfVfno4G7VI9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease cost:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--OperatingLeaseRightOfUseAssetAmortizationExpense_i01_pn3n3_maLCzYBu_zu2AEG9obINa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization of
    right-of-use assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" contextRef="From2022-01-012022-12-31" id="Fact002336" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">12,996</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" contextRef="From2023-01-01to2023-12-31" id="Fact002337" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,164</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_ecustom--InterestOnOperatingLeaseLiabilities_i01_pn3n3_maLCzYBu_z9lEuNXnK6pf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    of lease liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:InterestOnOperatingLeaseLiabilities" contextRef="From2022-01-012022-12-31" id="Fact002339" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,232</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:InterestOnOperatingLeaseLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact002340" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">532</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--LeaseCost_i01T_pn3n3_mtLCzYBu_z2Z9eggJ9hu" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total lease cost</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LeaseCost" contextRef="From2022-01-012022-12-31" id="Fact002342" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,228</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LeaseCost" contextRef="From2023-01-01to2023-12-31" id="Fact002343" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,696</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AB_zwBhBFrgfSXe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 9.25pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002345" name="QTTOY:ScheduleOfSupplementalBalanceSheetInforamtionRelatedToOperatingLeaseTableTextBlock"><p id="xdx_89E_ecustom--ScheduleOfSupplementalBalanceSheetInforamtionRelatedToOperatingLeaseTableTextBlock_zpF1c57IMruj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 9.25pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_znsf4Rzhy2z4" style="display: none">Schedule
of Supplemental Balance Sheet Information Related to Leases</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
                                            cash flow information related to leases was as follows:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.6in; text-indent: -12.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20221231_z9xmYtAyaxwf" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20231231_zCPPyj5Z1wvi" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--AssetsAndLiabilitiesLesseeAbstract_iB_z0nVDA6DMPGk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    leases</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--OperatingLeaseRightOfUseAsset_i01I_pn3n3_zjh6z1fDdXn4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease
    right-of-use assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2022-12-31" id="Fact002350" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">21,879</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2023-12-31" id="Fact002351" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,633</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityCurrent_i01NI_pn3n3_di_maOLLznB9_zRi5oZLUoq4h" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease liabilities,
    current</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact002353" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">15,083</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact002354" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,407</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40A_eus-gaap--OperatingLeaseLiabilityNoncurrent_i01NI_pn3n3_di_maOLLznB9_z7F4zXD5VBc2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease liabilities,
    non-current</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact002356" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,599</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact002357" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,366</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40F_eus-gaap--OperatingLeaseLiability_i01NTI_pn3n3_di_mtOLLznB9_zumPPZOqOWO6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    operating lease liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2022-12-31" id="Fact002359" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">22,682</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact002360" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,773</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A7_zXKEseKuCVTe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002362" name="QTTOY:ScheduleOfSupplementalCashFlowInformationRelatedToLeaseTableTextBlock"><p id="xdx_89C_ecustom--ScheduleOfSupplementalCashFlowInformationRelatedToLeaseTableTextBlock_zIPWVhJmCsZ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zq4FXUZGUXo7" style="display: none">Schedule
of Supplemental Cash Flow Information Related to Leases</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
                                            balance sheet information related to leases was as follows:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 42.7pt; text-align: justify; text-indent: -12.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_494_20220101__20221231_zB3P2228J3he" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_497_20230101__20231231_zFQ0uRBHQxcf" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other information</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_ecustom--MeasurementOfLeaseLiabilitiesAndCashPaymentsAbstract_iB_zwp8njbeuc5a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash paid for amounts included
    in the measurement of lease liabilities:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--OperatingLeasePayments_pn3n3_zN7L6JbfSqy7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    lease payments</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2022-01-012022-12-31" id="Fact002367" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">13,327</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OperatingLeasePayments" contextRef="From2023-01-01to2023-12-31" id="Fact002368" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,689</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_pn3n3_zqdBrGOIQhRa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use assets obtained
    in exchange for lease obligations:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" contextRef="From2022-01-012022-12-31" id="Fact002370" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">12,315</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" contextRef="From2023-01-01to2023-12-31" id="Fact002371" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,983</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 194; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 422.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.75in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20220101__20221231_ze64Q1oPVmpg" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_499_20230101__20231231_zwHA5wnWiNzc" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_ecustom--OperatingLeaseWeightedAverageLeaseTermAbstract_iB_ze2kpr1KxOL7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average
    remaining lease term</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    leases</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20221231_zVyctrhLTmG6" title="Operating leases"><ix:nonNumeric contextRef="AsOf2022-12-31" format="ixt-sec:duryear" id="Fact002376" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">1.5</ix:nonNumeric></span>
                                            years</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_zWSYgbXNWKP" title="Operating leases"><ix:nonNumeric contextRef="AsOf2023-12-31" format="ixt-sec:duryear" id="Fact002378" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">2.2</ix:nonNumeric></span>
                                            years</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_ecustom--OperatingLeaseWeightedAverageDiscountRateAbstract_iB_zZdLA3CwAEle" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted-average
    discount rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt; width: 60%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    leases</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20221231_zsyR9B4FAIi5" title="Operating leases"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2022-12-31" id="Fact002383" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.7</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_c20231231_zhSEY6ZYg7i4" title="Operating leases"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2023-12-31" id="Fact002385" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.7</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  </table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 397.75pt; text-align: justify"></p>

</ix:nonNumeric><p id="xdx_8A3_z6T7I9rPrGXk" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002387" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_894_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zPjd9pHhuPLc" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_8B1_zuVFF8bLeHR8" style="display: none">Summary of Maturities of Lease Liabilities</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturities
                                            of lease liabilities were as follows:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.75in">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="3" id="xdx_490_20231231_zMQVVvdqwQj1" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><p style="margin-top: 0; margin-bottom: 0">As of</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">December 31, 2023</p></td></tr>
  <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_maLOLLPzGHZ_z2ccKTHefF48" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: left">2024</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact002389" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,341</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_maLOLLPzGHZ_zCKh5MqxSg9e" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2023-12-31" id="Fact002391" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,918</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_maLOLLPzGHZ_zDDvQAulpBNe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2023-12-31" id="Fact002393" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">858</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pn3n3_mtLOLLPzGHZ_z2l2VgaeKaC1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total undiscounted lease payments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" contextRef="AsOf2023-12-31" id="Fact002395" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,117</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pn3n3_di_z1V7SQCjdjrc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Less: imputed interest</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-12-31" id="Fact002397" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">344</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_402_eus-gaap--OperatingLeaseLiability_iTI_pn3n3_zhbUtp1Kb5ic" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact002399" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,773</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8A5_ztD184d5lJkj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 417.25pt; text-align: justify">&#160;&#160;</p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002401" name="QTTOY:FutureMinimumLeaseLiabilityMaturityTableTextBlock"><p id="xdx_896_ecustom--FutureMinimumLeaseLiabilityMaturityTableTextBlock_z4UAPfhcaRtd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><span id="xdx_8B3_zthjcoyMIfT8" style="display: none">Schedule of Future Minimum Payments Under Non-cancellable Operating Leases for Office Rental</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 417.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
                                            minimum lease payments for the Group&#8217;s operating leases were as follows:</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%; margin-left: 0.75in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_490_20231231_zbIG3bphbqbf" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of</span></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2023</span></p></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pn3n3_zJXEFIsFd553" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 78%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact002403" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,341</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_pn3n3_zw4lPlrMtdS9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2023-12-31" id="Fact002405" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,918</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_pn3n3_zJDConuh3Fy9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2023-12-31" id="Fact002407" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">858</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AC_zfjJx3fs5276" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002409" name="QTTOY:TaxPayableDisclosureTextBlock"><p id="xdx_80E_ecustom--TaxPayableDisclosureTextBlock_z2Goy58lwaO8" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.
<span id="xdx_821_zIjpPW79AbPe">Tax payable</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002411" name="QTTOY:ScheduleOfTaxPayableTableTextBlock"><p id="xdx_890_ecustom--ScheduleOfTaxPayableTableTextBlock_zk4qO4SL7pwb" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_zBiIxLb4WQpf" style="display: none">Schedule of Tax Payable</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_497_20221231_zZbWQNP6LdA7" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_491_20231231_zca9unRXIG2i" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eus-gaap--SalesAndExciseTaxPayableCurrent_iI_pn3n3_maTPCzWtM_z1iNFlAieBWi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value added tax</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SalesAndExciseTaxPayableCurrent" contextRef="AsOf2022-12-31" id="Fact002413" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">29,014</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SalesAndExciseTaxPayableCurrent" contextRef="AsOf2023-12-31" id="Fact002414" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">33,078</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--AccruedIncomeTaxesCurrent_iI_pn3n3_maTPCzWtM_zERNrNC1yvy4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate income tax</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccruedIncomeTaxesCurrent" contextRef="AsOf2022-12-31" id="Fact002416" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">8,595</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccruedIncomeTaxesCurrent" contextRef="AsOf2023-12-31" id="Fact002417" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">4,490</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_ecustom--IndividualIncomeTaxWithholding_iI_pn3n3_maTPCzWtM_zE2vTdDh9xDe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual income tax withholding</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:IndividualIncomeTaxWithholding" contextRef="AsOf2022-12-31" id="Fact002419" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,406</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:IndividualIncomeTaxWithholding" contextRef="AsOf2023-12-31" id="Fact002420" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,455</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_ecustom--UrbanMaintenanceAndConstructionTax_iI_pn3n3_maTPCzWtM_zcL69JYbPyGi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Urban maintenance and construction
    tax</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:UrbanMaintenanceAndConstructionTax" contextRef="AsOf2022-12-31" id="Fact002422" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">79</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:UrbanMaintenanceAndConstructionTax" contextRef="AsOf2023-12-31" id="Fact002423" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">77</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_ecustom--StampDuty_iI_pn3n3_maTPCzWtM_ztM5TG7cQ9x9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stamp
    duty</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:StampDuty" contextRef="AsOf2022-12-31" id="Fact002425" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">380</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:StampDuty" contextRef="AsOf2023-12-31" id="Fact002426" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">348</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--TaxesPayableCurrent_iTI_pn3n3_mtTPCzWtM_zQIO1yAB2s95" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2022-12-31" id="Fact002428" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">40,474</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:TaxesPayableCurrent" contextRef="AsOf2023-12-31" id="Fact002429" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">40,448</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zKvDrQVeFDB5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group&#8217;s revenues are subject to value-added tax at a rate of approximately <span id="xdx_90A_ecustom--ValueAddedTaxRate_pid_dp_c20230101__20231231_z7jzHFj2GFz4" title="Value added tax rate"><ix:nonFraction name="QTTOY:ValueAddedTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact002431" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction>%</span>.</span></p>
<!-- Field: Split-Segment; Name: 02 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 195; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002433" name="us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock"><p id="xdx_805_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zTOucphGgIw" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.
<span id="xdx_829_zYWTF0SelzSk">Accrued liabilities and other liabilities&#160;</span></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002435" name="QTTOY:ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesTableTextBlock"><p id="xdx_895_ecustom--ScheduleOfAccruedLiabilitiesAndOtherLiabilitiesTableTextBlock_z6eQoY1sgToc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8B4_zF5s3MLfwAM6" style="display: none">Schedule of Accrued Liabilities and Other Liabilities</span>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20221231_zUhXX8sJQBA2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20231231_zZT1adH8F4mk" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    liabilities and other current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_ecustom--AccruedAdvertisingAndMarketingExpenseCurrent_i01I_pn3n3_maAPAOAzcbX_zaDgSWtmoZ3l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued advertising
    and marketing expense</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:AccruedAdvertisingAndMarketingExpenseCurrent" contextRef="AsOf2022-12-31" id="Fact002437" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">172,497</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:AccruedAdvertisingAndMarketingExpenseCurrent" contextRef="AsOf2023-12-31" id="Fact002438" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">100,868</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_ecustom--AccruedTaxSurchargesAndOtherFeesCurrent_i01I_pn3n3_maAPAOAzcbX_zAqrW4xZEmV" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    surcharges and other fees<sup></sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:AccruedTaxSurchargesAndOtherFeesCurrent" contextRef="AsOf2022-12-31" id="Fact002440" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">133,471</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:AccruedTaxSurchargesAndOtherFeesCurrent" contextRef="AsOf2023-12-31" id="Fact002441" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">133,502</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--AccruedProfessionalFeesCurrent_i01I_pn3n3_maAPAOAzcbX_zuLF2c4E6te6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued professional service
    fees</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccruedProfessionalFeesCurrent" contextRef="AsOf2022-12-31" id="Fact002443" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">6,368</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccruedProfessionalFeesCurrent" contextRef="AsOf2023-12-31" id="Fact002444" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,854</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--CustomerRefundLiabilityCurrent_i01I_pn3n3_maAPAOAzcbX_zJynOzOlrVE6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refund
    from depositary bank<sup id="xdx_F49_zqSuHjzpQkY6">(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CustomerRefundLiabilityCurrent" contextRef="AsOf2022-12-31" id="Fact002446" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,910</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2447">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--OtherAccruedLiabilitiesCurrent_i01I_pn3n3_maAPAOAzcbX_zLHn3MVX2Ht6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Others</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact002449" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">22,016</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact002450" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,619</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_i01TI_pn3n3_mtAPAOAzcbX_zFom152OaCCl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact002452" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">336,262</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact002453" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">243,843</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 17.8pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F07_zfug3WFP0Zs2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F1B_zrvCUUh8KHgi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002454" xml:lang="en-US">The Company received
non-refundable incentive payment of US$<span id="xdx_90B_ecustom--NonRefundableIncentivePaymentReceivedFromDepositaryBank_pn5n6_uUSD_c20180901__20180930_zQFYHr66mfVg" title="Non-refundable incentive payment received from depositary bank" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFjY3J1ZWQgTGlhYmlsaXRpZXMgYW5kIE90aGVyIExpYWJpbGl0aWVzIChQYXJlbnRoZXRpY2FsKSAoRGV0YWlscykA"><ix:nonFraction name="QTTOY:NonRefundableIncentivePaymentReceivedFromDepositaryBank" contextRef="From2018-09-012018-09-30" id="Fact002456" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.8</ix:nonFraction></span> million (RMB<span id="xdx_905_ecustom--NonRefundableIncentivePaymentReceivedFromDepositaryBank_pn5n6_uRMB_c20180901__20180930_zPS9sOgsAbEd" title="Non-refundable incentive payment received from depositary bank" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFjY3J1ZWQgTGlhYmlsaXRpZXMgYW5kIE90aGVyIExpYWJpbGl0aWVzIChQYXJlbnRoZXRpY2FsKSAoRGV0YWlscykA"><ix:nonFraction name="QTTOY:NonRefundableIncentivePaymentReceivedFromDepositaryBank" contextRef="From2018-09-012018-09-30" id="Fact002458" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">12.5</ix:nonFraction></span> million) from depositary bank in September 2018, and the amount will be recorded
ratably over a <span id="xdx_90D_ecustom--IncentiveAmountRecordedAsOtherIncomeEstimatedArrangementPeriod_dtY_c20230101__20231231_zPCNUQFAylv8" title="Amount recorded ratably as other income, arrangement period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFjY3J1ZWQgTGlhYmlsaXRpZXMgYW5kIE90aGVyIExpYWJpbGl0aWVzIChQYXJlbnRoZXRpY2FsKSAoRGV0YWlscykA"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact002460" name="QTTOY:IncentiveAmountRecordedAsOtherIncomeEstimatedArrangementPeriod">5</ix:nonNumeric></span>-year arrangement period. For the years ended December 31, 2021, <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span> and 2023, the Company recorded amount of RMB<span id="xdx_902_ecustom--ReductionInGeneralAndAdministrativeExpenses_pn5n6_c20210101__20211231_zWOIYthzQi95" title="Reduction in general and administrative expenses" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFjY3J1ZWQgTGlhYmlsaXRpZXMgYW5kIE90aGVyIExpYWJpbGl0aWVzIChQYXJlbnRoZXRpY2FsKSAoRGV0YWlscykA"><ix:nonFraction name="QTTOY:ReductionInGeneralAndAdministrativeExpenses" contextRef="From2021-01-012021-12-31" id="Fact002462" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">2.5</ix:nonFraction></span> million, <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB<span id="xdx_904_ecustom--ReductionInGeneralAndAdministrativeExpenses_pn5n6_c20220101__20221231_z4MKdhOvlyW6" title="Reduction in general and administrative expenses" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFjY3J1ZWQgTGlhYmlsaXRpZXMgYW5kIE90aGVyIExpYWJpbGl0aWVzIChQYXJlbnRoZXRpY2FsKSAoRGV0YWlscykA"><ix:nonFraction name="QTTOY:ReductionInGeneralAndAdministrativeExpenses" contextRef="From2022-01-012022-12-31" id="Fact002464" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">2.5</ix:nonFraction></span> million and RMB<span id="xdx_908_ecustom--ReductionInGeneralAndAdministrativeExpenses_pn5n6_c20230101__20231231_zmLMJiJoyUfh" title="Reduction in general and administrative expenses" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIEFjY3J1ZWQgTGlhYmlsaXRpZXMgYW5kIE90aGVyIExpYWJpbGl0aWVzIChQYXJlbnRoZXRpY2FsKSAoRGV0YWlscykA"><ix:nonFraction name="QTTOY:ReductionInGeneralAndAdministrativeExpenses" contextRef="From2023-01-01to2023-12-31" id="Fact002466" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1.9</ix:nonFraction> </span>million</span> as a reduction in general and administrative expenses.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8A8_z8Fhfee2uCAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002468" name="QTTOY:ConvertibleDebtDisclosureTextBlock"><p id="xdx_80A_ecustom--ConvertibleDebtDisclosureTextBlock_z1Z6GlUr57ge" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.
<span id="xdx_820_zfc2mILYK95e">Convertible Loan</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 28, 2019, the Company entered into a Convertible Loan agreement with Alibaba Investment Limited (&#8220;Alibaba&#8221;), pursuant
to which Alibaba advanced approximately US$<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_uUSD_c20190404__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember_zHpp47ZVEp28" title="Aggregate principal amount of convertible loan"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-04-04_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember" id="Fact002470" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">171.1</ix:nonFraction></span> million (RMB<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_uRMB_c20190404__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember_zr43g7SrUaHd" title="Aggregate principal amount of convertible loan"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2019-04-04_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember" id="Fact002472" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1,147.0</ix:nonFraction></span> million) in aggregate principal amount, which matured on <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDate_dd_c20190404__20190404__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember_z4ey4Lbirimk" title="Convertible loan maturity date"><ix:nonNumeric contextRef="From2019-04-042019-04-04_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember" format="ixt:datemonthdayyearen" id="Fact002474" name="us-gaap:DebtInstrumentMaturityDate">April 4,
2022</ix:nonNumeric></span> (the &#8220;Convertible Loan&#8221;). The Convertible Loan will bear interest at a rate of <span id="xdx_907_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20190404__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember_zvwLNEWPPs34" title="Convertible loan interest rate per anum"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="AsOf2019-04-04_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember" id="Fact002476" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.00</ix:nonFraction>%</span> per annum, which will be waived
in case of conversion or payable at maturity. The Convertible Loan will be unsecured and unsubordinated and mature in three years after
the drawdown, unless previously repaid or converted in accordance with their terms prior to such date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Convertible Loan may be converted at Alibaba&#8217;s option on or after (i) the date falling thirty-eight (38) months after the initial
drawdown of the loan or (ii) upon the occurrence of an event of default (as defined in the indenture agreement) at a conversion price
of US$<span id="xdx_905_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_uUSDPShares_c20190404__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember_z5vRVLPOhxWk" title="Conversion price per share"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2019-04-04_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember" id="Fact002478" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">60.00</ix:nonFraction></span> per ordinary share, subject to adjustment under the terms of the indenture agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assessed the Convertible Loan under ASC 815 and concluded that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
                                            the conversion option is considered indexed to the Company&#8217;s own stock, bifurcation
                                            of conversion option from the Convertible Loan is not required as the scope exception prescribed
                                            in ASC 815-10-15-74 is met;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 79.8pt; text-align: justify; text-indent: -16.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
                                            was <span id="xdx_901_ecustom--AdditionalConsiderationExchangedInReturnForTwoConversionDateExtensions_pn3n3_do_c20200101__20200331_zdB7J04fvXkh" title="Additional consideration exchanged in return for two conversion date extensions"><ix:nonFraction name="QTTOY:AdditionalConsiderationExchangedInReturnForTwoConversionDateExtensions" contextRef="From2020-01-012020-03-31" id="Fact002480" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="RMB">no</ix:nonFraction></span> BCF attribute to the Convertible Loan as the set conversion price for the Convertible
                                            Loan was greater than the fair value of the ordinary share price at date of issuance;</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 79.8pt; text-align: justify; text-indent: -16.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Considering
the above, the Company has accounted for the Convertible Loan in accordance with ASC 470 as a single instrument as a long-term liability;
the value of the Convertible Loan was measured by the cash received of US$ <span id="xdx_90E_eus-gaap--ProceedsFromConvertibleDebt_pn5n6_uUSD_c20200101__20201231__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember_zLqxtNLxrQ5f" title="Cash received from convertible loan"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2020-01-012020-12-31_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember" id="Fact002482" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">171.1</ix:nonFraction></span> million (RMB<span id="xdx_900_eus-gaap--ProceedsFromConvertibleDebt_pn5n6_uRMB_c20200101__20201231__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember_zejm27CmHRA7" title="Cash received from convertible loan"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2020-01-012020-12-31_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember" id="Fact002484" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1,147.0</ix:nonFraction></span> million). The debt issuance cost
was recorded as a reduction to the Convertible Loan and is amortized as interest expense using the effective interest method, over the
term of the Convertible Loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the carrying value of the Company&#8217;s Convertible Loan, including unpaid interest of RMB<span id="xdx_90E_ecustom--UnpaidInterestOnDebt_iI_pn5n6_c20231231__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember_zNYBzBSbMPvd" title="Unpaid interest"><ix:nonFraction name="QTTOY:UnpaidInterestOnDebt" contextRef="AsOf2023-12-31_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember" id="Fact002486" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">734.7</ix:nonFraction></span> million (2022:
RMB:<span id="xdx_90D_ecustom--UnpaidInterestOnDebt_iI_pn5n6_c20221231__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember_zEjIsBhYJpg3" title="Unpaid interest"><ix:nonFraction name="QTTOY:UnpaidInterestOnDebt" contextRef="AsOf2022-12-31_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember" id="Fact002488" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">556.2</ix:nonFraction></span> million), was RMB<span id="xdx_906_eus-gaap--ProceedsFromConvertibleDebt_pn5n6_c20230101__20231231_zOWaNHZXrxs5" title="Cash received from Convertible loan"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2023-01-01to2023-12-31" id="Fact002490" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1,944.8</ix:nonFraction></span> million (2022:RMB<span id="xdx_905_eus-gaap--ProceedsFromConvertibleDebt_pn5n6_c20220101__20221231_zAGPycl289Qg" title="Cash received from Convertible loan"><ix:nonFraction name="us-gaap:ProceedsFromConvertibleDebt" contextRef="From2022-01-012022-12-31" id="Fact002492" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1,746.2</ix:nonFraction></span> million). Interest expenses recorded amounted to RMB<span id="xdx_908_ecustom--DebtInstrumentAccruedInterest_pn5n6_c20210101__20211231__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember_zEydh4fM8Vg1" title="Debt Instrument Accrued Interest"><ix:nonFraction name="QTTOY:DebtInstrumentAccruedInterest" contextRef="From2021-01-012021-12-31_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember" id="Fact002494" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">35.4</ix:nonFraction></span> million, RMB <span id="xdx_906_ecustom--DebtInstrumentAccruedInterest_pn5n6_c20220101__20221231__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember_zfgzd4B7I2t3" title="Debt Instrument Accrued Interest"><ix:nonFraction name="QTTOY:DebtInstrumentAccruedInterest" contextRef="From2022-01-012022-12-31_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember" id="Fact002496" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">468.4</ix:nonFraction></span>
million and RMB<span id="xdx_904_ecustom--DebtInstrumentAccruedInterest_pn5n6_c20230101__20231231__srt--CounterpartyNameAxis__custom--AlibabaInvestmentLimitedMember__us-gaap--TypeOfArrangementAxis__custom--ConvertibleLoanAgreementMember_zzj64wZwz1Oa" title="Debt instrument accrued interest"><ix:nonFraction name="QTTOY:DebtInstrumentAccruedInterest" contextRef="From2023-01-012023-12-31_custom_AlibabaInvestmentLimitedMember_custom_ConvertibleLoanAgreementMember" id="Fact002498" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">185.8</ix:nonFraction></span> million for the years ended December 31, 2021, 2022 and 2023, respectively. The Company and Alibaba entered into
several supplemental agreements to the original convertible loan agreement on December 25, 2021, March 28, 2022, April 29, 2022, November
7, 2022, March 31, 2023, and April 16, 2024. (see Note 2<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span>). According to the supplemental agreements, the Company paid interest amount
to US$<span id="xdx_904_eus-gaap--InterestExpenseLongTermDebt_pn5n6_uUSD_c20220101__20221231__srt--CounterpartyNameAxis__custom--SupplementalAgreementMember_zc6MhsJhmP2j" title="Interest expense on debt"><ix:nonFraction name="us-gaap:InterestExpenseLongTermDebt" contextRef="From2022-01-012022-12-31_custom_SupplementalAgreementMember" id="Fact002500" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.5</ix:nonFraction></span> million in 2022, and US$<span id="xdx_90D_eus-gaap--InterestExpenseLongTermDebt_pn5n6_uUSD_c20230101__20231231__srt--CounterpartyNameAxis__custom--SupplementalAgreementMember_zGS7aWVon7F" title="Interest expense on debt"><ix:nonFraction name="us-gaap:InterestExpenseLongTermDebt" contextRef="From2023-01-012023-12-31_custom_SupplementalAgreementMember" id="Fact002502" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">2.5</ix:nonFraction></span> million in 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 196; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002504" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_807_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zPV870wbuEEf" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.
<span id="xdx_824_zEfRldCRjdYh">Ordinary Share</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 17, 2017, Qutoutiao Inc. was incorporated as Limited Liability Company with authorized share capital of US$<span id="xdx_90E_ecustom--CommonStockSharesAuthorizedAmount_iI_pn3n3_uUSD_c20170717_zb6pSx9Vq03a" title="Ordinary shares, authorized amount"><ix:nonFraction name="QTTOY:CommonStockSharesAuthorizedAmount" contextRef="AsOf2017-07-17" id="Fact002506" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50,000</ix:nonFraction></span> divided into <span id="xdx_90A_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20170717_zBsT8z3WZywk" title="Ordinary shares, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2017-07-17" id="Fact002508" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span>
shares with par value US$<span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20170717_zaEmJEtHqzN5" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2017-07-17" id="Fact002510" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span> each. On September 1, 2017, the authorized share capital of US$<span id="xdx_906_ecustom--CommonStockSharesAuthorizedAmount_iI_pn3n3_uUSD_c20170901_zYvkXn1Usj2e" title="Ordinary shares, authorized amount"><ix:nonFraction name="QTTOY:CommonStockSharesAuthorizedAmount" contextRef="AsOf2017-09-01" id="Fact002512" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">50,000</ix:nonFraction></span>, which represented <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_pid_c20170901_zjhkTOgifXjj" title="Ordinary shares, shares, issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2017-09-01" id="Fact002514" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> issued
shares, was subdivided into <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesStockSplits_pid_c20170901__20170901_zmk5GXDNLIXb" title="Ordinary shares, subdivided into multiple shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesStockSplits" contextRef="From2017-09-012017-09-01" id="Fact002516" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000,000</ix:nonFraction></span> shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2018, the Company established a trust to hold <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_pid_c20180228__srt--TitleOfIndividualAxis__custom--FoundersMember__us-gaap--PlanNameAxis__custom--TwoThousandAndSeventeenPlanMember_zze0DsNnNO7l" title="Ordinary shares, shares, issued"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2018-02-28_custom_FoundersMember_custom_TwoThousandAndSeventeenPlanMember" id="Fact002518" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></span> of the Company&#8217;s issued shares. These ordinary shares were contributed
by the founder and held in trust for the benefit of the employees who are under the 2017 Plan to be issued based on the discretion of
the board of directors of the Company. The ordinary shares issued to the trust are accounted for as treasury shares of the Company and
presented as such for all periods presented. The trust does not hold any other assets or liabilities as at December 31, 2022 and 2023,
nor earn any income nor incur any expenses for the years presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the completion of the IPO in 2018, all classes of preferred shares of the Company were converted and designated as Class A ordinary shares
on a one-for-one basis. <span id="xdx_909_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zlD7nQBVgMg5" title="Ordinary shares, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-12-31_us-gaap_CommonClassBMember" id="Fact002520" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">34,248,442</ix:nonFraction></span> ordinary shares were designated as Class B ordinary share on a one-for-one basis. All the remaining
ordinary shares were designated as Class A ordinary shares on a one-for-one basis. In respect of all matters subject to shareholders&#8217;
vote, each holder of Class A ordinary share is entitled to one and each holder of Class B ordinary share is entitled to ten votes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
December 10, 2021, the Company changed the ratio of ADSs to its Class A ordinary shares (the &#8220;ADS Ratio&#8221;) from the current
ADS Ratio of <span id="xdx_902_eus-gaap--StockholdersEquityNoteStockSplit_c20211210__20211210__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zhSCMtY0vcva" title="Stockholders' equity note, stock split"><ix:nonNumeric contextRef="From2021-12-102021-12-10_us-gaap_CommonClassAMember" id="Fact002522" name="us-gaap:StockholdersEquityNoteStockSplit">four ADSs to one Class A ordinary share</ix:nonNumeric></span> to a new ADS Ratio of two ADSs to five Class A ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002524" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_80E_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zGqJS3EbIerl" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.
<span id="xdx_826_zO6PqRrCtR4">Share-based compensation Share option plan</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2019, the board of the directors of the Company approved a 2019 Equity incentive plan. The equity incentive plan replaced the
2017 equity incentive plan and 2018 equity incentive plan that the Company previously adopted in their entirety and assumed the awards
previously granted under these <span id="xdx_902_ecustom--NumberOfPlans_dc_uPlans_c20190101__20190131__us-gaap--PlanNameAxis__custom--EquityIncentivePlanTwoThousandNineteenMember_zaZcStgnUtyc" title="Number of plans"><ix:nonFraction name="QTTOY:NumberOfPlans" contextRef="From2019-01-012019-01-31_custom_EquityIncentivePlanTwoThousandNineteenMember" id="Fact002526" format="ixt-sec:numwordsen" decimals="INF" unitRef="Plans">two</ix:nonFraction></span> plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation expense related to the option awards granted to the employees amounted to approximately RMB<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20210101__20211231__us-gaap--PlanNameAxis__custom--ShareOptionPlanMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zoMPqjUPg17d" title="Share-based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2021-01-012021-12-31_custom_ShareOptionPlanMember_custom_EmployeesMember" id="Fact002528" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">200.2</ix:nonFraction></span> million, RMB<span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20220101__20221231__us-gaap--PlanNameAxis__custom--ShareOptionPlanMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zNl4XznMqbt" title="Share-based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2022-01-012022-12-31_custom_ShareOptionPlanMember_custom_EmployeesMember" id="Fact002530" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">70.1</ix:nonFraction></span> million
and RMB<span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20230101__20231231__us-gaap--PlanNameAxis__custom--ShareOptionPlanMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zrrJFFcDOWzl" title="Share-based compensation expense"><ix:nonFraction name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="From2023-01-012023-12-31_custom_ShareOptionPlanMember_custom_EmployeesMember" id="Fact002532" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">37.3</ix:nonFraction></span> million for the years ended December 31, 2021, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002534" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zDO7gaz2HyAk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the share option activity for the years ended December 31, 2021, 2022 and 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zNC76cJUWA86" style="display: none">Summary of Share Option Activity</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of options</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted Average
    Exercise Price</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted Average
    Remaining Contractual Life</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate Intrinsic
    Value</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted Average
    Grant Date Fair Value</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">RMB</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In Years</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">RMB &#8216;000</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">RMB</p></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at January 1, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20210101__20211231_zdCnVfB0JNJf" title="Number of options, Outstanding beginning balance" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2020-12-31" id="Fact002536" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,430,150</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uRMBPShares_c20210101__20211231_zS66VRAkkMZ6" title="Weighted Average Exercise Price, Outstanding beginning balance" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2020-12-31" id="Fact002538" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20200101__20201231_zrt1oT0NiFdb" title="Weighted Average Remaining Contractual Life, Outstanding"><ix:nonNumeric contextRef="From2020-01-012020-12-31" format="ixt-sec:duryear" id="Fact002540" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">7.2</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20210101__20211231_zHK1n4KiqaSl" title="Aggregate Intrinsic Value, Outstanding beginning balance" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="AsOf2020-12-31" id="Fact002542" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">391,330</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20210101__20211231_zUm8hnUradu1" title="Weighted Average Grant Date Fair Value, Outstanding beginning balance" style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" contextRef="AsOf2020-12-31" id="Fact002544" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">78.35</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20210101__20211231_zIv49PZlEdz4" title="Number of options granted" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2021-01-012021-12-31" id="Fact002546" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,041,585</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uRMBPShares_c20210101__20211231_zcJ3g8uvdJZj" title="Weighted Average Exercise Price, Granted" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31" id="Fact002548" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20210101__20211231_zAXeyplkG8bf" title="Weighted Average Grant Date Fair Value, Granted" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2021-01-012021-12-31" id="Fact002550" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">46.77</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20210101__20211231_zi9j5TeQ0PLb" title="Number of options, Exercised" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" contextRef="From2021-01-012021-12-31" id="Fact002552" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,049,281</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_uRMBPShares_c20210101__20211231_zxu82ABQOMI3" title="Weighted Average Exercise Price, Exercised" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31" id="Fact002554" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20210101__20211231_zB3VU7UoAta1" title="Number of options, Forfeited" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" contextRef="From2021-01-012021-12-31" id="Fact002556" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,035,306</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_uRMBPShares_c20210101__20211231_zLhx9DAidGqf" title="Weighted Average Exercise Price, Forfeited" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31" id="Fact002558" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancelled</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_c20210101__20211231_zONNr1nHdzD6" title="Number of options Cancelled" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" contextRef="From2021-01-012021-12-31" id="Fact002560" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,060</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_uRMBPShares_c20210101__20211231_zrX8QTs70O2c" title="Weighted Average Exercise Price, Cancelled" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" contextRef="From2021-01-012021-12-31" id="Fact002562" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December
    31, 2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20220101__20221231_zRrh1ipO5x6k" title="Number of options, Outstanding beginning balance" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2021-12-31" id="Fact002564" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,381,088</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uRMBPShares_c20220101__20221231_zzuGMQ8YEPCb" title="Weighted Average Exercise Price, Outstanding beginning balance" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2021-12-31" id="Fact002566" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231_zuqz1HGXVxih" title="Weighted Average Remaining Contractual Life, Outstanding"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:duryear" id="Fact002568" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">6.5</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20220101__20221231_zxC0HnHZwEDc" title="Aggregate Intrinsic Value, Outstanding beginning balance" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="AsOf2021-12-31" id="Fact002570" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">45,236</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20220101__20221231_zahmJQpFMhbi" title="Weighted Average Grant Date Fair Value, Outstanding beginning balance" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" contextRef="AsOf2021-12-31" id="Fact002572" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">47.97</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220101__20221231_zBjy9YERV4V3" title="Number of options granted" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2022-01-012022-12-31" id="Fact002574" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">170,953</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uRMBPShares_c20220101__20221231_zrxgz2Nhunik" title="Weighted Average Exercise Price, Granted" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2022-01-012022-12-31" id="Fact002576" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20220101__20221231_zrDWV8wes6c2" title="Weighted Average Grant Date Fair Value, Granted" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2022-01-012022-12-31" id="Fact002578" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">2.74</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20220101__20221231_z83Kf2YHKZdh" title="Number of options, Exercised" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" contextRef="From2022-01-012022-12-31" id="Fact002580" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">355,745</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_uRMBPShares_c20220101__20221231_zvdtuKrrsjfe" title="Weighted Average Exercise Price, Exercised" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" contextRef="From2022-01-012022-12-31" id="Fact002582" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_iN_pid_di_c20220101__20221231_zr9Ivb5GdgTk" title="Number of options, Forfeited" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" contextRef="From2022-01-012022-12-31" id="Fact002584" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">154,835</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_uRMBPShares_c20220101__20221231_zp2vxyTQyCFl" title="Weighted Average Exercise Price, Forfeited" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" contextRef="From2022-01-012022-12-31" id="Fact002586" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancelled</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_iN_pid_di_c20220101__20221231_zefo3ER8DqKj" title="Number of options Cancelled" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2588">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_uRMBPShares_c20220101__20221231_zvf9M8iguG0l" title="Weighted Average Exercise Price, Cancelled" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" contextRef="From2022-01-012022-12-31" id="Fact002590" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December
    31, 2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20230101__20231231_z4Zjs6ftF9va" title="Number of options, Outstanding beginning balance" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2022-12-31" id="Fact002592" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,041,461</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_uRMBPShares_c20230101__20231231_zk7F20rNdRv1" title="Weighted Average Exercise Price, Outstanding beginning balance" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2022-12-31" id="Fact002594" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231_z63YdQmKjTN1" title="Weighted Average Remaining Contractual Life, Outstanding"><ix:nonNumeric contextRef="From2022-01-012022-12-31" format="ixt-sec:duryear" id="Fact002596" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">5.1</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20230101__20231231_zjfKYQQIjvdg" title="Aggregate Intrinsic Value, Outstanding beginning balance" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="AsOf2022-12-31" id="Fact002598" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,609</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20230101__20231231_zOCtWrAyuhZ5" title="Weighted Average Grant Date Fair Value, Outstanding beginning balance" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" contextRef="AsOf2022-12-31" id="Fact002600" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">48.39</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_uRMBPShares_c20230101__20231231_zzaUIVfTWt9h" title="Weighted Average Exercise Price, Granted" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="From2023-01-01to2023-12-31" id="Fact002602" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20230101__20231231_zlOBVy64s9hg" title="Weighted Average Grant Date Fair Value, Granted" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2604">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_uRMBPShares_c20230101__20231231_zBNlRHI1xWw1" title="Weighted Average Exercise Price, Exercised" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" contextRef="From2023-01-01to2023-12-31" id="Fact002606" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_pid_uRMBPShares_c20230101__20231231_zQceovpzg99b" title="Weighted Average Exercise Price, Forfeited" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" contextRef="From2023-01-01to2023-12-31" id="Fact002608" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancelled</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_pid_uRMBPShares_c20230101__20231231_zOn6xNRkP9S4" title="Weighted Average Exercise Price, Cancelled" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" contextRef="From2023-01-01to2023-12-31" id="Fact002610" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December
    31, 2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20230101__20231231_z8d36PEguRMd" title="Number of options, Outstanding ending balance" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="AsOf2023-12-31" id="Fact002612" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,041,461</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_uRMBPShares_c20230101__20231231_zxMCoGs3yYL7" title="Weighted Average Exercise Price, Outstanding ending balance" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="AsOf2023-12-31" id="Fact002614" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230101__20231231_z1CEcUqOlaP6" title="Weighted Average Remaining Contractual Life, Outstanding"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact002616" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2">4.1</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20230101__20231231_ztvevSqLSuL9" title="Aggregate Intrinsic Value, Outstanding ending balance" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="AsOf2023-12-31" id="Fact002618" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">339</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20230101__20231231_zAm24BMBTh15" title="Weighted Average Grant Date Fair Value, Outstanding ending balance" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue" contextRef="AsOf2023-12-31" id="Fact002620" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">49.21</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested and expected to vest
    at December 31, 2023</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iI_pid_c20231231_zKBwlMtmh2j5" title="Number of options, Vested and expected to vest" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber" contextRef="AsOf2023-12-31" id="Fact002622" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,110,965</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice_iI_pid_uRMBPShares_c20231231_zCiGA8zyBeuk" title="Weighted Average Exercise Price, Vested and expected to vest" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice" contextRef="AsOf2023-12-31" id="Fact002624" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1_dtY_c20230101__20231231_ztzxW0xIM1E2" title="Weighted Average Remaining Contractual Life, Vested and expected to vest"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact002626" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1">4.1</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue_iS_pn3n3_c20230101__20231231_z6r9KeHy6C58" title="Aggregate Intrinsic Value, Vested and expected to vest" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" contextRef="AsOf2022-12-31" id="Fact002628" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">343</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageGrantDateFairValue_pid_c20230101__20231231_zrBLufApWEs" title="Weighted Average Grant Date Fair Value, Vested and expected to vest" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageGrantDateFairValue" contextRef="From2023-01-01to2023-12-31" id="Fact002630" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">50.15</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable at December 31, 2023</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_pid_c20231231_zYxtnpmt5qV9" title="Number of options, Exercisable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" contextRef="AsOf2023-12-31" id="Fact002632" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,033,599</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_pid_uRMBPShares_c20231231_zu33xRnJGf09" title="Weighted Average Exercise Price, Exercisable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="AsOf2023-12-31" id="Fact002634" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20230101__20231231_zRPPAOlpEv2l" title="Weighted Average Remaining Contractual Life, Exercisable"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact002636" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1">4.0</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iS_pn3n3_c20230101__20231231_zdSRU4lK7uea" title="Aggregate Intrinsic Value, Exercisable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" contextRef="AsOf2022-12-31" id="Fact002638" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">338</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableInPeriodWeightedAverageGrantDateFairValue_pid_c20230101__20231231_zlbWp52mMRxa" title="Weighted Average Grant Date Fair Value, Exercisable" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableInPeriodWeightedAverageGrantDateFairValue" contextRef="From2023-01-01to2023-12-31" id="Fact002640" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">49.96</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_zDJpP6D65z9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 197; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate intrinsic value is calculated as the difference between the exercise price of the options and the estimated fair value of the
underlying shares of RMB<span id="xdx_90F_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodEstimatedFairValueOfUnderlyingShares_pid_c20210101__20211231__us-gaap--PlanNameAxis__custom--ShareOptionPlanMember_zDKNpsrDAXSb" title="Estimated fair value of underlying shares | (per share)"><ix:nonFraction name="QTTOY:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodEstimatedFairValueOfUnderlyingShares" contextRef="From2021-01-012021-12-31_custom_ShareOptionPlanMember" id="Fact002642" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">7.1</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million,</span> RMB<span id="xdx_90B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodEstimatedFairValueOfUnderlyingShares_pid_c20220101__20221231__us-gaap--PlanNameAxis__custom--ShareOptionPlanMember_zVqLD4rt4Dbc" title="Estimated fair value of underlying shares | (per share)"><ix:nonFraction name="QTTOY:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodEstimatedFairValueOfUnderlyingShares" contextRef="From2022-01-012022-12-31_custom_ShareOptionPlanMember" id="Fact002644" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">1.9</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million</span> and RMB<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodEstimatedFairValueOfUnderlyingShares_pid_c20230101__20231231__us-gaap--PlanNameAxis__custom--ShareOptionPlanMember_zxuzbi1AfFh8" title="Estimated fair value of underlying shares | (per share)"><ix:nonFraction name="QTTOY:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodEstimatedFairValueOfUnderlyingShares" contextRef="From2023-01-012023-12-31_custom_ShareOptionPlanMember" id="Fact002646" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.1</ix:nonFraction></span>million </span>(US$<span id="xdx_905_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodEstimatedFairValueOfUnderlyingShares_pid_uUSDPShares_c20230101__20231231__us-gaap--PlanNameAxis__custom--ShareOptionPlanMember_zMwpI21Mwd5" title="Estimated fair value of underlying shares | (per share)"><ix:nonFraction name="QTTOY:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodEstimatedFairValueOfUnderlyingShares" contextRef="From2023-01-012023-12-31_custom_ShareOptionPlanMember" id="Fact002648" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span>) at December 31, 2021, 2022 and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total fair value of share options vested during the years ended December 31, 2021, 2022 and 2023 was RMB<span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pn5n6_c20210101__20211231__us-gaap--PlanNameAxis__custom--ShareOptionPlanMember_z7ahP9sEajL" title="Fair value of share options vested"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2021-01-012021-12-31_custom_ShareOptionPlanMember" id="Fact002650" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">115.2</ix:nonFraction></span> million, RMB<span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_pn5n6_c20220101__20221231__us-gaap--PlanNameAxis__custom--ShareOptionPlanMember_zwdBTBLJQm7b" title="Fair value of share options vested"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="From2022-01-012022-12-31_custom_ShareOptionPlanMember" id="Fact002652" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">66.2</ix:nonFraction></span> million
and <span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_dxL_c20230101__20231231__us-gaap--PlanNameAxis__custom--ShareOptionPlanMember_z80E5PdLhR0j" title="Fair value of share options vested::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2654">nil</span></span>, respectively. The total intrinsic value of options exercised during the years ended December 31, 2021, 2022 and
2023 were RMB<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_pn5n6_c20210101__20211231_zEEgJcNZgL2e" title="Intrinsic value of options exercised"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" contextRef="From2021-01-012021-12-31" id="Fact002656" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">296.7</ix:nonFraction></span> million, RMB<span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_pn5n6_c20220101__20221231_zrhga0GbUyRl" title="Intrinsic value of options exercised"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" contextRef="From2022-01-012022-12-31" id="Fact002658" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">22.2</ix:nonFraction></span> million and <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_pn5n6_dxL_c20230101__20231231_zBhMLSQJsuAk" title="Intrinsic value of options exercised::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2660">nil</span></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">As
of December 31, 2023, there was RMB<span id="xdx_902_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions_iI_pn5n6_c20231231__us-gaap--PlanNameAxis__custom--ShareOptionPlanMember_zrEqPT4dxU8j" title="Unrecognized share-based compensation expense"><ix:nonFraction name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions" contextRef="AsOf2023-12-31_custom_ShareOptionPlanMember" id="Fact002662" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">5.4</ix:nonFraction></span>
million of unrecognized share-based compensation expense related to share options granted, which were expected to be recognized over
a weighted-average vesting period within <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20230101__20231231__us-gaap--PlanNameAxis__custom--ShareOptionPlanMember__custom--VariableInterestEntitiesByClassificationsOfEntityAxis__custom--ShanghaiJifenCultureCommunicationsCompanyLimitedMember__srt--RangeAxis__srt--MaximumMember_zfc6au5h27C" title="Weighted-average vesting period"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_ShareOptionPlanMember_custom_ShanghaiJifenCultureCommunicationsCompanyLimitedMember_srt_MaximumMember" format="ixt-sec:duryear" id="Fact002664" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">1</ix:nonNumeric></span>
year, respectively. To the extent the actual forfeiture rate is different from the Company&#8217;s estimate, the actual share-based
compensation related to these awards may be different from the expectation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
binomial option pricing model is used to determine the fair value of the share options granted to employees and non-employees. There were no new grants in the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002666" name="QTTOY:ScheduleOfFairValueOfStockOptionsGrantedTableTextBlock"><p id="xdx_891_ecustom--ScheduleOfFairValueOfStockOptionsGrantedTableTextBlock_zJA0i6gK3ALb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8BA_zCLedtnUXR3h" style="display: none">Fair Values of Share Options Granted</span></b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
    Granted in the year ended December 31, 2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
    Granted in the year ended December 31, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
    Granted in the year ended December 31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected volatility</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_uPure_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMaQFmNxVzea" title="Expected volatility, Minimum"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" contextRef="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002668" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60.31</ix:nonFraction>%</span>-<span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pid_dp_uPure_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zWqCaAT04UBc" title="Expected volatility, Maximum"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum" contextRef="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002670" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">61.94</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_uPure_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_ziVb6MqzFP7d" title="Expected volatility, Minimum"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum" contextRef="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002672" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50.43</ix:nonFraction>%</span>-<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pid_dp_uPure_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zma4xIediG37" title="Expected volatility, Maximum"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum" contextRef="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002674" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">52.00</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free interest rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zL3LWLd8r27c" title="Risk-free interest rate, Minimum"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" contextRef="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002676" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.66</ix:nonFraction>%</span>-<span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zGjZTZ7wJL3c" title="Risk-free interest rate, Maximum"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" contextRef="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002678" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.96</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zOsM0GQkiEeb" title="Risk-free interest rate, Minimum"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum" contextRef="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002680" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">2.47</ix:nonFraction>%</span>-<span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zSeG1tzuqrVd" title="Risk-free interest rate, Maximum"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum" contextRef="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002682" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.10</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise multiple</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiples_pid_uPure_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z2ZxNGyeP6oa" title="Exercise multiple"><ix:nonFraction name="QTTOY:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiples" contextRef="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002684" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">2.8</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiples_pid_uPure_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zlyp7Cct9otc" title="Exercise multiple"><ix:nonFraction name="QTTOY:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseMultiples" contextRef="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002686" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">2.8</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected dividend yield</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zCsWJUoeFF66" title="Expected dividend yield"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002688" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zRoUvBkLr6pb" title="Expected dividend yield"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember" id="Fact002690" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractual term</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_pid_dtY_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zqkHeZEAvkAf" title="Contractual term"><ix:nonNumeric contextRef="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember" format="ixt-sec:duryear" id="Fact002692" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">10</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_pid_dtY_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zUzIVSlq67u6" title="Contractual term"><ix:nonNumeric contextRef="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember" format="ixt-sec:duryear" id="Fact002694" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">10</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected forfeiture rate (post-vesting)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRateForPostVesting_pid_uPure_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__srt--RangeAxis__srt--MinimumMember_zLaxsIRiK6uf" title="Expected forfeiture rate (post-vesting)"><ix:nonFraction name="QTTOY:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRateForPostVesting" contextRef="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember_srt_MinimumMember" id="Fact002696" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span>-<span id="xdx_907_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRateForPostVesting_pid_uPure_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__srt--RangeAxis__srt--MaximumMember_zbTgNOEhiXGa" title="Expected forfeiture rate (post-vesting)"><ix:nonFraction name="QTTOY:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRateForPostVesting" contextRef="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember_srt_MaximumMember" id="Fact002698" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">20</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRateForPostVesting_pid_uPure_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__srt--RangeAxis__srt--MinimumMember_z576DGo0UNog" title="Expected forfeiture rate (post-vesting)"><ix:nonFraction name="QTTOY:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRateForPostVesting" contextRef="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember_srt_MinimumMember" id="Fact002700" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0</ix:nonFraction></span>-<span id="xdx_904_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRateForPostVesting_pid_uPure_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__srt--RangeAxis__srt--MaximumMember_zmlBOeJdaN04" title="Expected forfeiture rate (post-vesting)"><ix:nonFraction name="QTTOY:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRateForPostVesting" contextRef="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember_srt_MaximumMember" id="Fact002702" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">20</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
    value of the common share on the date of option grant (RMB)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eus-gaap--SharePrice_iI_pid_uRMBPShares_c20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__srt--RangeAxis__srt--MinimumMember_zHyMq5x046yd" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_us-gaap_EmployeeStockOptionMember_srt_MinimumMember" id="Fact002704" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">7.09</ix:nonFraction></span>-<span id="xdx_90E_eus-gaap--SharePrice_iI_pid_uRMBPShares_c20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__srt--RangeAxis__srt--MaximumMember_zQdAyK6RD7A9" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-12-31_us-gaap_EmployeeStockOptionMember_srt_MaximumMember" id="Fact002706" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">60.19</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_90A_eus-gaap--SharePrice_iI_pid_uRMBPShares_c20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__srt--RangeAxis__srt--MinimumMember_zmLYt27Vmyli" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-12-31_us-gaap_EmployeeStockOptionMember_srt_MinimumMember" id="Fact002708" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">1.45</ix:nonFraction></span>-<span id="xdx_90C_eus-gaap--SharePrice_iI_pid_uRMBPShares_c20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__srt--RangeAxis__srt--MaximumMember_z54VoE7Px2lh" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-12-31_us-gaap_EmployeeStockOptionMember_srt_MaximumMember" id="Fact002710" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">3.83</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A5_zfzxRtr8gpw5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#65288;1&#65289;The
risk-free interest rate of periods within the contractual life of the share option is based on the market yield of the Chinese sovereign
bond/US government bond with a maturity life equal to the expected life to expiration.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 29.8pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#65288;2&#65289;The
Company has no history or expectation of paying dividends on its ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 29.8pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#65288;3&#65289;Expected
volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation
dates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 29.8pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002712" name="us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock"><p id="xdx_802_eus-gaap--PensionAndOtherPostretirementBenefitsDisclosureTextBlock_zIePFzrd2NDb" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.
<span id="xdx_821_zVOeG96UQBdi">Employee benefits</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
full-time employees of the Company&#8217;s subsidiaries and VIEs that are incorporated in the PRC are entitled to staff welfare
benefits including medical insurance, basic pensions, unemployment insurance, work injury insurance, maternity insurance and housing
funds. These companies are required to contribute to these benefits based on certain percentages of the employees&#8217; salaries in
accordance with the relevant regulations and charge the amount contributed to these benefits to the consolidated statements of
comprehensive loss. The total amounts charged to the consolidated statements of comprehensive loss for such employee benefits
amounted to RMB<span id="xdx_909_eus-gaap--OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_pn5n6_c20210101__20211231_zf46TibYNrE5"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" contextRef="From2021-01-012021-12-31" id="Fact002713" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">98.7</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million,
RMB<span id="xdx_90D_eus-gaap--OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_pn5n6_c20220101__20221231_zQPYr2kcQABg"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" contextRef="From2022-01-012022-12-31" id="Fact002714" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">50.6</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
and </span>RMB<span id="xdx_907_eus-gaap--OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_pn5n6_c20230101__20231231_z3y3smgY2C15" title="Amount incurred for employee benefits"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact002716" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">30.1</ix:nonFraction> </span>million
for the years ended December 31, 2021, 2022 and 2023, respectively. The PRC government is responsible for the welfare and medical
benefits and ultimate pension liability to these employees.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 198; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002718" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_807_eus-gaap--IncomeTaxDisclosureTextBlock_zMXAuiSkPS7d" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17. <span id="xdx_829_zeKAYIfthMEb">Income
Taxes</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
                                            Islands</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 42.7pt; text-align: justify; text-indent: -12.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the current tax laws of the Cayman Islands, the Company is not subject to income, corporation or capital gains tax, and no
withholding tax is imposed upon the payment of dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong
                                            Kong Profits Tax</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.6in; text-align: justify; text-indent: -12.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
of the Company&#8217;s subsidiaries incorporated in Hong Kong is subject to Hong Kong profits tax at the rate of <span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--HK__srt--StatementScenarioAxis__custom--ScenarioOneMember_zaTNxSee1Wdk" title="Income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-012023-12-31_country_HK_custom_ScenarioOneMember" id="Fact002720" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.25</ix:nonFraction></span>% for profit of up
to HK$<span id="xdx_90A_eus-gaap--IncomeLossIncludingPortionAttributableToNoncontrollingInterest_pn5n6_uHKD_c20230101__20231231__srt--StatementGeographicalAxis__country--HK__srt--RangeAxis__srt--MaximumMember__srt--StatementScenarioAxis__custom--ScenarioOneMember_z3pkKlVHJ22d" title="Taxable profit amount"><ix:nonFraction name="us-gaap:IncomeLossIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2023-01-012023-12-31_country_HK_srt_MaximumMember_custom_ScenarioOneMember" id="Fact002722" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="HKD">2.0</ix:nonFraction></span> million and <span id="xdx_90E_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--HK__srt--StatementScenarioAxis__custom--ScenarioTwoMember_zQEI8C3fxrZ9" title="Income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-012023-12-31_country_HK_custom_ScenarioTwoMember" id="Fact002724" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction></span>% for the remainder of taxable income. Dividend income received from subsidiaries in China are not subject
to Hong Kong profits tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC
                                            Enterprise Income Tax (&#8220;EIT&#8221;)</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 42.7pt; text-align: justify; text-indent: -12.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 16, 2007, the National People&#8217;s Congress of the PRC enacted an Enterprise Income Tax Law (&#8220;EIT Law&#8221;), under which
Foreign Investment Enterprises (&#8220;FIEs&#8221;) and domestic companies would be subject to EIT at a uniform rate of <span id="xdx_909_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--CN_zHL3xCxIyUXa" title="Income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-012023-12-31_country_CN" id="Fact002726" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>%. The EIT
Law became effective on January 1, 2008.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose &#8220;de facto management
body&#8221; is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income
tax at the rate of <span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--CN__us-gaap--IncomeTaxAuthorityNameAxis__custom--EnterpriseIncomeTaxLawMember_z5QaXC3DSF15" title="Income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-012023-12-31_country_CN_custom_EnterpriseIncomeTaxLawMember" id="Fact002728" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>% for its global income. The implementing rules of the EIT Law merely define the location of the &#8220;de facto
management body&#8221; as &#8220;the place where the exercising, in substance, of the overall management and control of the production
and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
EIT Law also imposes a withholding income tax of <span id="xdx_900_ecustom--WithholdingIncomeTaxRateForDividendsDistributed_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--CN_zYByqLBHi6I6" title="Withholding income tax rate for dividends distributed"><ix:nonFraction name="QTTOY:WithholdingIncomeTaxRateForDividendsDistributed" contextRef="From2023-01-012023-12-31_country_CN" id="Fact002730" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>%
on dividends distributed by a FIE to its immediate holding company outside of China, if such immediate holding company is considered
as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with
the establishment or place of such immediate holding company within China, unless such immediate holding company&#8217;s
jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands,
where the Company is incorporated, does not have such tax treaty with China. According to the Arrangement between the Mainland of
China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with
respect to Taxes on Income in August 2006, dividends paid by a FIE in China to its immediate holding company in Hong Kong will be
subject to withholding tax at a rate of no more than <span id="xdx_90B_ecustom--WithholdingIncomeTaxRateOnDividendsDeclaredByPRCToHoldingCompany_pid_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--CN_zvBlsiT5SE1h" title="Withholding income tax rate for dividends declared to holding company"><ix:nonFraction name="QTTOY:WithholdingIncomeTaxRateOnDividendsDeclaredByPRCToHoldingCompany" contextRef="From2023-01-012023-12-31_country_CN" id="Fact002732" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>%
if the immediate holding company in Hong Kong owns directly at least <span id="xdx_906_ecustom--WithholdingIncomeTaxRateOnDividendsForHoldingCompanyWhichRecognizedAsBeneficialOwner_pid_dp_c20230101__20231231__srt--StatementGeographicalAxis__country--CN_z7ERVnADItD" title="Withholding income tax rate on dividends for Hong Kong holding company which recognized as beneficial owner"><ix:nonFraction name="QTTOY:WithholdingIncomeTaxRateOnDividendsForHoldingCompanyWhichRecognizedAsBeneficialOwner" contextRef="From2023-01-012023-12-31_country_CN" id="Fact002734" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>%
of the shares of the FIE and could be recognized as a beneficial owner of the dividend from a PRC tax perspective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jifen
obtained its HNTE certificate in 2016 with a valid period of <span id="xdx_90B_ecustom--IncomeTaxesPreferentialTaxRateReviewPeriod_c20230101__20231231__srt--StatementGeographicalAxis__country--CN_zD0kvOBnHOj7" title="Income taxes preferential tax rate review period"><ix:nonNumeric contextRef="From2023-01-012023-12-31_country_CN" format="ixt-sec:durwordsen" id="Fact002736" name="QTTOY:IncomeTaxesPreferentialTaxRateReviewPeriod">three
years</ix:nonNumeric></span>. Therefore, Jifen is eligible to enjoy a preferential tax rate of <span id="xdx_905_ecustom--IncomeTaxesPreferentialTaxRate_dp_uPure_c20230101__20231231__srt--StatementGeographicalAxis__country--CN_ztGBzdMP2Pag" title="Income taxes preferential tax rate"><ix:nonFraction name="QTTOY:IncomeTaxesPreferentialTaxRate" contextRef="From2023-01-012023-12-31_country_CN" id="Fact002738" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span>%
from 2016 to 2018 to the extent it has taxable income under the EIT Law, as long as it maintains the HNTE qualification and duly
conducts relevant EIT filing procedures with the relevant tax authority. The HNTE certificate was renewed in 2019 and 2022,
respectively, and is valid through 2024. However, Jifen has not yet enjoyed the above-mentioned preferential tax treatments due to
its loss position and as such there is no impact of these tax holidays on earnings or earnings per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, the Company&#8217;s subsidiary, Chenxing, was approved for the Software Enterprise Status. In accordance with the EIT Law,
Chenxing is entitled to enjoy full income tax exemption for 2021 and 2022, and a preferential income tax rate of <span id="xdx_90D_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_c20210101__20211231__us-gaap--TaxPeriodAxis__custom--TaxYearTwoThousandAndTwentyThreeMember_zGV8zI05KCYc" title="Preferential income tax rate"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_c20210101__20211231__us-gaap--TaxPeriodAxis__custom--TaxYearTwoThousandAndTwentyFourMember_zU4T9LolAsAj" title="Preferential income tax rate"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2021-01-012021-12-31_custom_TaxYearTwoThousandAndTwentyThreeMember" id="Fact002740" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2021-01-012021-12-31_custom_TaxYearTwoThousandAndTwentyFourMember" id="Fact002742" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12.5</ix:nonFraction></ix:nonFraction></span></span>%
for 2023 to 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reconciliation
of the differences between statutory tax rate and the effective tax rate</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002744" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_899_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zFemxzxMUk6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reconciliation between the effective income tax rate and the PRC statutory income tax rate is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zP2YIANf5ci6">Schedule
of Reconciliation Between Effective Income Tax Rate and PRC Statutory Income Tax Rate</span> </span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49E_20210101__20211231_zpe2JKH6QWHc" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_491_20220101__20221231_zwqDte7OGKPg" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_495_20230101__20231231_z3JbWkTkdGFl" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_maabcm_zsb3FYEa456" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRC Statutory
    income tax rates</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2021-01-012021-12-31" id="Fact002746" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25.0</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-012022-12-31" id="Fact002747" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25.0</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact002748" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25.0</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr id="xdx_404_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_maabcm_zoJ2StmTH671" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in valuation allowance</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2021-01-012021-12-31" id="Fact002750" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">16.9</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2022-01-012022-12-31" id="Fact002751" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">17.2</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2023-01-01to2023-12-31" id="Fact002752" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">28.9</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr>
  <tr id="xdx_40D_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate_pid_dp_maabcm_zUetgCUDyKF5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permanent book &#8212; tax
    difference</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" contextRef="From2021-01-012021-12-31" id="Fact002754" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">6.1</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" contextRef="From2022-01-012022-12-31" id="Fact002755" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.1</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact002756" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">29.0</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr id="xdx_408_ecustom--EffectiveIncomeTaxRateReconciliationDifferenceInEITRatesOfCertainSubsidiaries_pid_dp_maabcm_zImAyEkOMLp2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Difference in EIT rates of
    certain subsidiaries</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:EffectiveIncomeTaxRateReconciliationDifferenceInEITRatesOfCertainSubsidiaries" contextRef="From2021-01-012021-12-31" id="Fact002758" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">2.5</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:EffectiveIncomeTaxRateReconciliationDifferenceInEITRatesOfCertainSubsidiaries" contextRef="From2022-01-012022-12-31" id="Fact002759" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">12.0</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:EffectiveIncomeTaxRateReconciliationDifferenceInEITRatesOfCertainSubsidiaries" contextRef="From2023-01-01to2023-12-31" id="Fact002760" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">26.2</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr>
  <tr id="xdx_406_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_mtabcm_zYW1mOCYin31" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2021-01-012021-12-31" id="Fact002762" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">0.5</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2022-01-012022-12-31" id="Fact002763" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">0.1</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" contextRef="From2023-01-01to2023-12-31" id="Fact002764" format="ixt:numdotdecimal" decimals="INF" scale="-2" sign="-" unitRef="Pure">1.1</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)%</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AB_z8O1AV7Osiz5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 199; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
from domestic and foreign components before income tax expense (benefit)</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002766" name="us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock"><p id="xdx_890_eus-gaap--ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock_z4LAgR8wBwU" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loss before income tax expenses (benefit) for domestic and foreign components&#8217; are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_z3fbmncPfKD2" style="display: none">&#160;Schedule
of Loss Before Income Tax Expenses (Benefit) for Domestic and Foreign</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_494_20210101__20211231_zDmQck3VFQ9l" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_496_20220101__20221231_zHCC0tZ4hAgc" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49A_20230101__20231231_zOk9y2vu9FJj" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_iN_pn3n3_di_uRMB_maILFCOzv2C_zK8elP9jSEv8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domestic</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" contextRef="From2021-01-012021-12-31" id="Fact002768" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">870,174</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" contextRef="From2022-01-012022-12-31" id="Fact002769" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">316,425</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" contextRef="From2023-01-01to2023-12-31" id="Fact002770" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">49,736</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_402_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign_iN_pn3n3_di_uRMB_maILFCOzv2C_zVlF1FkJ0gC8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" contextRef="From2021-01-012021-12-31" id="Fact002772" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">363,757</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" contextRef="From2022-01-012022-12-31" id="Fact002773" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">597,974</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign" contextRef="From2023-01-01to2023-12-31" id="Fact002774" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">237,075</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iNT_pn3n3_di_uRMB_mtILFCOzv2C_zwv5UoGeJ9d1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-01-012021-12-31" id="Fact002776" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,233,931</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact002777" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">914,399</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact002778" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">187,339</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zIXqaOPNRn5d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Composition
of income tax expense (benefit)</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002780" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_z3hC8acXJKEi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
current and deferred portions of income tax expense (benefit) included in the consolidated statements of comprehensive loss are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BF_zBkwjvEp9bMl">Schedule
of Current and Deferred Portions of Income Tax Expense (Benefit)&#160;</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_490_20210101__20211231_zY4kjr91ksOj" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_496_20220101__20221231_zWMe0Is7Gpbj" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_495_20230101__20231231_zCNiHNRoUehh" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--CurrentIncomeTaxExpenseBenefit_pn3n3_maITEBzcXP_z0GSfI4mz2x9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current income
    tax expense</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact002782" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,453</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact002783" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,355</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CurrentIncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact002784" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">377</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--DeferredIncomeTaxExpenseBenefit_pn3n3_maITEBzcXP_zA9RHWjgomri" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred income tax benefit</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact002786" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">2,403</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact002787" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">2,403</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:DeferredIncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact002788" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">2,403</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40F_eus-gaap--IncomeTaxExpenseBenefit_iT_pn3n3_mtITEBzcXP_zziRbQkqhRsk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax expense (benefit)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2021-01-012021-12-31" id="Fact002790" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,050</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2022-01-012022-12-31" id="Fact002791" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,048</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeTaxExpenseBenefit" contextRef="From2023-01-01to2023-12-31" id="Fact002792" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">2,026</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A1_zVCIhwts0zai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002794" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_89A_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_z2SaWtWyrMN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the significant components of the deferred tax assets and deferred tax liabilities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BA_zjce4sPnssNg">Schedule
of Significant Components of Deferred Tax Assets and Liabilities</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20221231_ztbmW8s1m2se" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20231231_zyZwAMwc2g0c" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther_iI_pn3n3_maDTANzlaQ_zwsDS7YC6eW7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deductible temporary
    difference to accruals and others</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther" contextRef="AsOf2022-12-31" id="Fact002796" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">522,575</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther" contextRef="AsOf2023-12-31" id="Fact002797" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">518,990</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_maDTANzlaQ_zEoyCmP9UiWk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax losses carried forward</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2022-12-31" id="Fact002799" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">978,345</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2023-12-31" id="Fact002800" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">913,576</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANzlaQ_z3mzGzjSY9w7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
    Valuation allowance</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2022-12-31" id="Fact002802" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,500,920</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2023-12-31" id="Fact002803" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,432,566</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_402_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANzlaQ_z3SMUZhVH7zj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    of deferred tax assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2805">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2806">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets_iI_pn3n3_maDTLzWgw_z8vUnBIXyzWi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxable
    temporary difference related to acquired right to operate an online audio/video content platform</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets" contextRef="AsOf2022-12-31" id="Fact002808" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,019</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets" contextRef="AsOf2023-12-31" id="Fact002809" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,616</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--DeferredTaxLiabilities_iTI_pn3n3_mtDTLzWgw_zgi42omsdUEg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    of deferred tax liabilities</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DeferredTaxLiabilities" contextRef="AsOf2022-12-31" id="Fact002811" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,019</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:DeferredTaxLiabilities" contextRef="AsOf2023-12-31" id="Fact002812" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11,616</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A5_zDTluzOtIkOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax liability of RMB<span id="xdx_904_eus-gaap--DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets_iI_pn5n6_c20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--OnlineAudioVideoContentPlatformMember_zcaYCKIrNW24" title="Deferred tax liability, intangible assets"><ix:nonFraction name="us-gaap:DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets" contextRef="AsOf2023-12-31_custom_OnlineAudioVideoContentPlatformMember" id="Fact002814" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">11.6</ix:nonFraction></span> million represents the difference between the accounting basis and tax basis of the acquired right to operate
an online audio/video content platform (Note 9) and will be realized over <span id="xdx_904_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_iI_dtY_c20231231__srt--RangeAxis__srt--MaximumMember_zFBkXc9ANQIg" title="Intangible assets, amortization period"><ix:nonNumeric contextRef="AsOf2023-12-31_srt_MaximumMember" format="ixt-sec:duryear" id="Fact002816" name="us-gaap:FiniteLivedIntangibleAssetUsefulLife">10</ix:nonNumeric></span> years which is in line with the acquired right&#8217;s amortization
period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">As of December 31, 2021, 2022
and 2023, the PRC entities of the Group had tax loss carryforwards of approximately RMB<span id="xdx_90E_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn5n6_c20211231__srt--StatementGeographicalAxis__country--CN_zl7kzRCrTsFf" title="Tax loss carryforwards"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2021-12-31_country_CN" id="Fact002818" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">3,311.9</ix:nonFraction></span>
million, RMB<span id="xdx_90E_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn5n6_c20221231__srt--StatementGeographicalAxis__country--CN_zw8kw0GOi4ih" title="Tax loss carryforwards"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2022-12-31_country_CN" id="Fact002820" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">4,434.5</ix:nonFraction></span>
million and RMB<span id="xdx_90D_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn5n6_c20231231__srt--StatementGeographicalAxis__country--CN_zoTVqysDkUJh" title="Tax loss carryforwards"><ix:nonFraction name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" contextRef="AsOf2023-12-31_country_CN" id="Fact002822" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">3,936.9</ix:nonFraction></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million</span>,
respectively, which can be carried forward to offset taxable income. The carryforwards period for net operating losses under the EIT
Law is five years. The net operating loss carryforwards of the Group will start to expire in varying amounts between 2024 and 2028.
Other than the expiration, there are no other limitations or restrictions upon the Group&#8217;s ability to use these operating loss
carryforwards. There is no expiration for the advertising expenses carryforwards.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 200; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation
allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax
assets will not be utilized in the future. In making such determination, the Group considered factors including future taxable
income exclusive of reversing temporary differences and tax loss carryforwards. Valuation allowance was provided for net operating
loss carryforwards because it was more likely than not that such deferred tax assets will not be realized due to lack of profitable
history to support the Group&#8217;s estimate of its future taxable income. If events occur in the future that allow the Group to
realize part or all of its deferred tax assets, an adjustment to the valuation allowances will result in a decrease in tax expense when
those events occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, valuation allowances of RMB<span id="xdx_905_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn5n6_uRMB_c20221231__srt--StatementGeographicalAxis__country--CN_zv2zjDlqxAd1" title="Valuation allowances"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2022-12-31_country_CN" id="Fact002824" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1,500.9</ix:nonFraction></span> million and RMB<span id="xdx_904_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pn5n6_c20231231__srt--StatementGeographicalAxis__country--CN_zx8jjfGgbktl" title="Valuation allowances"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2023-12-31_country_CN" id="Fact002826" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">1,432.6</ix:nonFraction></span> million were provided because it was more likely
than not that the Group will not be able to utilize certain tax losses carryforwards and other deferred tax assets generated by its
subsidiaries and Affiliated Entities. If events occur in the future that allow the Group to realize more of its deferred tax assets than
the presently recorded amount, an adjustment to the valuation allowances will increase income when those events occur.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002828" name="us-gaap:SummaryOfValuationAllowanceTextBlock"><p id="xdx_894_eus-gaap--SummaryOfValuationAllowanceTextBlock_zRqvWegfHq71" style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Movement
of valuation allowance is as follows:</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8B4_zY3B0c1HmQPb">Schedule
of Movement of Valuation Allowance</span>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_496_20210101__20211231_zHJ9pirjY9E1" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_495_20220101__20221231_zEHOi5w5UQbf" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_496_20230101__20231231_zZFSKktC647a" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--ValuationAllowancesAndReservesBalance_iS_zLwrXnqXsJd3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning balance</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ValuationAllowancesAndReservesBalance" contextRef="AsOf2020-12-31" id="Fact002830" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,056,253</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ValuationAllowancesAndReservesBalance" contextRef="AsOf2021-12-31" id="Fact002831" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,309,962</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ValuationAllowancesAndReservesBalance" contextRef="AsOf2022-12-31" id="Fact002832" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,500,920</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_zGqWyxdji3Fe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current year additions</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" contextRef="From2021-01-012021-12-31" id="Fact002834" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">434,837</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" contextRef="From2022-01-012022-12-31" id="Fact002835" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">287,018</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount" contextRef="From2023-01-01to2023-12-31" id="Fact002836" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">59,096</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_ecustom--ValuationAllowancesAndReservesDeduction_zQLLfwmUqPwe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current year reversals</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:ValuationAllowancesAndReservesDeduction" contextRef="From2021-01-012021-12-31" id="Fact002838" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">181,128</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:ValuationAllowancesAndReservesDeduction" contextRef="From2022-01-012022-12-31" id="Fact002839" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">96,060</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="QTTOY:ValuationAllowancesAndReservesDeduction" contextRef="From2023-01-01to2023-12-31" id="Fact002840" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">127,450</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--ValuationAllowancesAndReservesBalance_iE_zSUuqYl6SmL7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ending balance</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ValuationAllowancesAndReservesBalance" contextRef="AsOf2021-12-31" id="Fact002842" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,309,962</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ValuationAllowancesAndReservesBalance" contextRef="AsOf2022-12-31" id="Fact002843" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,500,920</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ValuationAllowancesAndReservesBalance" contextRef="AsOf2023-12-31" id="Fact002844" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,432,566</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zi1OXYpAITR4" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002846" name="us-gaap:OtherOperatingIncomeAndExpenseTextBlock"><p id="xdx_808_eus-gaap--OtherOperatingIncomeAndExpenseTextBlock_zDxU7mG3mQu5" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.
<span id="xdx_820_z28mNj4INARi">Other Operating Income</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chinese tax bureau implemented a new tax rule which states that for the period between April 1, 2019 to December 31, 2021, companies
from selected service industries (i.e. postal services, telecommunication services, modern services and lifestyle services) qualify
for an additional <span id="xdx_90B_ecustom--InputVatAdditionalCreditAdmissiblePercentage_dp_c20210101__20211231_zelEVF3ki5V7"><ix:nonFraction name="QTTOY:InputVatAdditionalCreditAdmissiblePercentage" contextRef="From2021-01-012021-12-31" id="Fact002847" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">percent
super deduction of input VAT in addition to the existing, deductible input VAT. This policy has further been extended to December
31, 2023. The Company obtained the relevant certificate in 2019 and recorded a benefit from the super deduction of RMB<span id="xdx_90A_ecustom--SuperDeductionsOfValueAddedTax_pn5n6_c20210101__20211231_zTq9dHfnfwrg"><ix:nonFraction name="QTTOY:SuperDeductionsOfValueAddedTax" contextRef="From2021-01-012021-12-31" id="Fact002848" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">33.1</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million,
RMB<span id="xdx_90E_ecustom--SuperDeductionsOfValueAddedTax_pn5n6_c20220101__20221231_zqlIQZ2JLx51"><ix:nonFraction name="QTTOY:SuperDeductionsOfValueAddedTax" contextRef="From2022-01-012022-12-31" id="Fact002849" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">21.0</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
and RMB<span id="xdx_90E_ecustom--SuperDeductionsOfValueAddedTax_pn5n6_c20230101__20231231_zyMQQTWahZSg"><ix:nonFraction name="QTTOY:SuperDeductionsOfValueAddedTax" contextRef="From2023-01-01to2023-12-31" id="Fact002850" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">2.8</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
in other operating income for the years ended December 31, 2021, 2022 and 2023, respectively. In 2021, 2022 and 2023, other
operating income also included a VAT related refund of RMB<span id="xdx_90B_ecustom--ValueAddedTaxIncome_pn5n6_c20210101__20211231__us-gaap--IncomeStatementLocationAxis__us-gaap--OtherOperatingIncomeExpenseMember_zjaG3yFUE06c"><ix:nonFraction name="QTTOY:ValueAddedTaxIncome" contextRef="From2021-01-012021-12-31_us-gaap_OtherOperatingIncomeExpenseMember" id="Fact002851" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">73.0</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million,
RMB<span id="xdx_90A_ecustom--ValueAddedTaxIncome_pn5n6_c20220101__20221231__us-gaap--IncomeStatementLocationAxis__us-gaap--OtherOperatingIncomeExpenseMember_zQEgIQsY3xAl"><ix:nonFraction name="QTTOY:ValueAddedTaxIncome" contextRef="From2022-01-012022-12-31_us-gaap_OtherOperatingIncomeExpenseMember" id="Fact002852" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">40.8</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million
and RMB<span id="xdx_903_ecustom--ValueAddedTaxIncome_pn5n6_c20230101__20231231__us-gaap--IncomeStatementLocationAxis__us-gaap--OtherOperatingIncomeExpenseMember_z2U8rNU5Do7g"><ix:nonFraction name="QTTOY:ValueAddedTaxIncome" contextRef="From2023-01-012023-12-31_us-gaap_OtherOperatingIncomeExpenseMember" id="Fact002853" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">6.3</ix:nonFraction> </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million,
respectively, which was recorded upon receipt.</span></p>
<!-- Field: Split-Segment; Name: 03 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002855" name="us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock"><p id="xdx_804_eus-gaap--OtherIncomeAndOtherExpenseDisclosureTextBlock_ztKXIrdWXzA3" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.
<span id="xdx_82B_zr6GoZGqBZy5">Other Income/(Expenses), net</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022, one of our material subsidiaries and one of the Key VIEs paid fines of RMB<span id="xdx_901_ecustom--FinesAndPenalitiesPaidBySubsidiary_pn5n6_c20220101__20221231_z2GmdrVF3mgk" title="Fines and penalities paid by subsidiary"><ix:nonFraction name="QTTOY:FinesAndPenalitiesPaidBySubsidiary" contextRef="From2022-01-012022-12-31" id="Fact002857" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">82.8</ix:nonFraction> </span>million in aggregate as a result of alleged fraudulent
advertisements that an advertising customer placed on the Company&#8217;s online platform. In November 2022, one of our VIE has been
ordered by local police to pay an amount of RMB<span id="xdx_90C_eus-gaap--LossContingencyDamagesPaidValue_pn5n6_c20221101__20221130_zIWQ0nUWvjV4" title="Loss Contingency, Damages Paid, Value"><ix:nonFraction name="us-gaap:LossContingencyDamagesPaidValue" contextRef="From2022-11-012022-11-30" id="Fact002859" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">10.0</ix:nonFraction></span> million (US$<span id="xdx_90B_eus-gaap--LossContingencyDamagesPaidValue_pn5n6_uUSD_c20221101__20221130_znlEvjGq2Ceb" title="Loss Contingency, Damages Paid, Value"><ix:nonFraction name="us-gaap:LossContingencyDamagesPaidValue" contextRef="From2022-11-012022-11-30" id="Fact002861" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.4</ix:nonFraction></span> million) in connection with investigation on alleged fraudulent conduct
of an advertising agent which has placed advertisements on one of our mobile applications (Note 24(d)).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, the Company deconsolidated one of its subsidiaries when a third-party investor purchased <span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_dp_uPure_c20211231__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--ThirdPartyMember_z52zCmEWZ9H2" title="Equity Method Investment, Ownership Percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2021-12-31_custom_ThirdPartyMember" id="Fact002863" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">60</ix:nonFraction></span>% of the subsidiary&#8217;s equity ownership.
On the date the subsidiary was deconsolidated, the Company recorded the difference of RMB<span id="xdx_909_eus-gaap--EquityMethodInvestmentRealizedGainLossOnDisposal_pn5n6_c20210101__20211231_z5NwMIjTziog" title="Gain on disposal of subsidiary"><ix:nonFraction name="us-gaap:EquityMethodInvestmentRealizedGainLossOnDisposal" contextRef="From2021-01-012021-12-31" id="Fact002865" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">23.1</ix:nonFraction></span> million between the fair value consideration
received and the carrying value of the subsidiary&#8217;s net assets as a disposal gain in Other Income /(Expenses).</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002867" name="us-gaap:MinorityInterestDisclosureTextBlock"><p id="xdx_807_eus-gaap--MinorityInterestDisclosureTextBlock_z31t57ZPehf" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.
<span id="xdx_82F_zLCsLmB7Tfag">Redeemable non-controlling interests and non-controlling interests</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(a)
Redeemable non-controlling interests</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2018, Fun literature, one of the Company&#8217;s wholly owned subsidiaries, entered into preferred share purchase agreements
with certain third party investors to issue <span id="xdx_909_eus-gaap--TemporaryEquitySharesIssued_iI_c20181130__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredSharesMember_zUmXWmX3n51e" title="Mezzanine equity, shares issued"><ix:nonFraction name="us-gaap:TemporaryEquitySharesIssued" contextRef="AsOf2018-11-30_custom_FunLiteratureMember_custom_SeriesAConvertibleRedeemablePreferredSharesMember" id="Fact002869" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,763,440</ix:nonFraction></span> shares of series A redeemable convertible preferred shares (Fun Series A Preferred
Shares) for an aggregate issuance price of US$<span id="xdx_909_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_pn5n6_uUSD_c20181130__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredSharesMember_zt6UHFY9uSQh" title="Mezzanine equity, aggregate amount of redemption"><ix:nonFraction name="us-gaap:TemporaryEquityAggregateAmountOfRedemptionRequirement" contextRef="AsOf2018-11-30_custom_FunLiteratureMember_custom_SeriesAConvertibleRedeemablePreferredSharesMember" id="Fact002871" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">14.0</ix:nonFraction></span> million (RMB<span id="xdx_906_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_pn5n6_uRMB_c20181130__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredSharesMember_zmofjrqkkang" title="Mezzanine equity, aggregate amount of redemption"><ix:nonFraction name="us-gaap:TemporaryEquityAggregateAmountOfRedemptionRequirement" contextRef="AsOf2018-11-30_custom_FunLiteratureMember_custom_SeriesAConvertibleRedeemablePreferredSharesMember" id="Fact002873" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">97.1</ix:nonFraction></span> million).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2019, Fun Literature entered into an additional preferred share agreement with a new third party investor to issue <span id="xdx_902_eus-gaap--TemporaryEquitySharesIssued_iI_c20190331__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredSharesMember_ziRyeuyAzq6k" title="Mezzanine equity, shares issued"><ix:nonFraction name="us-gaap:TemporaryEquitySharesIssued" contextRef="AsOf2019-03-31_custom_FunLiteratureMember_custom_SeriesAConvertibleRedeemablePreferredSharesMember" id="Fact002875" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,097,212</ix:nonFraction></span> series
A redeemable preferred shares for an aggregate issuance price of US$<span id="xdx_902_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_pn5n6_uUSD_c20190331__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredSharesMember_zqljibIZcRX6" title="Mezzanine equity, aggregate amount of redemption"><ix:nonFraction name="us-gaap:TemporaryEquityAggregateAmountOfRedemptionRequirement" contextRef="AsOf2019-03-31_custom_FunLiteratureMember_custom_SeriesAConvertibleRedeemablePreferredSharesMember" id="Fact002877" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">4.0</ix:nonFraction></span> million (RMB<span id="xdx_902_eus-gaap--TemporaryEquityAggregateAmountOfRedemptionRequirement_iI_pn5n6_uRMB_c20190331__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredSharesMember_zOSU98BkmF8h" title="Mezzanine equity, aggregate amount of redemption"><ix:nonFraction name="us-gaap:TemporaryEquityAggregateAmountOfRedemptionRequirement" contextRef="AsOf2019-03-31_custom_FunLiteratureMember_custom_SeriesAConvertibleRedeemablePreferredSharesMember" id="Fact002879" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">27.5</ix:nonFraction></span> million).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the preferred share agreement, the Fun Series A preferred shareholders have the right to convert all or any portion of their preferred
shareholdings into ordinary shares of Fun literature at the initial conversion ratio of <span id="xdx_902_ecustom--PreferredStockConversionRatio_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredSharesMember_z7pWTja2Q0Hl" title="Conversion Ratio"><ix:nonFraction name="QTTOY:PreferredStockConversionRatio" contextRef="From2023-01-012023-12-31_custom_FunLiteratureMember_custom_SeriesAConvertibleRedeemablePreferredSharesMember" id="Fact002881" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">1</ix:nonFraction></span>:1 at any time after the date of issuance of
the preferred shares, and the conversion ratio is subject to adjustment for dilution, including but not limited to stock splits, stock
dividends and recapitalization. In addition, the Fun Series A Preferred Shares will automatically convert into the Fun Literature&#8217;s
ordinary shares upon the occurrence of a qualified initial public offering (as defined in the share purchase agreement), at the then
effective and applicable conversion price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 201; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
other main rights, preferences and privileges of Fun Preferred Shares are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
rights</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the board of Fun literature declares dividend, the Investors have the same rights as the ordinary shareholders. Liquidation preferences</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of any liquidation, dissolution or winding up of Fun literature, either voluntarily or involuntarily, the Fun preferred shareholders
rank pari passu with the ordinary shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption
rights</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fun preferred shareholders have the right to require Fun literature to purchase all the shares from the Fun preferred shareholders within
<span id="xdx_90C_ecustom--PeriodToPurchaseSharesFromHolders_dc_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember_z29IzVj5PZLc" title="Purchase shares from holders"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_FunLiteratureMember" format="ixt-sec:durwordsen" id="Fact002883" name="QTTOY:PeriodToPurchaseSharesFromHolders">five years</ix:nonNumeric></span> after the closing of the issuance by the holders in the event that (i) a qualified initial public offering has not occurred,
or (ii) any material breach of representations and warranties, covenants or obligations made or borne by the Company that cause material
adverse effect on any Fun preferred shareholders, or (iii) any the Company engages in willful or fraudulent misconducts that cause material
adverse effect on any Fun preferred shareholders. The redemption need to be done within <span id="xdx_907_ecustom--RedemptionDays_dtD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember_zXkAonjrQAta" title="Redemption days"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_FunLiteratureMember" format="ixt-sec:durday" id="Fact002885" name="QTTOY:RedemptionDays">60</ix:nonNumeric></span> days from the date on which the Fun preferred
shareholders raise their written request. The redemption price equals initial investment plus <span id="xdx_900_ecustom--RedeemableNoncontrollingInterestsAnnualCompoundInterestRate_pid_dp_uPure_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember_zpqA9vuJdU9" title="Annual compound interest rate"><ix:nonFraction name="QTTOY:RedeemableNoncontrollingInterestsAnnualCompoundInterestRate" contextRef="From2023-01-012023-12-31_custom_FunLiteratureMember" id="Fact002887" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% annual compound interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting
rights</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fun preferred shareholders have the number of votes as equal to the number of shares they hold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2019, Fun Literature issued <span id="xdx_908_eus-gaap--PreferredStockSharesIssued_iI_c20190930__dei--LegalEntityAxis__custom--CMCCapitalMember__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredSharesMember__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember_zs98caeJCvcc" title="Number of preferred shares issued"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2019-09-30_custom_CMCCapitalMember_custom_SeriesBConvertibleRedeemablePreferredSharesMember_custom_FunLiteratureMember" id="Fact002889" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,794,903</ix:nonFraction></span> shares of Series B redeemable convertible preferred shares (&#8220;Fun Series B Preferred
Shares&#8221;) each to CMC Capital and the Company for cash consideration of US$<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_uUSD_c20190901__20190930__dei--LegalEntityAxis__custom--CMCCapitalMember__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredSharesMember__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember_zD5J9iKf2Brc" title="Preferred stock cash consideration"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" contextRef="From2019-09-012019-09-30_custom_CMCCapitalMember_custom_SeriesBConvertibleRedeemablePreferredSharesMember_custom_FunLiteratureMember" id="Fact002891" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000,000</ix:nonFraction></span> from each of them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the same preferential rights specified for the Fun Series A preferred shareholders as described above, the Fun Series B preferred
shareholders are entitled to (1) a conversion price adjustment down if certain operating metrics are not met around mid 2020 (2) put
option to Fun Literature&#8217;s parent company (&#8220;the Company&#8221;) to purchase at the initial investment plus any declared or
accrued but unpaid dividends in the event that a certain business milestone is not met by June 30, 2020, and (3) put option whereas both
the Fun Series A and B preferred shareholders have the right to require Fun Literature&#8217;s parent company to purchase all the shares
from them upon (i) an unsuccessful IPO within <span id="xdx_901_ecustom--ExtendedRedemptionPeriod_dtY_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredSharesMember_zIEpd5XIj91l" title="Extended redemption period"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_FunLiteratureMember_custom_SeriesBConvertibleRedeemablePreferredSharesMember" format="ixt-sec:duryear" id="Fact002893" name="QTTOY:ExtendedRedemptionPeriod">5</ix:nonNumeric></span> years starting from the Fun Series B Preferred Shares issuance date or (ii) any material
adverse effect caused by Fun Literature Limited or the Company (The preferred shares put option redemption price equals the initial investment
plus <span id="xdx_909_ecustom--InterestRateOnPreferredStockPutOption_pid_dp_uPure_c20190901__20190930__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesAAndBConvertibleRedeemablePreferredSharesMember_zUppnI73wdf1" title="Annual compound interest rate"><ix:nonFraction name="QTTOY:InterestRateOnPreferredStockPutOption" contextRef="From2019-09-012019-09-30_custom_FunLiteratureMember_custom_SeriesAAndBConvertibleRedeemablePreferredSharesMember" id="Fact002895" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span>% annual simple interest rate for both Fun Series A and B Preferred Shares).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2020, as certain operating metrics were not met, the conversion price to Series B investors was adjusted down to US$<span id="xdx_908_eus-gaap--SharePrice_iI_uUSDPShares_c20201231__srt--RangeAxis__srt--MinimumMember__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredSharesMember_z6WI0nDUiea6" title="Share price"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2020-12-31_srt_MinimumMember_custom_FunLiteratureMember_custom_SeriesBConvertibleRedeemablePreferredSharesMember" id="Fact002897" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.307</ix:nonFraction></span>. Furthermore,
the Series B put option to Fun Literature&#8217;s parent mentioned in (2) above was waived. During the fourth quarter of 2020, Fun Literature
also transferred <span id="xdx_909_ecustom--StockTransferredDuringPeriodShares_c20201001__20201231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredSharesMember__dei--LegalEntityAxis__custom--CMCCapitalMember_zfmrJByofAq5" title="Stock transferred during period shares"><ix:nonFraction name="QTTOY:StockTransferredDuringPeriodShares" contextRef="From2020-10-012020-12-31_custom_FunLiteratureMember_custom_SeriesBConvertibleRedeemablePreferredSharesMember_custom_CMCCapitalMember" id="Fact002899" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,643,603</ix:nonFraction></span> of CMC Capital&#8217;s Series B preferred shares to the Company for a total consideration of $<span id="xdx_90E_ecustom--StockTransferredDuringPeriodValue_pn6n6_uUSD_c20201001__20201231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredSharesMember__dei--LegalEntityAxis__custom--CMCCapitalMember_zxD2r1tjv956" title="Stock transferred during period value"><ix:nonFraction name="QTTOY:StockTransferredDuringPeriodValue" contextRef="From2020-10-012020-12-31_custom_FunLiteratureMember_custom_SeriesBConvertibleRedeemablePreferredSharesMember_custom_CMCCapitalMember" id="Fact002901" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">20</ix:nonFraction></span> million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2020, Fun Literature issued <span id="xdx_905_eus-gaap--PreferredStockSharesIssued_iI_c20201231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertibleRedeemablePreferredSharesMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zGYYXpRGqWZ8" title="Number of preferred shares issued"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2020-12-31_custom_FunLiteratureMember_custom_SeriesCConvertibleRedeemablePreferredSharesMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" id="Fact002903" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,776,007</ix:nonFraction></span> and <span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_iI_c20201231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertibleRedeemablePreferredSharesMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zWf5GqbK3Cjl" title="Number of preferred shares issued"><ix:nonFraction name="us-gaap:PreferredStockSharesIssued" contextRef="AsOf2020-12-31_custom_FunLiteratureMember_custom_SeriesCConvertibleRedeemablePreferredSharesMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" id="Fact002905" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">17,676,002</ix:nonFraction></span> shares of Series C redeemable convertible preferred shares (&#8220;Fun
Series C Preferred Shares&#8221;) to certain third-party investors, respectively, for a total consideration of US$<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_pn5n6_uUSD_c20200101__20201231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertibleRedeemablePreferredSharesMember_zIJVNfcD1Ry1" title="Preferred stock cash consideration"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" contextRef="From2020-01-012020-12-31_custom_FunLiteratureMember_custom_SeriesCConvertibleRedeemablePreferredSharesMember" id="Fact002907" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">111.8</ix:nonFraction></span> million (RMB<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_pn5n6_uRMB_c20200101__20201231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertibleRedeemablePreferredSharesMember_z0K47jC9BQy4" title="Preferred stock cash consideration"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" contextRef="From2020-01-012020-12-31_custom_FunLiteratureMember_custom_SeriesCConvertibleRedeemablePreferredSharesMember" id="Fact002909" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">733.2</ix:nonFraction></span>
million), which is net of issuance costs amounting to US$<span id="xdx_903_eus-gaap--PaymentsOfStockIssuanceCosts_pn5n6_uUSD_c20200101__20201231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertibleRedeemablePreferredSharesMember_zEwewoqSXOTd" title="Issuance costs"><ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="From2020-01-012020-12-31_custom_FunLiteratureMember_custom_SeriesCConvertibleRedeemablePreferredSharesMember" id="Fact002911" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">0.5</ix:nonFraction></span> million (RMB<span id="xdx_90C_eus-gaap--PaymentsOfStockIssuanceCosts_pn5n6_uRMB_c20200101__20201231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--StatementClassOfStockAxis__custom--SeriesCConvertibleRedeemablePreferredSharesMember_zlqastjYAVoh" title="Issuance costs"><ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="From2020-01-012020-12-31_custom_FunLiteratureMember_custom_SeriesCConvertibleRedeemablePreferredSharesMember" id="Fact002913" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">3.1</ix:nonFraction></span> million).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consideration was comprised of US$<span id="xdx_904_eus-gaap--Cash_iI_pn5n6_uUSD_c20231231_ziGZLc3kG9C3" title="Cash"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2023-12-31" id="Fact002915" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">55.0</ix:nonFraction></span> million cash (RMB<span id="xdx_906_eus-gaap--Cash_iI_pn5n6_uRMB_c20231231_zUaO4GPKEup3" title="Cash"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2023-12-31" id="Fact002917" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">360.6</ix:nonFraction></span> million), acquired intangible assets of US$<span id="xdx_900_eus-gaap--FinitelivedIntangibleAssetsAcquired1_pn5n6_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_zr26idzkxfI9" title="Finite lived intangible assets acquired"><ix:nonFraction name="us-gaap:FinitelivedIntangibleAssetsAcquired1" contextRef="From2023-01-012023-12-31_custom_FunLiteratureMember_us-gaap_DevelopedTechnologyRightsMember" id="Fact002919" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">20.8</ix:nonFraction></span> million (RMB<span id="xdx_90E_eus-gaap--FinitelivedIntangibleAssetsAcquired1_pn5n6_uRMB_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_zHSjlRucFLXd" title="Finite lived intangible assets acquired"><ix:nonFraction name="us-gaap:FinitelivedIntangibleAssetsAcquired1" contextRef="From2023-01-012023-12-31_custom_FunLiteratureMember_us-gaap_DevelopedTechnologyRightsMember" id="Fact002921" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">136.1</ix:nonFraction></span> million)
which for accounting purposes were allocated to developed technology and user data, and contents of US$<span id="xdx_90B_eus-gaap--FinitelivedIntangibleAssetsAcquired1_pn5n6_uUSD_c20230101__20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentMember__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember_zaH9htBrhyp1" title="Finite-lived intangible assets acquired"><ix:nonFraction name="us-gaap:FinitelivedIntangibleAssetsAcquired1" contextRef="From2023-01-012023-12-31_custom_ContentMember_custom_FunLiteratureMember" id="Fact002923" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">36.6</ix:nonFraction></span> million (RMB<span id="xdx_90C_eus-gaap--FinitelivedIntangibleAssetsAcquired1_pn5n6_uRMB_c20230101__20231231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentMember__srt--ConsolidatedEntitiesAxis__custom--FunLiteratureMember_zWQT4bPvoJt4" title="Finite-lived intangible assets acquired"><ix:nonFraction name="us-gaap:FinitelivedIntangibleAssetsAcquired1" contextRef="From2023-01-012023-12-31_custom_ContentMember_custom_FunLiteratureMember" id="Fact002925" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">240.0</ix:nonFraction></span> million)
from one of the investors (Note 8) which were all measured at fair value on the date of exchange. The acquisition was accounted for as
an asset acquisition rather than a business combination because the purchase did not meet the definition of a business under ASU 2017-01.
While the Series C preferred shares were issued in December 2020, the transfer of the intangible assets was not completed until January
2021 and therefore the purchased assets are recorded as other-long term assets as of December 31, 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the same preferential rights specified for the Fun Series A and B preferred shareholders as described above, the Fun Series
C preferred shareholders are entitled to (1) a performance-based share transfer feature if certain operating and financial metrics are
not met during 2021 (2) call option whereas if certain operating or financial metrics are met, one of the investors has the right to
purchase the outstanding shares held by the other preferred share investors and Fun Literature&#8217;s parent company at a variable exercise
price. The performance-based transfer feature did not have material accounting impact and was expired in 2021 with no transfer of shares
incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the Fun Series C Preferred Shares issuance, the earliest redemption date for the Fun Series A and B Preferred Shares has been extended
to December 31, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 202; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Accounting
for redeemable non-controlling interests</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the Fun Series A, B and C Preferred Shares are redeemable at a determinable price on a determinable date, at the option of the holder,
or upon occurrence of an event that is not solely within the control of Fun Literature, the Fun Series A, B and C Preferred Shares are
accounted for as redeemable non-controlling interests in the Group&#8217;s consolidated balance sheets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequently,
the redeemable non-controlling interests should be carried at the higher of (1) the carrying amount after the attribution of net income
of the Company (2) the expected redemption value. The Company accretes for the difference between the initial carrying value and the
ultimate redemption price using the effective interest rate method (10% annual compound interests) from the issuance dates to the earliest
possible redemption date, which is December 31, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assessed the impact of the extension of the earliest redemption date on the Series A and B Preferred Shares, and concluded that
the amendment represented a modification rather than an extinguishment of the preferred shares. The difference of the fair value for
the Fun Series A and B Preferred Shares before and after the modification is not material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the other preferential rights described above including the conversion price adjustment and the Fun Series A, B and C preferred shareholders&#8217;
put options to the Company, with the exception of the Series C call option discussed below, the Company concluded that these embedded
features do not need to be bifurcated from their host contract as they are either clearly and closely related to the equity host or they
do not meet the definition of a derivative.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
terms of the Series B Preferred Shares activity for the year, the downward adjustment of the conversion price did not result in a BCF
that needed to be recorded as the ordinary share value on the contingency settlement date was less than the revised conversion price.
The waiver of the Series B put option also did not have a material modification impact. For the repurchase of Series B preferred shares
by Fun Literature&#8217;s parent company, the Company&#8217;s mezzanine equity balance was reduced by the carrying value of the preferred
shares, and the difference between the consideration paid of $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_pn6n6_uUSD_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredSharesMember_zZO73E25dT8e" title="Preferred stock cash consideration"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" contextRef="From2023-01-012023-12-31_custom_SeriesBConvertibleRedeemablePreferredSharesMember" id="Fact002927" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">20</ix:nonFraction></span> million (RMB <span id="xdx_909_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_pn5n6_uRMB_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredSharesMember_zEUBcV3UKBw1" title="Preferred stock cash consideration"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" contextRef="From2023-01-012023-12-31_custom_SeriesBConvertibleRedeemablePreferredSharesMember" id="Fact002929" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">135.4</ix:nonFraction></span> million) and the carrying value of RMB<span id="xdx_906_ecustom--PreferredStockRedemptionDiscountOfSubsidiary_pn5n6_uRMB_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredSharesMember_zKZdLOQQH9F2" title="Preferred stock redemption discount of subsidiary"><ix:nonFraction name="QTTOY:PreferredStockRedemptionDiscountOfSubsidiary" contextRef="From2023-01-012023-12-31_custom_SeriesBConvertibleRedeemablePreferredSharesMember" id="Fact002931" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">14.8</ix:nonFraction></span> million
was recorded in Accumulated Deficit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifically
for the Series C call option, the Company concluded that the option should be separately accounted for and remeasured at fair value at
the end of each reporting period as it represents a freestanding financial instrument. For the years ended December 31, 2021, 2022 and
2023, the value of the call option was not material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002933" name="us-gaap:RedeemableNoncontrollingInterestTableTextBlock"><p id="xdx_898_eus-gaap--RedeemableNoncontrollingInterestTableTextBlock_zyYmv4TjyM16" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s redeemable non-controlling interests activities for the years ended in December 31, 2021, 2022 and 2023 are summarized
as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_zD8sJ1qt8axj">Schedule of Redeemable Noncontrolling Interests Activities</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning balance</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--RedeemableNoncontrollingInterestEquityCarryingAmount_iS_pn3n3_c20210101__20211231_zH8dmKhAyZy3" title="Beginning balance" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RedeemableNoncontrollingInterestEquityCarryingAmount" contextRef="AsOf2020-12-31" id="Fact002935" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,093,526</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--RedeemableNoncontrollingInterestEquityCarryingAmount_iS_pn3n3_c20220101__20221231_zBV63WwegVgc" title="Beginning balance" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RedeemableNoncontrollingInterestEquityCarryingAmount" contextRef="AsOf2021-12-31" id="Fact002937" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,172,218</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eus-gaap--RedeemableNoncontrollingInterestEquityCarryingAmount_iS_pn3n3_c20230101__20231231_zL3j6StOSF39" title="Beginning balance" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RedeemableNoncontrollingInterestEquityCarryingAmount" contextRef="AsOf2022-12-31" id="Fact002939" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,414,435</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign exchange impact</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--TemporaryEquityForeignCurrencyTranslationAdjustments_pn3n3_c20210101__20211231_zXPIyNdXbh67" title="Foreign exchange impact" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TemporaryEquityForeignCurrencyTranslationAdjustments" contextRef="From2021-01-012021-12-31" id="Fact002941" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">30,034</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--TemporaryEquityForeignCurrencyTranslationAdjustments_pn3n3_c20220101__20221231_zJDz5xnEz828" title="Foreign exchange impact" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:TemporaryEquityForeignCurrencyTranslationAdjustments" contextRef="From2022-01-012022-12-31" id="Fact002943" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">117,540</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eus-gaap--TemporaryEquityForeignCurrencyTranslationAdjustments_pn3n3_c20230101__20231231_zsYTvwGJxWXg" title="Foreign exchange impact" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:TemporaryEquityForeignCurrencyTranslationAdjustments" contextRef="From2023-01-01to2023-12-31" id="Fact002945" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">24,719</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion to redemption value
    of redeemable non-controlling interests</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_ecustom--AccretionToRedemptionValueOfRedeemableNoncontrollingInterests_pn3n3_c20210101__20211231_zIWKxsE0G2e6" title="Accretion to redemption value of redeemable non-controlling interests" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:AccretionToRedemptionValueOfRedeemableNoncontrollingInterests" contextRef="From2021-01-012021-12-31" id="Fact002947" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">108,726</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_ecustom--AccretionToRedemptionValueOfRedeemableNoncontrollingInterests_pn3n3_c20220101__20221231_zdrDhhWGmcW2" title="Accretion to redemption value of redeemable non-controlling interests" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:AccretionToRedemptionValueOfRedeemableNoncontrollingInterests" contextRef="From2022-01-012022-12-31" id="Fact002949" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">124,677</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_ecustom--AccretionToRedemptionValueOfRedeemableNoncontrollingInterests_pn3n3_c20230101__20231231_zyNR3qjiVBAh" title="Accretion to redemption value of redeemable non-controlling interests" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:AccretionToRedemptionValueOfRedeemableNoncontrollingInterests" contextRef="From2023-01-01to2023-12-31" id="Fact002951" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">143,976</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ending balance</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eus-gaap--RedeemableNoncontrollingInterestEquityCarryingAmount_iE_pn3n3_c20210101__20211231_zEKmO4TLDkid" title="Ending balance" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RedeemableNoncontrollingInterestEquityCarryingAmount" contextRef="AsOf2021-12-31" id="Fact002953" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,172,218</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--RedeemableNoncontrollingInterestEquityCarryingAmount_iE_pn3n3_c20220101__20221231_zvpvgGoCmIxh" title="Ending balance" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RedeemableNoncontrollingInterestEquityCarryingAmount" contextRef="AsOf2022-12-31" id="Fact002955" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,414,435</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--RedeemableNoncontrollingInterestEquityCarryingAmount_iE_pn3n3_c20230101__20231231_zJBowx88uMyi" title="Ending balance" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:RedeemableNoncontrollingInterestEquityCarryingAmount" contextRef="AsOf2023-12-31" id="Fact002957" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,583,130</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zemAuKYB2Vli" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Non-controlling interests</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling
interests mainly represent the Group&#8217;s overseas subsidiary&#8217;s cumulative results of operations and changes in deficit attributable
to non-controlling shareholders. The subsidiary was set up by the group and the non-controlling shareholders in May 2018 with nominal
capital injection and the Group and non-controlling shareholders own <span id="xdx_90C_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20180531__srt--OwnershipAxis__custom--OverseasSubsidiaryMember_zGm4Ruwgak1k" title="Ownership of subsidiaries"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2018-05-31_custom_OverseasSubsidiaryMember" id="Fact002959" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">62.23</ix:nonFraction></span>% and <span id="xdx_908_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_pid_dp_uPure_c20180531__srt--OwnershipAxis__custom--OverseasSubsidiaryMember_zALe1qpGdqpc" title="Equity interests percentage"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners" contextRef="AsOf2018-05-31_custom_OverseasSubsidiaryMember" id="Fact002961" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">37.77</ix:nonFraction></span>% equity interests in that subsidiary, respectively.
The</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">non-controlling
shareholders transferred all their equity interest in the subsidiary to the Company during 2021 for no consideration. The transaction
did not have a material accounting impact.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 203; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002963" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_80B_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zzqFdcp1aSQ" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.
<span id="xdx_82D_zM3xjJGYGdEk">Related party transactions</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2021, 2022 and 2023, the transactions and balance amount due to/from related parties was as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transaction
amount with related parties</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002965" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfRelatedPartyTransactionsTableTextBlock_zmlyOfU2MxJl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_z20jzDcCAxac" style="display: none">Schedule of Transaction and Balance Amount Due to/from Related Parties</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Services provided by the Group</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertising
    and marketing service provided to related parties<sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--OtherLiabilities_iI_pn3n3_c20211231__us-gaap--RelatedPartyTransactionAxis__custom--AdvertisingAndMarketingServiceMember_fKDEp_zTBfgoHhjzKh" title="Account due to related party" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2021-12-31_custom_AdvertisingAndMarketingServiceMember" id="Fact002967" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">40,263</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eus-gaap--OtherLiabilities_iI_pn3n3_c20221231__us-gaap--RelatedPartyTransactionAxis__custom--AdvertisingAndMarketingServiceMember_fKDEp_zRzrMOXbSRTi" title="Account due to related party" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2022-12-31_custom_AdvertisingAndMarketingServiceMember" id="Fact002969" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,451</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eus-gaap--OtherLiabilities_iI_pn3n3_c20231231__us-gaap--RelatedPartyTransactionAxis__custom--AdvertisingAndMarketingServiceMember_fKDEp_zvMjxhlFTp04" title="Account due to related party" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2023-12-31_custom_AdvertisingAndMarketingServiceMember" id="Fact002971" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">17</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Services received by
    the Group</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advertisement
    costs charged from a related party<sup>(2)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--OtherReceivables_iI_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AdvertisementCostsChargedFromARelatedPartyMember_fKDIp_zzpt3xZMtHEb" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2021-12-31_custom_AdvertisementCostsChargedFromARelatedPartyMember" id="Fact002972" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">103,275</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eus-gaap--OtherReceivables_iI_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AdvertisementCostsChargedFromARelatedPartyMember_fKDIp_z4BdM1FDian" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_custom_AdvertisementCostsChargedFromARelatedPartyMember" id="Fact002973" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,564</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eus-gaap--OtherReceivables_iI_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AdvertisementCostsChargedFromARelatedPartyMember_fKDIp_zMHFosWoBqpl" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_custom_AdvertisementCostsChargedFromARelatedPartyMember" id="Fact002974" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">345</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gaming cost sharing charged
    from a related party</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--OtherReceivables_iI_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GamingCostSharingMember_zTurBlRMMEu9" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2021-12-31_custom_GamingCostSharingMember" id="Fact002975" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">11</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--OtherReceivables_iI_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GamingCostSharingMember_zUValFvdtGL1" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2976">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--OtherReceivables_iI_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GamingCostSharingMember_ztVkyYJ5NIaf" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2977">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Others advertising and promotional
    costs charged from a related party(4)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eus-gaap--OtherReceivables_iI_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AdvertisingAndPromotionalCostsOthersMember_fKDMp_zqIv6qjdUrI4" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2021-12-31_custom_AdvertisingAndPromotionalCostsOthersMember" id="Fact002978" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">15,840</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--OtherReceivables_iI_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AdvertisingAndPromotionalCostsOthersMember_fKDMp_zC8oJ2EOLBz2" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_custom_AdvertisingAndPromotionalCostsOthersMember" id="Fact002979" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,945</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--OtherReceivables_iI_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AdvertisingAndPromotionalCostsOthersMember_fKDMp_zEer08zspIKi" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_custom_AdvertisingAndPromotionalCostsOthersMember" id="Fact002980" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">189</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
amount with related parties</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31,2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31,2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    due from related parties<sup>(1)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--OtherReceivables_iI_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_fKDEp_zVoydIixel3c" title="Amount due from related parties" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact002982" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">48,802</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--OtherReceivables_iI_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_fKDEp_zjpKntTkOWSc" title="Amount due from related parties" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact002984" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">45,787</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    due to related parties<sup>(2)</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--OtherLiabilities_iI_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_fKDIp_zhf5xdAOkrHl" title="Amount due to related parties" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2022-12-31_us-gaap_RelatedPartyMember" id="Fact002986" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">592</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eus-gaap--OtherLiabilities_iI_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_fKDIp_zMjYUIpC5kFa" title="Amount due to related parties" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2023-12-31_us-gaap_RelatedPartyMember" id="Fact002988" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">154</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; display: none; margin-top: 0; margin-bottom: 6pt; width: 100%">
<tr style="display: none; vertical-align: top; text-align: justify">
<td style="display: none; text-align: right; width: 15pt"><span id="xdx_F00_zcoBkmfRHGth" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="display: none; text-align: justify"><span id="xdx_F1A_znn5nHaflifl" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002989" xml:lang="en-US">For the years ended
December 31, 2021, 2022 and 2023, the service fee of RMB39.8 million, RMB2.5 million and nil million charged to related parties represents
advertising and marketing services provided to companies under the common control of the founder, to help promote these companies&#8217;
online applications, which were developed in late 2018. As
of December 31, 2022 and 2023, the amounts due from related parties that pertains to accounts receivable from related party revenues
generated was RMB48.8 million and RMB45.8 million respectively. Although
the balance as of December 31, 2023 is overdue, as these companies are under the common control of the founder and they have demonstrated
an ability to continuously pay off their balances, the Company did not view this delay in payment as a sign of collectability risk.</ix:footnote></span></td>
</tr>
</table>

<p style="display: none; margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the years ended
December 31, 2021, 2022 and 2023, the service fee of RMB<span id="xdx_90B_eus-gaap--OtherLiabilities_iI_pn5n6_uRMB_c20211231__srt--TitleOfIndividualAxis__custom--FounderOfTheCompanyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AdvertisingAndMarketingServiceMember_zFu2bWJ3RqKd" title="Amounts due to related parties" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFRyYW5zYWN0aW9uIGFuZCBCYWxhbmNlIEFtb3VudCBEdWUgdG8vZnJvbSBSZWxhdGVkIFBhcnRpZXMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2021-12-31_custom_FounderOfTheCompanyMember_custom_AdvertisingAndMarketingServiceMember" id="Fact002991" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">40.3</ix:nonFraction></span> million, RMB<span id="xdx_905_eus-gaap--OtherLiabilities_iI_pn5n6_uRMB_c20221231__srt--TitleOfIndividualAxis__custom--FounderOfTheCompanyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AdvertisingAndMarketingServiceMember_z0EG9B82car8" title="Amounts due to related parties" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFRyYW5zYWN0aW9uIGFuZCBCYWxhbmNlIEFtb3VudCBEdWUgdG8vZnJvbSBSZWxhdGVkIFBhcnRpZXMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2022-12-31_custom_FounderOfTheCompanyMember_custom_AdvertisingAndMarketingServiceMember" id="Fact002993" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">2.5</ix:nonFraction></span> million and <span id="xdx_901_eus-gaap--OtherLiabilities_iI_pn5n6_dxL_uRMB_c20231231__srt--TitleOfIndividualAxis__custom--FounderOfTheCompanyMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AdvertisingAndMarketingServiceMember_ziJQw12wkEfa" title="Amounts due to related parties" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFRyYW5zYWN0aW9uIGFuZCBCYWxhbmNlIEFtb3VudCBEdWUgdG8vZnJvbSBSZWxhdGVkIFBhcnRpZXMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_">nil</span> million charged to related parties represents
advertising and marketing services provided to companies under the common control of the founder, to help promote these companies&#8217;
online applications, which were developed in late 2018. </span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 26.75pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2022 and 2023, the amounts due from related parties that pertains to accounts receivable from related party revenues
generated was RMB<span id="xdx_90A_eus-gaap--OtherReceivables_iI_pn5n6_uRMB_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AdvertisingAndMarketingServiceMember_z07uGYo89Db1" title="Amounts due from related parties" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFRyYW5zYWN0aW9uIGFuZCBCYWxhbmNlIEFtb3VudCBEdWUgdG8vZnJvbSBSZWxhdGVkIFBhcnRpZXMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_custom_AdvertisingAndMarketingServiceMember40570937" id="Fact002997" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">48.8</ix:nonFraction></span> million and RMB<span id="xdx_90D_eus-gaap--OtherReceivables_iI_pn5n6_uRMB_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--AdvertisingAndMarketingServiceMember_zquBqjtAeta1" title="Amounts due from related parties" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFRyYW5zYWN0aW9uIGFuZCBCYWxhbmNlIEFtb3VudCBEdWUgdG8vZnJvbSBSZWxhdGVkIFBhcnRpZXMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_custom_AdvertisingAndMarketingServiceMember40570953" id="Fact002999" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">45.8</ix:nonFraction></span> million respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 26.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the balance as of December 31, 2023 is overdue, as these companies are under the common control of the founder and they have demonstrated
an ability to continuously pay off their balances, the Company did not view this delay in payment as a sign of collectability risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 26.75pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F01_zdgP90shLYh8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F12_zncizTbUG0T6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote003000" xml:lang="en-US">In 2019 the Group
entered into CPM (cost per impression) arrangements with media platforms under the common control of the founder for the Group&#8217;s
customer&#8217;s advertisement placement. The total service fee charged from related parties amounted to RMB<span id="xdx_908_eus-gaap--OtherReceivables_iI_pn5n6_uRMB_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GroupAdvertisementCostsChargedFromARelatedPartyMember_zydaEqYI1O9g" title="Amounts due from related parties" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFRyYW5zYWN0aW9uIGFuZCBCYWxhbmNlIEFtb3VudCBEdWUgdG8vZnJvbSBSZWxhdGVkIFBhcnRpZXMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2021-12-31_custom_GroupAdvertisementCostsChargedFromARelatedPartyMember" id="Fact003002" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">103.3</ix:nonFraction></span> million, RMB<span id="xdx_90B_eus-gaap--OtherReceivables_iI_pn5n6_uRMB_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GroupAdvertisementCostsChargedFromARelatedPartyMember_z8OqcJ8TsAs7" title="Amounts due from related parties" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFRyYW5zYWN0aW9uIGFuZCBCYWxhbmNlIEFtb3VudCBEdWUgdG8vZnJvbSBSZWxhdGVkIFBhcnRpZXMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_custom_GroupAdvertisementCostsChargedFromARelatedPartyMember" id="Fact003004" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">14.6</ix:nonFraction></span> million
and RMB<span id="xdx_902_eus-gaap--OtherReceivables_iI_pn5n6_uRMB_c20231231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--GroupAdvertisementCostsChargedFromARelatedPartyMember_z0IDn66CtVHg" title="Amounts due from related parties" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNjaGVkdWxlIG9mIFRyYW5zYWN0aW9uIGFuZCBCYWxhbmNlIEFtb3VudCBEdWUgdG8vZnJvbSBSZWxhdGVkIFBhcnRpZXMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_custom_GroupAdvertisementCostsChargedFromARelatedPartyMember" id="Fact003006" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">0.3</ix:nonFraction></span> million for the years ended December 31, 2021, 2022 and 2023, respectively.</ix:footnote></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 25.75pt; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span id="xdx_F04_zcOcPb4S3136" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span id="xdx_F16_z4yMFnakJ0Y3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote003007" xml:lang="en-US">For the years ended
December 31, 2021, 2022 and 2023, the service fee charged from related parties represented the expense charged from companies under common
control of the founder which provided the Group advertising and marketing related promotion services.</ix:footnote></span></td>
</tr></table>

</ix:nonNumeric><p id="xdx_8AC_z5B2jgHj0uM6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 204; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003009" name="us-gaap:EarningsPerShareTextBlock"><p id="xdx_801_eus-gaap--EarningsPerShareTextBlock_zjXR9HOpT9s" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.
<span id="xdx_82A_zCmkOvn3A67j">Basic and diluted net loss per share</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003011" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><p id="xdx_89F_eus-gaap--ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_z2lJEmh8IHN3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the
years ended December 31, 2021, 2022 and 2023 as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B5_zdstasrob695">Schedule
of Basic Loss Per Share And Diluted Loss Per Share</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 97%; margin-left: 0.25in">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49A_20210101__20211231_zPDkAcqRpZhl" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_498_20220101__20221231_ze54v5RCF1x9" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_490_20230101__20231231_zDh4M99jbX27" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasicAbstract_iB_zwDIS1LwoEjh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Numerator:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--NetIncomeLoss_i01_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss attributable
    to Qutoutiao Inc.</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2021-01-012021-12-31" id="Fact003017" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,239,617</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-01-012022-12-31" id="Fact003018" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">914,767</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2023-01-01to2023-12-31" id="Fact003019" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">185,313</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_407_eus-gaap--TemporaryEquityAccretionToRedemptionValue_i01N_pn3n3_di_hus-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredSharesMember_zMEeNtZxzA8k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion on redemption value
    of Series A convertible redeemable preferred shares of a subsidiary (Note 20)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValue" contextRef="From2021-01-012021-12-31_custom_SeriesAConvertibleRedeemablePreferredSharesMember" id="Fact003021" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">14,089</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValue" contextRef="From2022-01-012022-12-31_custom_SeriesAConvertibleRedeemablePreferredSharesMember" id="Fact003022" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">15,947</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValue" contextRef="From2023-01-012023-12-31_custom_SeriesAConvertibleRedeemablePreferredSharesMember" id="Fact003023" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">18,370</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--TemporaryEquityAccretionToRedemptionValue_i01N_pn3n3_di_hus-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredSharesMember_zQI4BN8p9kP" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion on redemption value
    of Series B convertible redeemable preferred shares of a subsidiary (Note 20)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValue" contextRef="From2021-01-012021-12-31_custom_SeriesBConvertibleRedeemablePreferredSharesMember" id="Fact003025" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">21,726</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValue" contextRef="From2022-01-012022-12-31_custom_SeriesBConvertibleRedeemablePreferredSharesMember" id="Fact003026" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">24,918</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValue" contextRef="From2023-01-012023-12-31_custom_SeriesBConvertibleRedeemablePreferredSharesMember" id="Fact003027" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">28,736</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40E_eus-gaap--TemporaryEquityAccretionToRedemptionValue_i01N_pn3n3_di_hus-gaap--StatementClassOfStockAxis__custom--SeriesCConvertibleRedeemablePreferredStockMember_zdlKa4BMD7f1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion on redemption value
    of Series C convertible redeemable preferred shares of a subsidiary (Note 20)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValue" contextRef="From2021-01-012021-12-31_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="Fact003029" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">73,081</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValue" contextRef="From2022-01-012022-12-31_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="Fact003030" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">83,812</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValue" contextRef="From2023-01-012023-12-31_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="Fact003031" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">96,870</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Net loss attributable to ordinary shareholders -Basic and diluted</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90C_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pn3n3_c20210101__20211231_zk1KRZOfmHoi" title="Net loss attributable to ordinary shareholders -Basic"><span id="xdx_90D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_c20210101__20211231_zCjd1oMTZdS" title="Net loss attributable to ordinary shareholders -Diluted">(<ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2021-01-012021-12-31" id="Fact003033" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB"><ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted" contextRef="From2021-01-012021-12-31" id="Fact003035" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,348,513</ix:nonFraction></ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_901_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pn3n3_c20220101__20221231_z2TpLliP2gSd" title="Net loss attributable to ordinary shareholders -Basic"><span id="xdx_905_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_c20220101__20221231_zXrXrpQfOIh4" title="Net loss attributable to ordinary shareholders -Diluted">(<ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2022-01-012022-12-31" id="Fact003037" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB"><ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted" contextRef="From2022-01-012022-12-31" id="Fact003039" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,039,444</ix:nonFraction></ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_906_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pn3n3_c20230101__20231231_z7ch5XFFHw4d" title="Net loss attributable to ordinary shareholders -Basic"><span id="xdx_90A_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_pn3n3_c20230101__20231231_zpnoISTLR3P8" title="Net loss attributable to ordinary shareholders -Diluted">(<ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2023-01-01to2023-12-31" id="Fact003041" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB"><ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted" contextRef="From2023-01-01to2023-12-31" id="Fact003043" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">329,289</ix:nonFraction></ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr>
  <tr id="xdx_406_eus-gaap--TemporaryEquityAccretionToRedemptionValue_i01N_pn3n3_di_hus-gaap--StatementClassOfStockAxis__custom--SeriesCConvertibleRedeemablePreferredStockMember_zJxisj62zg1l" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
    to redemption value</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValue" contextRef="From2021-01-012021-12-31_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="Fact003045" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">73,081</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValue" contextRef="From2022-01-012022-12-31_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="Fact003046" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">83,812</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TemporaryEquityAccretionToRedemptionValue" contextRef="From2023-01-012023-12-31_custom_SeriesCConvertibleRedeemablePreferredStockMember" id="Fact003047" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">96,870</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eus-gaap--WeightedAverageNumberOfSharesOutstandingAbstract_iB_z5saRTstCe95" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominator:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominator for basic and
    diluted loss per share Weighted- average ordinary shares outstanding</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20210101__20211231_zfwNM9ReI8w" title="Weighted Average Number of Shares Outstanding, Basic"><span id="xdx_904_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20210101__20211231_zlZF3E83AVyd" title="Weighted Average Number of Shares Outstanding, Diluted"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-01-012021-12-31" id="Fact003053" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2021-01-012021-12-31" id="Fact003055" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">75,767,532</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20220101__20221231_zcGHK8sC6wkl" title="Weighted Average Number of Shares Outstanding, Basic"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20220101__20221231_zUNzMSHpo2q6" title="Weighted Average Number of Shares Outstanding, Diluted"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2022-01-012022-12-31" id="Fact003057" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2022-01-012022-12-31" id="Fact003059" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">76,629,816</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231_zg6o22CKUFMe" title="Weighted Average Number of Shares Outstanding, Basic"><span id="xdx_90D_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231_z0VG7ENBMTU3" title="Weighted Average Number of Shares Outstanding, Diluted"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2023-01-01to2023-12-31" id="Fact003061" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2023-01-01to2023-12-31" id="Fact003063" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">76,631,037</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted loss per
    share</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_eus-gaap--EarningsPerShareBasic_pid_c20210101__20211231_zKxHn5EEIs0k" title="Earnings Per Share, Basic"><span id="xdx_900_eus-gaap--EarningsPerShareDiluted_pid_c20210101__20211231_z4Y5p49gBdk4" title="Earnings Per Share, Diluted">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2021-01-012021-12-31" id="Fact003065" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2021-01-012021-12-31" id="Fact003067" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares">17.80</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--EarningsPerShareBasic_pid_c20220101__20221231_zllxljBdxtb2" title="Earnings Per Share, Basic"><span id="xdx_905_eus-gaap--EarningsPerShareDiluted_pid_c20220101__20221231_z6BdPsHSwWw2" title="Earnings Per Share, Diluted">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2022-01-012022-12-31" id="Fact003069" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2022-01-012022-12-31" id="Fact003071" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares">13.56</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231_zaUbKmorP51d" title="Earnings Per Share, Basic"><span id="xdx_905_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231_zwK5GI0H8y" title="Earnings Per Share, Diluted">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2023-01-01to2023-12-31" id="Fact003073" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2023-01-01to2023-12-31" id="Fact003075" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares">4.3</ix:nonFraction></ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40D_eus-gaap--WeightedAverageNumberOfSharesOutstandingAbstract_iB_hus-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_z5AuA0blyA1k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominator for basic and
    diluted loss per ADS Weighted- average ADS outstanding</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eus-gaap--WeightedAverageNumberOfSharesOutstandingAbstract_iB_hus-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_zKldaAiVt379" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denominator:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20210101__20211231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_zKB8qacLq7f7" title="Weighted Average Number of Shares Outstanding, Basic"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20210101__20211231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_zmZMRSLuryuc" title="Weighted Average Number of Shares Outstanding, Diluted"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2021-01-012021-12-31_custom_AmericanDepositarySharesMember" id="Fact003085" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2021-01-012021-12-31_custom_AmericanDepositarySharesMember" id="Fact003087" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,307,013</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_znqiIFn1w1wk" title="Weighted Average Number of Shares Outstanding, Basic"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_zc5dMmww9mF" title="Weighted Average Number of Shares Outstanding, Diluted"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2022-01-012022-12-31_custom_AmericanDepositarySharesMember" id="Fact003089" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2022-01-012022-12-31_custom_AmericanDepositarySharesMember" id="Fact003091" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,651,926</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_z5Cxe34B3Oi9" title="Weighted Average Number of Shares Outstanding, Basic"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_zt3XCrZ4VM3d" title="Weighted Average Number of Shares Outstanding, Diluted"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" contextRef="From2023-01-012023-12-31_custom_AmericanDepositarySharesMember" id="Fact003093" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" contextRef="From2023-01-012023-12-31_custom_AmericanDepositarySharesMember" id="Fact003095" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,652,414</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted loss per
    ADS</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eus-gaap--EarningsPerShareBasic_pid_c20210101__20211231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_zfFhGAlbsE9a" title="Earnings Per Share, Basic"><span id="xdx_901_eus-gaap--EarningsPerShareDiluted_pid_c20210101__20211231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_zmXJQNpL8dQi" title="Earnings Per Share, Diluted">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2021-01-012021-12-31_custom_AmericanDepositarySharesMember" id="Fact003097" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2021-01-012021-12-31_custom_AmericanDepositarySharesMember" id="Fact003099" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares">44.50</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--EarningsPerShareBasic_pid_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_zZqWwiLoOEBj" title="Earnings Per Share, Basic"><span id="xdx_902_eus-gaap--EarningsPerShareDiluted_pid_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_zhTHuqP5kcJa" title="Earnings Per Share, Diluted">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2022-01-012022-12-31_custom_AmericanDepositarySharesMember" id="Fact003101" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2022-01-012022-12-31_custom_AmericanDepositarySharesMember" id="Fact003103" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares">33.91</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_zN5X98NZf2ka" title="Earnings Per Share, Basic"><span id="xdx_90F_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_z59edVqTXKL9" title="Earnings Per Share, Diluted">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2023-01-012023-12-31_custom_AmericanDepositarySharesMember" id="Fact003105" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2023-01-012023-12-31_custom_AmericanDepositarySharesMember" id="Fact003107" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="RMBPShares">10.74</ix:nonFraction></ix:nonFraction></span></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zt5EBEmI5oN3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 8pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options
                                            exercisable for a minimal exercise price are included in the denominator of basic loss per
                                            share calculation once there are no further vesting conditions or contingencies associated
                                            with them, as they are considered contingently issuable shares. Accordingly, the weighted
                                            average number of shares of <span id="xdx_905_eus-gaap--WeightedAverageNumberOfSharesContingentlyIssuable_c20210101__20211231_zu57CLLqkx3g" title="Weighted average number of shares subject to contingently issuable shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesContingentlyIssuable" contextRef="From2021-01-012021-12-31" id="Fact003109" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">5,891,689</ix:nonFraction></span> (<span id="xdx_90B_eus-gaap--WeightedAverageNumberOfSharesContingentlyIssuable_c20210101__20211231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_zNTDNMEIIpyl" title="Weighted average number of shares subject to contingently issuable shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesContingentlyIssuable" contextRef="From2021-01-012021-12-31_custom_AmericanDepositarySharesMember" id="Fact003111" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">2,356,676</ix:nonFraction></span>ADSs) ,<span id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesContingentlyIssuable_c20220101__20221231_zCQv1dXcsNbl" title="Weighted average number of shares subject to contingently issuable shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesContingentlyIssuable" contextRef="From2022-01-012022-12-31" id="Fact003113" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">5,087,049</ix:nonFraction></span> (<span id="xdx_90D_eus-gaap--WeightedAverageNumberOfSharesContingentlyIssuable_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_z8MQfJPDFQ5a" title="Weighted average number of shares subject to contingently issuable shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesContingentlyIssuable" contextRef="From2022-01-012022-12-31_custom_AmericanDepositarySharesMember" id="Fact003115" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">2,034,820</ix:nonFraction></span>ADSs) and <span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesContingentlyIssuable_c20230101__20231231_zqr08GQisVek" title="Weighted average number of shares subject to contingently issuable shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesContingentlyIssuable" contextRef="From2023-01-01to2023-12-31" id="Fact003117" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">4,967,207</ix:nonFraction></span>
                                            (<span id="xdx_900_eus-gaap--WeightedAverageNumberOfSharesContingentlyIssuable_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--AmericanDepositarySharesMember_zNtcItgoEkHc" title="Weighted average number of shares subject to contingently issuable shares"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesContingentlyIssuable" contextRef="From2023-01-012023-12-31_custom_AmericanDepositarySharesMember" id="Fact003119" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="Shares">1,986,883</ix:nonFraction></span>ADSs) related to these options, for which the exercise price is RMB <span id="xdx_902_ecustom--WeightedAverageExercisePriceOfOptionsIncludedInComputationOfNetIncome_pid_uRMBPShares_c20210101__20211231_zkwRwZTnsQkk" title="Weighted average exercise price of options included in computation of basic eps"><span id="xdx_90D_ecustom--WeightedAverageExercisePriceOfOptionsIncludedInComputationOfNetIncome_pid_uRMBPShares_c20220101__20221231_zgxvWk19Feqg" title="Weighted average exercise price of options included in computation of basic eps"><span id="xdx_906_ecustom--WeightedAverageExercisePriceOfOptionsIncludedInComputationOfNetIncome_pid_uRMBPShares_c20230101__20231231_zjXHiqN4SFHf" title="Weighted average exercise price of options included in computation of basic eps"><ix:nonFraction name="QTTOY:WeightedAverageExercisePriceOfOptionsIncludedInComputationOfNetIncome" contextRef="From2021-01-012021-12-31" id="Fact003121" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares"><ix:nonFraction name="QTTOY:WeightedAverageExercisePriceOfOptionsIncludedInComputationOfNetIncome" contextRef="From2022-01-012022-12-31" id="Fact003123" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares"><ix:nonFraction name="QTTOY:WeightedAverageExercisePriceOfOptionsIncludedInComputationOfNetIncome" contextRef="From2023-01-01to2023-12-31" id="Fact003125" format="ixt:numdotdecimal" decimals="INF" unitRef="RMBPShares">0.0007</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> per
                                            share, are included in the denominator for the computation of basic EPS for the years ended
                                            December 31, 2021, 2022 and 2023, respectively.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 29.85pt; text-align: justify; text-indent: -21.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 13.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            December 2, 2021, the Company announced its plans to change the ratio of its American Depositary
                                            Shares (&#8220;ADSs&#8221;) to its Class A ordinary shares (the &#8220;ADS Ratio&#8221;)
                                            from the <span id="xdx_905_eus-gaap--ConversionOfStockDescription_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zz5qI4SeFoJ7" title="Description about ratio of stock conversion"><ix:nonNumeric contextRef="From2023-01-012023-12-31_us-gaap_CommonClassAMember" id="Fact003127" name="us-gaap:ConversionOfStockDescription">current ADS Ratio of four (4) ADSs to one (1) Class A ordinary share to a new ADS
                                            Ratio of two (2) ADSs to five (5) Class A ordinary shares</ix:nonNumeric></span>. The change in the ADS Ratio became
                                            effective on December 10, 2021. <span id="xdx_908_eus-gaap--ConversionOfStockDescription_c20211202__20211202__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zRpEztcv6nEk" title="Description about ratio of stock conversion"><ix:nonNumeric contextRef="From2021-12-022021-12-02_us-gaap_CommonClassAMember" id="Fact003129" name="us-gaap:ConversionOfStockDescription">For all the periods presented, basic and diluted loss per
                                            ADS, including the contingently issuable shares mentioned in (1) above, have been revised
                                            assuming the change of ADS ratio from a ratio of four ADSs to one Class A ordinary share
                                            to a new Ratio of two ADSs to five Class A ordinary shares occurred at the beginning of the
                                            earliest period presented</ix:nonNumeric></span>.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 29.85pt; text-align: justify; text-indent: -21.9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to ASC 260, &#8220;Earnings Per Share,&#8221; the effects of all other outstanding share options have been excluded from the computation
of diluted loss per share for the years ended December 31, 2021, 2022 and 2023 due to their anti-dilutive effect. The following potential
ordinary shares were excluded from the computation of diluted net loss per ordinary share for the periods presented because including
them would have had an anti-dilutive effect:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003131" name="us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock"><p id="xdx_89E_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zl9ey0ox1FKg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_zVXhszoBY8mf">Schedule
of Potential Ordinary Shares Excluded from Computation of Diluted Net Loss per Ordinary Share</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%; margin-left: 0.5in">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 52%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share options
    &#8212; weighted average</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pp0d_c20210101__20211231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zScG4nLUNvT6" title="Weighted average" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2021-01-012021-12-31_us-gaap_EmployeeStockOptionMember40572765" id="Fact003133" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">546,035</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pp0d_c20220101__20221231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zmFKR4294n7j" title="Weighted average" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2022-01-012022-12-31_us-gaap_EmployeeStockOptionMember40572781" id="Fact003135" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">219,083</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pp0d_c20230101__20231231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_z7xKWdG5FNu3" title="Weighted average" style="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2023-01-012023-12-31_us-gaap_EmployeeStockOptionMember" id="Fact003137" format="ixt:numdotdecimal" decimals="0" unitRef="Shares">219,083</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>



</ix:nonNumeric><p id="xdx_8A5_z0E8KaUN0Gte" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 390.25pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 205; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003139" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_808_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zxlw0MIHSMF" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.
<span id="xdx_82F_z6F8wjAPwWLe">Commitments and contingencies</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Litigation</span></p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the ordinary course of the business, the Group is subject to periodic legal or administrative proceedings. In relation to such matters,
the Company currently believes that there are no existing claims or proceedings that are likely to have a material adverse effect on
its financial position, results of operations or cash flows, within the next twelve months, or the outcome of these matters is currently
not determinable. There are many uncertainties associated with any litigation, and these actions or other third-party claims against
the Company may cause the Company to incur costly litigation and/or substantial settlement charges. If any of those events were to occur,
the Company&#8217;s business, financial condition, results of operations, and cash flows could be adversely affected. The actual liability
in any such matters may be materially different from the Company&#8217;s estimates, which could result in the need to adjust the liability
and record additional expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 20, 2020, the Company and certain of its current and former directors and officers were named as defendants in a putative shareholder
class action lawsuit filed in the United States District Court for the Southern District of New York. This action is brought on behalf
of a putative class of persons who purchased or acquired the Company&#8217;s securities pursuant or traceable to the Company&#8217;s
September 2018 initial public offering or April 2019 secondary public offering, or otherwise acquired the Company&#8217;s securities
between September 14, 2018 and December 16, 2020 (the &#8220;Putative Class Period&#8221;). The complaint alleges violations of Sections
11, 12(a)(2), and 15 of the Securities Act of 1933, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated
thereunder based on alleged materially false or misleading statements or omissions in offering documents and/ or issued throughout the
Putative Class Period. Lead Plaintiff was appointed, and a consolidated amended complaint was filed on January 15, 2021. The Company
filed a motion to dismiss such amended complaint and there were no significant developments in the case. <span id="xdx_908_eus-gaap--LossContingencyAccrualAtCarryingValue_iI_do_c20221231__srt--LitigationCaseAxis__custom--AdditionalLitigationSettlementMember_zIfzDlxiAPPi" title="Loss contingency settlement, accrued"><ix:nonFraction name="us-gaap:LossContingencyAccrualAtCarryingValue" contextRef="AsOf2022-12-31_custom_AdditionalLitigationSettlementMember" id="Fact003141" format="ixt-sec:numwordsen" decimals="0" unitRef="RMB">No</ix:nonFraction></span> loss contingency was accrued
as of December 31, 2023, since it is not probable that a liability has been incurred and the amount of loss cannot be reasonably estimated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022, one of our material subsidiaries and one of the Key VIEs paid fines of RMB<span id="xdx_900_ecustom--FinesAndPenalitiesPaidBySubsidiary_pn5n6_c20220101__20221231_zz9sLrtmxdTj" title="Fines and penalities paid by subsidiary"><ix:nonFraction name="QTTOY:FinesAndPenalitiesPaidBySubsidiary" contextRef="From2022-01-012022-12-31" id="Fact003143" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">82.8</ix:nonFraction></span> million in aggregate as a result of alleged fraudulent
advertisements that an advertising customer placed on the Company&#8217;s online platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003145" name="us-gaap:RestrictedAssetsDisclosureTextBlock"><p id="xdx_804_eus-gaap--RestrictedAssetsDisclosureTextBlock_zzUb6BqiUddd" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.
<span id="xdx_82B_zLmDJ4tqYFG8">Restricted net assets</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relevant
PRC laws and regulations permit payments of dividends by the Group&#8217;s subsidiary and the VIEs incorporated in the PRC only out of
their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Group&#8217;s
subsidiary and the VIEs in the PRC are required to annually appropriate <span id="xdx_907_ecustom--PercentageOfTransferOfNetIncomeAfterTaxToStatutoryGeneralReserve_pid_dp_uPure_c20230101__20231231__custom--VariableInterestEntitiesByClassificationsOfEntityAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zsze8ggaeft8" title="Percentage of transfer of net income after tax to statutory general reserve"><ix:nonFraction name="QTTOY:PercentageOfTransferOfNetIncomeAfterTaxToStatutoryGeneralReserve" contextRef="From2023-01-012023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact003147" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction>%</span> of their net after-tax income to the statutory general reserve
fund prior to payment of any dividends, unless such reserve funds have reached <span id="xdx_900_ecustom--PercentageOfReserveFundsThatReachedRegisteredCapital_pid_dp_uPure_c20230101__20231231__custom--VariableInterestEntitiesByClassificationsOfEntityAxis__us-gaap--VariableInterestEntityPrimaryBeneficiaryMember_zteB0FH1x9m5" title="Percentage of reserve funds that reached registered capital"><ix:nonFraction name="QTTOY:PercentageOfReserveFundsThatReachedRegisteredCapital" contextRef="From2023-01-012023-12-31_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" id="Fact003149" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction>%</span> of their respective registered capital. As a result
of these and other restrictions under PRC laws and regulations, the Group&#8217;s subsidiary and the VIEs subsidiary incorporated in
the PRC are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans
or advances. There are no significant differences between US GAAP and PRC accounting standards in connection with the reported net assets
of the legally owned subsidiary in the PRC and the VIEs. Even though the Company currently does not require any such dividends, loans
or advances from the PRC entities for working capital and other funding purposes, the Company may in the future require additional cash
resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay
dividends or distributions to our shareholders. Furthermore, cash transfers from the Company&#8217;s PRC subsidiaries to their parent
companies outside of China are subject to PRC government control of currency conversion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shortages
in the availability of foreign currency may temporarily delay the ability of the PRC subsidiaries and consolidated affiliated entities
to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated
obligations. Except for the above, there is no other restriction on use of proceeds generated by the Group&#8217;s subsidiary and the
VIEs to satisfy any obligations of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the Group has a consolidated shareholders&#8217; deficit, its net asset base for purposes of calculating the proportionate share of restricted
net assets of consolidated subsidiaries should be zero. Therefore, the restrictions placed on the net assets of the Company&#8217;s PRC
subsidiaries with positive equity would result in the <span id="xdx_908_ecustom--ThresholdPercentageOnRestrictedNetAssetsOfPRCSubsidiaries_pid_dp_uPure_c20230101__20231231_zHBfJWW2FPL2" title="Restrictions on net assets of PRC subsidiaries, threshold percentage"><ix:nonFraction name="QTTOY:ThresholdPercentageOnRestrictedNetAssetsOfPRCSubsidiaries" contextRef="From2023-01-01to2023-12-31" id="Fact003151" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span> percent threshold being exceeded and a corresponding requirement to provide
parent company financial information (See Additional Information: Condensed Financial Statements of Parent Company).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003153" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_809_eus-gaap--SubsequentEventsTextBlock_zIz6IViv9Re4" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.
<span id="xdx_828_zxkBZS5eHskc">Subsequent events</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: normal"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: normal">The
    Company and Alibaba entered into a supplemental agreement to the original convertible loan agreement on April 16, 2024, which has
    extended the maturity date to April 30, 2025. The Company has made an undertaking to pay US$<span id="xdx_90E_eus-gaap--ConvertibleDebt_iI_pn5n6_c20240517__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z5BJp2bzNUrc" title="Convertible loan"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2024-05-17_us-gaap_SubsequentEventMember" id="Fact003155" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">0.5</ix:nonFraction></span>
    million no later than May 17, 2024, and to further pay US$<span id="xdx_903_eus-gaap--ConvertibleDebt_iI_pn5n6_c20240930__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z26PuPOIEsrl" title="Convertible loan"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2024-09-30_us-gaap_SubsequentEventMember" id="Fact003157" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="RMB">0.5</ix:nonFraction> </span>million
    no later than September 30, 2024 as a part of the accrued interest of the Convertible Loan to Alibaba.</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_819_zPjBrAs8bEjl" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 206; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003159" name="us-gaap:CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock"><p id="xdx_804_eus-gaap--CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock_zk0uaMzW8ij2" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL
INFORMATION: CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8B3_zFYiOv2q4hyj" style="display: none">Condensed Financial Statements of Parent Company</span>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rules
12-04(a) and 4-08(e)(3) of Regulation S-X require condensed financial information as to the financial position, cash flows and results
of operations of a parent company as of and for the same periods for which the audited consolidated financial statements have been presented
when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed 25% of consolidated net assets as
of the end of the most recently completed fiscal year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following condensed financial statements of the Parent Company have been prepared using the same accounting policies as set out in the
Company&#8217;s consolidated financial statements except that the Parent Company used the equity method to account for its investment
in its subsidiaries and VIEs. Such investment is presented on the separate condensed balance sheets of the Parent Company as &#8220;Payables
to subsidiaries and VIEs&#8221;. The Parent Company, its subsidiaries and VIEs were included in the consolidated financial statements
whereby the inter-company balances and transactions were eliminated upon consolidation. The Parent Company&#8217;s share of income from
its subsidiaries and VIEs is reported as share of income from subsidiaries and VIEs in the condensed financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Parent Company is a Cayman Islands company and, therefore, is not subjected to income taxes for all years presented. The footnote disclosures
contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction
with the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, there were no material commitments or contingencies, significant provisions for long-term obligations or guarantees
of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 207; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 16.15pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003161" name="srt:ScheduleOfCondensedBalanceSheetTableTextBlock"><p id="xdx_899_esrt--ScheduleOfCondensedBalanceSheetTableTextBlock_zF2h0SoHqIJa" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed
Financial Information of the Parent Company</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BALANCE
SHEET</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B0_zGRz8wZg0hr2">Balance
Sheets</span></span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30E_134_pn3n3_zBdYvaEeeZy5" summary="xdx: Disclosure - Condensed Financial Statements of Parent Company - Balance Sheets (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_498_20221231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z5e32E6t49S1" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49E_20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z0A97IE5Rxrj" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$
    (Note 2(e))</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$
    (Note 2(e))</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--AssetsAbstract_iB" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASSETS</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--AssetsCurrentAbstract_i01B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    assets:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i02I_pn3n3_maACz5ON_z83EHWdisXi1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003169" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50,989</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003170" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">43,409</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--CashAndCashEquivalentsAtCarryingValue_i02I_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z1QpTiUKj7c" title="Cash and cash equivalents" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003172" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,115</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--OtherReceivables_i02I_pn3n3_maACz5ON_z952FfYNLRZ3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    due from subsidiaries and VIEs of the Company</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003174" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,698,706</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003175" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,783,399</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--OtherReceivables_i02I_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zfxQswBGPJo3" title="Amount due from subsidiaries and VIEs of the Company" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherReceivables" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003177" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">532,881</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_pn3n3_maACz5ON_zHwKQAdvKJY8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepayments
    and other current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003179" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,935</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003180" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">9,436</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_eus-gaap--PrepaidExpenseAndOtherAssetsCurrent_i02I_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z6vxmL4ZSqrj" title="Prepayments and other current assets" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003182" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,328</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--AssetsCurrent_i02TI_pn3n3_mtACz5ON_maAz8lF_zgrIaIfTSjf6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003184" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,752,630</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003185" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,836,244</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--AssetsCurrent_i02TI_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zjGwA8N9tO85" title="Total current assets" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsCurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003187" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">540,324</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--OtherAssetsNoncurrent_i02I_pn3n3_maANztLy_zf9i3iEON5sf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    non-current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003189" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,476</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3190">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eus-gaap--OtherAssetsNoncurrent_i02I_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zrS2gCUkWjda" title="Other non-current assets" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3192">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--AssetsNoncurrent_i02TI_pn3n3_mtANztLy_maAz8lF_zzaS1ZKpIP88" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total non-current assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AssetsNoncurrent" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003194" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,476</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3195">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eus-gaap--AssetsNoncurrent_i02TI_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z3a0rqtXUdY1" title="Total non-current assets" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3197">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--Assets_i01TI_pn3n3_mtAz8lF_zAc0jCrKgdk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total assets</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003199" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,754,106</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003200" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,836,244</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--Assets_i01TI_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zMKOxoTyq1Sf" title="Total assets" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003202" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">540,324</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIABILITIES, MEZZANINE EQUITY
    AND SHAREHOLDERS&#8217; DEFICIT</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--LiabilitiesCurrentAbstract_i01B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current liabilities:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--AccruedExpensesAndOtherCurrentLiabilities_i02I_pn3n3_maLCz9jP_zRm2uEhyIjf1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    expenses and other current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:AccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003210" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">978</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3211">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_ecustom--AccruedExpensesAndOtherCurrentLiabilities_i02I_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zTnVDNcIFvc9" title="Accrued expenses and other current liabilities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3213">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OtherLiabilities_i02I_pn3n3_maLCz9jP_zT5xmiz6jl4a" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
    due to subsidiaries and VIEs of the Company</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003215" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">181,598</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003216" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">230,306</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--OtherLiabilities_i02I_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zMdEcKS2Yos1" title="Amounts due to subsidiaries and VIEs of the Company" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherLiabilities" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003218" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">32,438</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--LiabilitiesCurrent_i02TI_pn3n3_mtLCz9jP_maLzMSm_znfPJhW7w72g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003220" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">182,576</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003221" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">230,306</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eus-gaap--LiabilitiesCurrent_i02TI_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zn627yUUJuH8" title="Total current liabilities" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003223" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">32,438</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--LiabilitiesNoncurrentAbstract_i01B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-current liabilities:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eus-gaap--ConvertibleDebtNoncurrent_i02I_pn3n3_maLNzBlZ_z8bcxgPD7dg9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
    loan</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ConvertibleDebtNoncurrent" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003228" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,746,188</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ConvertibleDebtNoncurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003229" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,944,834</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--ConvertibleDebtNoncurrent_i02I_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zjhJFlfpjAPj" title="Convertible loan" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:ConvertibleDebtNoncurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003231" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">273,924</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_ecustom--InvestmentDeficitOfAffiliateNonCurrent_i02I_pn3n3_maLNzBlZ_zlBfKvA7WdL2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    deficit of subsidiaries and VIEs</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:InvestmentDeficitOfAffiliateNonCurrent" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003233" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,416,081</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:InvestmentDeficitOfAffiliateNonCurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003234" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,598,492</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_ecustom--InvestmentDeficitOfAffiliateNonCurrent_i02I_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zzshuiQpZhR5" title="Investment deficit of subsidiaries and VIEs" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="QTTOY:InvestmentDeficitOfAffiliateNonCurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003236" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">788,531</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eus-gaap--LiabilitiesNoncurrent_i02TI_pn3n3_mtLNzBlZ_maLzMSm_zcX90eQD0yL1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total non-current liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003238" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,162,269</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003239" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,543,326</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_eus-gaap--LiabilitiesNoncurrent_i02TI_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z9QDnCyPcz6j" title="Total non-current liabilities" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003241" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,062,455</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--Liabilities_i01TI_pn3n3_mtLzMSm_maLASEz20z_z3YC5wYYd2p9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total liabilities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003243" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,344,845</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003244" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">7,773,632</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--Liabilities_i01TI_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zYWjj3wajjFe" title="Total liabilities" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:Liabilities" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003246" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1,094,893</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_i01B" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&#8217; deficit:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--CommonStockValue_i02I_pn3n3_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zC9oIbcascvi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
    A ordinary shares (US$<span id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zV2Ll1syi01i" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span id="xdx_907_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z5k1KbwSOYkg" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember" id="Fact003253" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember" id="Fact003254" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></ix:nonFraction></span>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">par value, <span id="xdx_90B_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zl9jLufukwZh" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span id="xdx_903_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z3S7rRhl7Kf4" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember" id="Fact003255" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember" id="Fact003256" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000,000</ix:nonFraction></ix:nonFraction></span>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares authorized as of December 31, 2022
    and 2023; <span id="xdx_900_eus-gaap--CommonStockSharesIssued_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zVhT3T6jyqab" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span id="xdx_906_eus-gaap--CommonStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zKthBbF8YlV3" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember" id="Fact003257" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember" id="Fact003258" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">42,812,245</ix:nonFraction></ix:nonFraction></span>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares issued as of December 31, 2022 and
    2023; <span id="xdx_909_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_ztspjceDY4Ye" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember" id="Fact003259" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">38,726,637</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <span id="xdx_908_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zGI26zwP3Qob" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember" id="Fact003260" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">38,726,637</ix:nonFraction>
    </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares outstanding as of December 31, 2022
    and 2023)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2022-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember" id="Fact003251" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">26</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember" id="Fact003252" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">26</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--CommonStockValue_i02I_uUSD_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zI39ydjMfPpa" title="Common stock, value" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassAMember" id="Fact003262" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">4</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr id="xdx_400_eus-gaap--CommonStockValue_i02I_pn3n3_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zwOoMtTv8dWa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class B ordinary shares
    (US$<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z1LKQBAX4Sc" title="Common stock, par value" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_uUSDPShares_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zHBaa5JXso24" title="Common stock, par value" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember" id="Fact003267" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember" id="Fact003269" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></ix:nonFraction></span></span> par value; <span><span id="xdx_90F_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zWVlW5Rp19v7" title="Common stock, shares authorized" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span id="xdx_908_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zkEpRd6IgYya" title="Common stock, shares authorized" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember" id="Fact003271" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember" id="Fact003273" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">34,248,442</ix:nonFraction></ix:nonFraction></span></span></span> shares authorized as of December 31, 2022 and 2023; <span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zQnkx1ID59ue" title="Common stock, shares, issued" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zdWxrzycwLub" title="Common stock, shares, outstanding" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span id="xdx_905_eus-gaap--CommonStockSharesIssued_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zRpmQYSuSErh" title="Common stock, shares, issued" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zt8IE6Nz9ic1" title="Common stock, shares, outstanding" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember" id="Fact003275" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember" id="Fact003277" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember" id="Fact003279" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember" id="Fact003281" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">32,937,193</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> shares issued and outstanding as
    of December 31, 2022 and 2023)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2022-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember" id="Fact003264" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">24</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember" id="Fact003265" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">24</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--CommonStockValue_i02I_uUSD_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zHwQ8nRXqFG4" title="Common stock, value" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember" id="Fact003283" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--CommonStockValue_i02I_pn3n3_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_maSEIPAzw4p_zzeP3zduQNek" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock, value </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2022-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember" id="Fact003285" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">24</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember" id="Fact003286" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">24</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eus-gaap--CommonStockValue_i02I_uUSD_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zZ3O5qrDvsD" title="Common stock, value" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2023-12-31_srt_ParentCompanyMember_us-gaap_CommonClassBMember" id="Fact003288" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eus-gaap--AdditionalPaidInCapitalCommonStock_i02I_pn3n3_maSEIPAzw4p_zn1fWrTu43z5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    paid-in capital</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003290" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,049,458</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003291" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">5,086,766</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--AdditionalPaidInCapitalCommonStock_i02I_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zqwPZB7HNY3d" title="Additional paid-in capital" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003293" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">716,456</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--TreasuryStockValue_i02NI_pn3n3_di_msSEIPAzw4p_zLGlwsUbj314" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasury stock (US$<span id="xdx_907_ecustom--TreasuryStockParValue_iI_pid_uUSDPShares_c20221231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zRiIe9rvtlr6" title="Treasury stock, par value" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span id="xdx_903_ecustom--TreasuryStockParValue_iI_pid_uUSDPShares_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zQIIP7HsmVb4" title="Treasury stock, par value" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="QTTOY:TreasuryStockParValue" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003298" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="QTTOY:TreasuryStockParValue" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003300" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></ix:nonFraction></span></span>
    par value; <span id="xdx_904_eus-gaap--TreasuryStockCommonShares_iI_pid_c20221231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zAWVW7paudl4" title="Treasury stock, shares" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:TreasuryStockCommonShares" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003302" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,085,608</ix:nonFraction></span> and <span id="xdx_904_eus-gaap--TreasuryStockCommonShares_iI_pid_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zB5oyavogZZa" title="Treasury stock, shares" class="xdx_phnt_RGlzY2xvc3VyZSAtIENvbmRlbnNlZCBGaW5hbmNpYWwgU3RhdGVtZW50cyBvZiBQYXJlbnQgQ29tcGFueSAtIEJhbGFuY2UgU2hlZXRzIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="us-gaap:TreasuryStockCommonShares" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003304" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">4,085,608</ix:nonFraction></span> shares as of December 31, 2022 and 2023, respectively)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TreasuryStockValue" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003295" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">142,229</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TreasuryStockValue" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003296" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">142,229</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eus-gaap--TreasuryStockCommonValue_i02NI_di_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z98akmoF8Rgl" title="Treasury stock (US$0.0001 par value; 4,085,608 and 4,085,608 shares as of December 31, 2022 and 2023, respectively)" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:TreasuryStockCommonValue" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003306" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,033</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_40A_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i02I_pn3n3_maSEIPAzw4p_zWFm3YO2atb7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    other comprehensive loss</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003308" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">102,834</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003309" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">157,502</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i02I_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zmWN99ImXUZb" title="Accumulated other comprehensive loss" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003311" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">22,183</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40C_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_pn3n3_maSEIPAzw4p_zDuWa6pyvpgc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    deficit</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003313" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">8,395,184</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003314" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">8,724,473</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zewEMvLNAut2" title="Accumulated deficit" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003316" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,228,816</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_i02TI_pn3n3_mtSEIPAzw4p_maLASEz20z_zXxgCzSFIdI7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total shareholders&#8217;
    deficit</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003318" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">3,590,739</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003319" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">3,937,388</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98E_eus-gaap--StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_i02TI_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zHy75Csu6I2d" title="Total shareholders' deficit" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003321" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">554,569</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40F_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_pn3n3_mtLASEz20z_zyZChJCtIjAe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total liabilities and shareholders&#8217;
    deficit</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003323" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,754,106</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003324" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">3,836,244</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eus-gaap--LiabilitiesAndStockholdersEquity_i01TI_uUSD_c20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zc1Cv9qKo2Gi" title="Total liabilities and shareholders' deficit" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003326" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">540,324</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A7_zMVLF1Tbohf5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 208; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003328" name="srt:ScheduleOfCondensedIncomeStatementTableTextBlock"><p id="xdx_890_esrt--ScheduleOfCondensedIncomeStatementTableTextBlock_zPKbUjFt1cr" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">STATEMENTS
OF COMPREHENSIVE LOSS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 8pt; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BA_zVTFXVqyKBL7">Statements
of Comprehensive Loss</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30F_134_pn3n3_zMYNy939V5og" summary="xdx: Disclosure - Condensed Financial Statements of Parent Company - Statements of Comprehensive Loss (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_495_20210101__20211231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zkpacnFUbcRe" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20220101__20221231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zstvO6h3gs9l" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49F_20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zBzGed3e4Na9" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$
    (Note 2(e))</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$ (Note 2(e))</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eus-gaap--OperatingExpensesAbstract_iB" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    expenses:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--GeneralAndAdministrativeExpense_i01N_pn3n3_di_maOEzQ1e_ziBJekMeACql" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
    and administrative</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003334" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">208,594</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003335" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">77,185</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003336" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">47,078</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--GeneralAndAdministrativeExpense_i01N_di_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zrHpljEdwdF4" title="General and administrative" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003338" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,631</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_402_eus-gaap--OperatingExpenses_i01NT_pn3n3_di_mtOEzQ1e_msILFCOzxuX_zofN9wIy8nQ2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total operating
    expenses</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003340" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">208,594</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003341" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">77,185</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003342" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">47,078</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--OperatingExpenses_i01NT_di_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z51x3b0bXSJj" title="Total operating expenses" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003344" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,631</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--IncomeLossFromContinuingOperations_iT_mtILFCOzxuX_maILFCOzGmp_zPKy85ZWxhQ6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss from
    operations</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperations" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003346" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">208,594</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperations" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003347" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">77,185</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperations" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003348" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">47,078</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--IncomeLossFromContinuingOperations_iT_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zbDdUwRLNHMi" title="Loss from operations" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperations" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003350" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">6,631</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40D_eus-gaap--GainLossOnInvestments_maILFCOzGmp_zL18fgJ4mSG3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
    gains / (loss)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:GainLossOnInvestments" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003352" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">27,589</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:GainLossOnInvestments" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003353" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">585</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:GainLossOnInvestments" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003354" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,408</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--GainLossOnInvestments_i01_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zL3dDIY6MQM3" title="Investment income (loss)" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:GainLossOnInvestments" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003356" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">198</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eus-gaap--InterestExpenseDebt_iN_pn3n3_di_msILFCOzGmp_zwSEvPJQ4VN4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expense</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003358" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">30,683</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003359" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">468,358</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003360" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">185,794</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--InterestExpenseDebt_i01N_di_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zH2WzBSOEs91" title="Interest expense" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:InterestExpenseDebt" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003362" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">26,169</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--ForeignCurrencyTransactionGainLossBeforeTax_maILFCOzGmp_ztLJ8841gks2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
    exchange related gains, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl3364">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003365" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">220</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003366" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">14</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--ForeignCurrencyTransactionGainLossBeforeTax_i01_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z1qCihnvUfc1" title="Foreign exchange related gains, net" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003368" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">2</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_403_eus-gaap--OtherNonoperatingExpense_iN_di_msILFCOzGmp_zmVWotfJP8u1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    expenses, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OtherNonoperatingExpense" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003370" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">41</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OtherNonoperatingExpense" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003371" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">42</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OtherNonoperatingExpense" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003372" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">33</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eus-gaap--OtherNonoperatingExpense_iN_di_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z6hOqsUjvLp8" title="Other expenses, net" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OtherNonoperatingExpense" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003374" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">5</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_404_eus-gaap--IncomeLossFromSubsidiariesBeforeTax_maILFCOzGmp_zcgXY8xxfr8d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss from
    subsidiaries and VIEs</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003376" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">972,710</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003377" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">369,547</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003378" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">46,198</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--IncomeLossFromSubsidiariesBeforeTax_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zZwwwkkoHrA6" title="Loss from subsidiaries and VIEs" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:IncomeLossFromSubsidiariesBeforeTax" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003380" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,508</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pn3n3_mtILFCOzGmp_maPLzSeo_zIwEeRO4yT9k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss before
    provision for income taxes</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003382" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,239,617</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003383" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">914,767</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003384" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">185,313</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zrtLeGPYgdX8" title="Loss before provision for income taxes" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003386" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">26,101</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40C_eus-gaap--ProfitLoss_iT_pn3n3_mtPLzSeo_maNILATzlBj_zs9FtngVaST2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003388" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,239,617</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003389" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">914,767</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003390" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">185,313</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eus-gaap--ProfitLoss_iT_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_znSIQZTgQhC2" title="Net loss" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003392" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">26,101</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_404_eus-gaap--PreferredStockAccretionOfRedemptionDiscount_iN_pn3n3_di_msNILATzlBj_zemo2059oR39" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
    to redemption value of convertible redeemable preferred shares of a subsidiary</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PreferredStockAccretionOfRedemptionDiscount" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003394" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">108,896</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PreferredStockAccretionOfRedemptionDiscount" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003395" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">124,677</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PreferredStockAccretionOfRedemptionDiscount" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003396" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">143,976</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eus-gaap--PreferredStockAccretionOfRedemptionDiscount_iN_di_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zPGME2jRRR9c" title="Accretion to redemption value of convertible redeemable preferred shares of a subsidiary" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:PreferredStockAccretionOfRedemptionDiscount" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003398" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">20,278</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_402_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iT_pn3n3_mtNILATzlBj_zv7d1GX7H59" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss
    attributable to ordinary shareholders</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003400" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,348,513</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003401" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,039,444</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003402" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">329,289</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iT_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z99uJBugFlp6" title="Net loss attributable to ordinary shareholders" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003404" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">46,379</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_404_eus-gaap--ProfitLoss_maCINOTz2Jk_zhmxI2yQxxba" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003406" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,239,617</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003407" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">914,767</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003408" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">185,313</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eus-gaap--ProfitLoss_iT_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zoAqthstQszd" title="Net loss" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003410" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">26,101</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40B_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_maCINOTz2Jk_zcjkykkLfhT3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
    currency translation adjustment, net of nil tax</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003412" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">44,690</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003413" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">231,844</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003414" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">54,668</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_982_eus-gaap--OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zAoIgjJLb0a2" title="Foreign currency translation adjustment, net of nil tax" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003416" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">7,700</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40D_eus-gaap--ComprehensiveIncomeNetOfTax_iT_pn3n3_mtCINOTz2Jk_zjNfGcyFsQga" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive
    loss</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003418" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,194,927</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003419" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">1,146,611</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003420" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">239,981</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eus-gaap--ComprehensiveIncomeNetOfTax_iT_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zEg5hKrftgEa" title="Comprehensive loss" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTax" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003422" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">33,801</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A7_zUJxuwg5jb3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003424" name="srt:ScheduleOfCondensedCashFlowStatementTableTextBlock"><p id="xdx_893_esrt--ScheduleOfCondensedCashFlowStatementTableTextBlock_z2pXOhRkkzZk" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">STATEMENTS
OF CASH FLOWS</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 8pt; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B2_zGlafSwbMuP6">Statements
of Cash Flows</span>&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30C_134_pn3n3_zllN7TgwRMjd" summary="xdx: Disclosure - Condensed Financial Statements of Parent Company - Statements of Cash Flows (Details)" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49E_20210101__20211231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zFh6mhPDVOhe" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49A_20220101__20221231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zu5JZA2JVwKb" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zkI7piuKmYSk" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$
    (Note 2(e))</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended December 31,</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$ (Note 2(e))</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eus-gaap--NetCashProvidedByUsedInOperatingActivities_maCCERCz0ay_zhpVO0uBlvtl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash flows
    used in operating activities</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003426" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">14,807</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003427" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">39,578</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003428" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">31,937</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eus-gaap--NetCashProvidedByUsedInOperatingActivities_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_z0SfUq4FdwR2" title="Cash flows used in operating activities" style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003430" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">4,498</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInInvestingActivities_maCCERCz0ay_zoTCmkSIQ0H6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash flows provided by investing activities</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003432" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">32,506</ix:nonFraction></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003433" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">68,089</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003434" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">23,535</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_eus-gaap--NetCashProvidedByUsedInInvestingActivities_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zFqtQ82LDNxa" title="Cash flows provided by/(used in) investing activities" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003436" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">3,315</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_maCCERCz0ay_zsBdkjqSjpx8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of exchange rate
    changes on cash</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003438" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003439" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">2,845</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003440" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">822</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eus-gaap--EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zZUowIyckDU5" title="Effect of exchange rate changes on cash" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003442" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">116</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_400_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_pn3n3_mtCCERCz0ay_zXgCt4f7nX43" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    increase/(decrease) in cash and cash equivalents</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2021-01-012021-12-31_srt_ParentCompanyMember" id="Fact003444" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">17,700</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2022-01-012022-12-31_srt_ParentCompanyMember" id="Fact003445" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">31,356</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003446" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="RMB">7,580</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_985_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_iT_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zbHbyvPIh7ic" title="Net increase/(decrease) in cash and cash equivalents" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="From2023-01-012023-12-31_srt_ParentCompanyMember" id="Fact003448" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="USD">1,067</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_401_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents, beginning of year</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2020-12-31_srt_ParentCompanyMember" id="Fact003450" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">1,933</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2021-12-31_srt_ParentCompanyMember" id="Fact003451" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">19,633</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003452" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50,989</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iS_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zOcl8bQZdxej" title="Cash and cash equivalents, beginning of year" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003454" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">7,182</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_pn3n3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents, end of year</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2021-12-31_srt_ParentCompanyMember" id="Fact003456" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">19,633</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2022-12-31_srt_ParentCompanyMember" id="Fact003457" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">50,989</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003458" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="RMB">43,409</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_iE_uUSD_c20230101__20231231__srt--ConsolidatedEntitiesAxis__srt--ParentCompanyMember_zEzI9AJeCQGa" title="Cash and cash equivalents, end of year" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="AsOf2023-12-31_srt_ParentCompanyMember" id="Fact003460" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">6,115</ix:nonFraction></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_z3tKjWN44Jl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><p id="xdx_81A_z08Nukw1Z0Fa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 209; Options: Last -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 7.95pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<!-- Field: Set; Name: xdx; ID: xdx_08B_extensions -->
<!-- eJxFjU0KwjAQhU/QOwxZizZRF3anpYpYRYqI22CnEmwzZRL/juQtjS3iMDAM733vCTEQK1qaGhlOiyKHAzZtrT1CgRUy2jMGR7reJBBugRfjPGvru/cHphQYDMx0qJQOQme9G4dlAvF4pGYjNQEpE6VgvhXRV0/JVqZE642uQdsS9kwtG/SaX33CQT/JUvPqqo7IzpBNQA7jXn6DiqWCHd31g/jqIM9TEQ26icSK6dYGV/b0aL8kZDU2oc719H+jD/23Sn0= -->
</body>
</html>
[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 5175674}]
{"company-data": {"conformed-name": "Qutoutiao Inc.", "cik": "0001733298", "assigned-sic": "7370", "organization-name": "06 Technology", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-38644", "film-number": "24947417"}, "business-address": {"street1": "BUILDING NO. 8, PUDONG SOFTWARE PARK", "street2": "519 YI DE ROAD, PUDONG NEW AREA", "city": "SHANGHAI", "state": "F4", "zip": "200124", "phone": "86-21-5889-0398"}, "mail-address": {"street1": "BUILDING NO. 8, PUDONG SOFTWARE PARK", "street2": "519 YI DE ROAD, PUDONG NEW AREA", "city": "SHANGHAI", "state": "F4", "zip": "200124"}, "former-company": {"former-conformed-name": "Qtech Ltd.", "date-changed": "20180302"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report ______________
For
the transition period from                  to
Commission
file number
001-38644
Qutoutiao
Inc.
(Exact
name of Registrant as specified in its charter)
Cayman
Islands
(Exact
name of Registrant as specified in its charter)
Building
No. 2, Shanghai Pudong Software Park
519
Yi De Road, Pudong New Area
Shanghai
200124
People's
Republic of
China
(Address
of principal executive offices)
Mr.
Bing Xu
, Chief Executive Officer and Chief Financial Officer
Telephone:
+86-21
-
5889-0398
Email:
ir@qutoutiao.net
At
the address of the Company set forth above
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of each class
Trading
    Symbol(s)
Name
    of each exchange on which registered
None
None
None
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
Class A Ordinary Shares, par value US$0.0001 per share
American Depositary Shares, every two representing five Class A ordinary shares
(
Title
of
Class
)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None.
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report
.
46,920,018
Class A ordinary shares were outstanding as of December 31, 2023
32,937,193
Class B ordinary shares were outstanding as of December 31, 2023
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes
☒
No
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒
No
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. ☒
Yes
☐ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files). ☒
Yes
☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of "large accelerated filer," "accelerated filer," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large
    accelerated filer
☐
Accelerated
    filer
☐
Non-accelerated
    filer
☒
Emerging
    growth company
☐
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act ☐
†
The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentivebased compensation
received by any of the registrant's executive offi cers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registration has used to prepare the financial statements included in this filing:
U.S.
GAAP ☒
International Financial Reporting Standards
as issued
by
    the International Accounting Standards Board ☐
Other
    ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which consolidated financial statement
item the registrant has elected to follow ☐ Item 17 ☐ Item 18
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities
Exchange Act of 1934) ☐ Yes
☒
No
(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court ☐ Yes ☐ No
TABLE
OF CONTENTS
Page
PART I
3
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
3
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE
3
ITEM 3. KEY INFORMATION
3
ITEM 4. INFORMATION ON THE COMPANY
70
ITEM 4A. UNRESOLVED STAFF COMMENTS
108
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
108
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
125
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
133
ITEM 8. FINANCIAL INFORMATION
134
ITEM 9. THE OFFER AND LISTING
136
ITEM 10. ADDITIONAL INFORMATION
136
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
144
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
145
PART II
146
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
146
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
147
ITEM 15. CONTROLS AND PROCEDURES
147
ITEM 16. [RESERVED]
148
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
148
ITEM 16B. CODE OF ETHICS
148
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
148
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
149
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
149
ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
149
ITEM 16G. CORPORATE GOVERNANCE
150
ITEM 16H. MINE SAFETY DISCLOSURE
150
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
150
ITEM 16J. INSIDER TRADING POLICIES
150
ITEM 16K. CYBERSECURITY
150
PART III
150
ITEM 17. FINANCIAL STATEMENTS
150
ITEM 18. FINANCIAL STATEMENTS
150
ITEM 19. EXHIBITS
151
i
CONVENTIONS
THAT APPLY TO THIS ANNUAL REPORT ON FORM 20-F
Except
where the context otherwise requires, references in this annual report to:
●
"installed
    users" are to the aggregate number of unique mobile devices that have downloaded and launched the Group's relevant mobile
    application at least once;
●
"ADSs"
    are to American depositary shares, with every four ADSs representing one Class A ordinary share, and "ADRs" are to American
    depositary receipts that evidence ADSs;
●
"CAGR"
    are to compound annual growth rate;
●
"China"
    and the "PRC" are to the People's Republic of China, excluding, for the purposes of this annual report only, Taiwan,
    the Hong Kong Special Administrative Region and the Macao Special Administrative Region;
●
"DAUs"
    are to the number of unique mobile devices that accessed the Group's relevant mobile application on a given day. "Combined
    average DAUs" for a particular period is the average of the DAUs for all of the Group's mobile applications on each day
    during that period;
●
"the
    Group" are to Qutoutiao Inc., the Group VIEs and their respective subsidiaries;
●
"Group
    VIEs" are to the variable interest entities, or VIEs, that are controlled by us through contractual arrangements and are consolidated
    into the Group's consolidated financial statements in accordance with U.S. GAAP;
●
"Key
    WFOEs" are to material wholly foreign-owned entities of Qutoutiao Inc., namely Shanghai Quyun Network Technology Co., Ltd.
    and Shanghai Zhicao Information Technology Co., Ltd.;
●
"Key
    VIEs" are to material variable interest entities of Qutoutiao Inc., namely Shanghai Jifen Culture Communications Co., Ltd.,
    Shanghai Big Rhinoceros Horn Information Technology Co., Ltd., Beijing Churun Internet Technology Co., Ltd. and Shanghai Ququanquan
    Information Technology Co., Ltd.;
●
"MAUs"
    are to the number of unique mobile devices that accessed the Group's relevant mobile application in a given month. "Combined
    average MAUs" for a particular period is the average of the MAUs for all of the Group's mobile applications in each month
    during that period;
●
"oCPC"
    are to optimized cost-per-click as basis for charging the Group's advertising services;
●
"oCPM"
    are to optimized cost-per-thousand-impressions as basis for charging the Group's advertising services;
●
"Qutoutiao,"
    "we," "us," "our company" and "our" are to Qutoutiao Inc., its subsidiaries, and,
    in the context of describing its operations and consolidated financial information, the Group VIEs;
●
"R&D"
    are to research and development;
●
"registered
    users" are to users that have registered accounts on the Group's relevant mobile application;
●
"RMB"
    or "Renminbi" are to the legal currency of China;
●
"lower-tier
    cities" are to cities in China that are not tier-1 and tier-2 cities;
●
"tier-1
    and tier-2 cities" refer to (i) tier-1 cities in China, which are Beijing, Shanghai, Guangzhou and Shenzhen and (ii) tier-2
    cities in China, which are Hangzhou, Nanjing, Jinan, Chongqing, Qingdao, Dalian, Ningbo, Xiamen, Tianjin, Chengdu, Wuhan, Harbin,
    Shenyang, Xi'an, Changchun, Changsha, Fuzhou, Zhengzhou, Shijiazhuang, Suzhou, Foshan, Dongguan, Wuxi, Yantai, Taiyuan, Hefei,
    Kunming, Nanchang, Nanning, Tangshan, Wenzhou and Zibo; and
●
"US$,"
    "U.S. dollars," or "dollars" are to the legal currency of the United States.
On
December 10, 2021, we effected a change of the ratio of our ADSs to Class A ordinary shares from the then ADS ratio of four (4) ADSs
to one (1) Class A ordinary share to a new ADS ratio of two (2) ADS representing five (5) Class A ordinary shares. Unless otherwise indicated,
ADSs and per ADS amount in this annual report have been retroactively adjusted to reflect the change in ratio for all periods presented.
Unless
specifically indicated otherwise or unless the context otherwise requires, all references to our ordinary shares exclude ordinary shares
issuable upon the exercise of outstanding options with respect to our ordinary shares under our share incentive plan.
This
annual report contains translations between Renminbi and U.S. dollars solely for the convenience of the reader. The translations from
Renminbi to U.S. dollars and from U.S. dollars to Renminbi in this annual report were made at a rate of RMB7.0999 to US$1.00, the exchange
rate set forth in the H.10 statistical release of the Federal Reserve Board on December 29, 2023. We make no representation that the
Renminbi or U.S. dollar amounts referred to in this annual report could have been or could be converted into U.S. dollars or Renminbi,
as the case may be, at any particular rate or at all.
Unless
the context indicates otherwise, all share and per share data in this annual report have given effect to a share split in September 2017
in which each one of the previously issued ordinary shares was split into 10,000 ordinary shares.
This
annual report on Form 20-F includes the Group's audited consolidated financial statements for the years ended December 31, 2021,
2022 and 2023, and as of December 31, 2022 and December 31, 2023.
1
FORWARD-LOOKING
INFORMATION
This
annual report on Form 20-F contains statements of a forward-looking nature. All statements other than statements of historical facts
are forward-looking statements. These forward-looking statements are made under the "safe harbor" provision under Section
21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and as defined in the Private Securities Litigation Reform
Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that may cause the Group's actual
results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. In
some cases, these forward-looking statements can be identified by words or phrases such as "may," "will," "expect,"
"anticipate," "aim," "estimate," "intend," "plan," "believe,"
"potential," "continue," "is/are likely to" or other similar expressions. These forward-looking statements
relate to, among others:
●
the
    Group's goal and strategies;
●
the
    Group's ability to maintain and strengthen its position as a leader amongst mobile content platform companies in China's
    mobile content industry;
●
the
    Group's expansion plans;
●
the
    Group's ability to monetize through advertising and other products and services that it plans to introduce;
●
the
    Group's future business development, financial condition and results of operations;
●
PRC
    laws, regulations, and policies relating to the Internet and Internet content providers; and
●
general
    economic and business conditions.
We
have based these forward-looking statements largely on our current expectations and projections about future events and financial trends
that we believe may affect the Group's financial condition, results of operations, business strategy and financial needs.
You
should read these statements in conjunction with the risks disclosed in "Item 3. Key Information — D. Risk Factors"
of this annual report and other risks outlined in our other filings with the Securities and Exchange Commission, or the SEC. Moreover,
the Group operates in an emerging and evolving environment. New risks may emerge from time to time, and it is not possible for our management
to predict all risks, nor can we assess the impact of such risks on the Group's business or the extent to which any risk, or combination
of risks, may cause actual results to differ materially from those contained in any forward-looking statements. The forward-looking statements
made in this annual report relate only to events or information as of the date on which the statements are made in this annual report.
Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after
the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this annual report and
the documents that we have referred to in this annual report, completely and with the understanding that the Group's actual future
results may be materially different from what we expect.
2
PART
I
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
Applicable.
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
Not
Applicable.
ITEM 3.
KEY INFORMATION
Our
Corporate Structure and Contractual Arrangements
Qutoutiao
Inc. is not a Chinese operating company but a holding company incorporated in the Cayman Islands as an exempted company with limited
liability, with operations primarily conducted (i) through contractual arrangements with certain variable interest entities, or the Group
VIEs, in China and (ii) by our subsidiaries in China. Qutoutiao Inc. does not own equity interests in the Group VIEs, and does not conduct
business operations directly. PRC laws and regulations impose certain restrictions or prohibitions on foreign ownership of companies
that engage in certain value-added telecommunication services, internet audio-video program services and certain other businesses. Therefore,
we operate such businesses in China through the Group VIEs and their subsidiaries, and rely on contractual arrangements among our PRC
subsidiaries, the Group VIEs and their respective shareholders to control the business operations of the Group VIEs. Investors in our
ADSs do not hold equity interests in the Group's operating entities in China, but instead hold equity interests in Qutoutiao Inc.,
a Cayman Islands holding company. See "Item 4. Information on the Company — D. Organizational Structure" for a diagram
illustrating our corporate structure. As used in this annual report, "Qutoutiao," "we," "us," "our
company" or "our" refers to Qutoutiao Inc., its subsidiaries, and, in the context of describing its operations and
consolidated financial information, the Group VIEs; "the Group" refers to Qutoutiao Inc., the Group VIEs and their respective
subsidiaries; and "the Group VIEs" refer to the variable interest entities that conduct our business operations in China.
The
contractual arrangements among our PRC subsidiaries, the Group VIEs and their respective shareholders collectively enable us to:
●
exercise
    effective control over the Group VIEs and their subsidiaries;
●
receive
    substantially all the economic benefits of the Group VIEs; and
●
have
    an exclusive option to purchase all or part of the equity interests and assets of the Group VIEs when and to the extent permitted
    by PRC law.
As
a result of the contractual arrangements, Qutoutiao Inc. and certain of its subsidiaries are considered the primary beneficiaries of
the Group VIEs for accounting purposes, and we have consolidated the financial results of the Group VIEs in the Group's consolidated
financial statements. For more details on the contractual arrangements, see "Item 4. Information on the Company — D. Organizational
Structure — Contractual Arrangements among Our Key WFOEs, the Key VIEs and Their Respective Shareholders." Terms contained
in each set of contractual arrangements with the Group VIEs are substantially similar.
3
We
are subject to risks associated with our contractual arrangements with the Group VIEs and their shareholders. Our Cayman Islands holding
company and its investors may never hold equity interests in the Group VIEs. The contractual arrangements may be less effective than
equity ownership in providing us with control over the Group VIEs and we may incur substantial costs to enforce the terms of the arrangements.
If the Group VIEs or their shareholders fail to perform their respective obligations under these contractual arrangements, our ability,
as a Cayman Islands holding company, to enforce these contractual arrangements may be limited. The contractual arrangements have not
been tested in a court of law in China. There are very few precedents and little formal guidance as to how contractual arrangements in
the context of a variable interest entity should be interpreted or enforced under PRC law. In the event we are unable to enforce these
contractual arrangements, or if we suffer significant delay or other obstacles in the process of enforcing these contractual arrangements,
we may not be able to exert effective control over the Group VIEs, and our ability to conduct the Group's business and the Group's
results of operations and financial condition may be materially and adversely affected. See "— D. Risk Factors — Risks
Relating to Our Corporate Structure — We rely on contractual arrangements with the Group VIEs and their respective shareholders
to operate the Group's business, which may be less effective than equity ownership in providing operational control and otherwise
materially and adversely affect the Group's business" and "— The shareholders of the Group VIEs may have potential
conflicts of interest with us, which may materially and adversely affect the Group's business, results of operations and financial
condition."
There
are also substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules
with regard to our corporate structure and the contractual arrangements with the Group VIEs and their shareholders. If Chinese regulatory
authorities disallow such structure and arrangements, it would have a material effect on our operations and cause the value of our ADSs
to significantly decline or become worthless. See "— D. Risk Factors — Risks Relating to Our Corporate Structure —
If the PRC government deems that the contractual arrangements in relation to the Group VIEs do not comply with PRC regulatory restrictions
on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the
future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. In addition, our ADSs may
significantly decline in value or become worthless if we are unable to assert our contractual control over the assets of the Group VIEs"
and "— Substantial uncertainties exist with respect to whether the controlling of PRC onshore variable interest entities
by foreign investors via contractual arrangements will be recognized as 'foreign investment' and how it may impact the viability
of the Group's current corporate structure and operations."
The
Group also faces various legal and operational risks and uncertainties associated with being based in or having its operations primarily
in China and the country's complex and evolving laws and regulations. For example, the Group faces risks associated with regulatory
approvals on offerings conducted overseas by and foreign investment in China-based issuers, the use of the Group VIEs, anti-monopoly
regulatory actions, and oversight on cybersecurity and data privacy, which may impact the Group's ability to conduct certain businesses,
accept foreign investments, or list on a U.S. or other foreign exchange outside of China. These risks could result in a material adverse
change in the Group's operations and the value of our ADSs, significantly limit or completely hinder our ability to offer or continue
to offer securities to investors, or cause the value of such securities to significantly decline or become worthless. See "—
D. Risks Factors — Risks Relating to Doing Business in China."
Holding
Foreign Companies Accountable Act
The
Holding Foreign Companies Accountable Act, or the HFCAA, was enacted in December 2020 and amended pursuant to the Consolidated Appropriations
Act, 2023 on December 29, 2022, and may affect the trading of our ADSs in the over-the-counter, or OTC, trading market in the United
States. Pursuant to the HFCAA, if the SEC determines that we are an issuer, or a covered issuer, that has filed audit reports issued
by a registered public accounting firm that has not been subject to inspection for the U.S. Public Company Accounting Oversight Board,
or the PCAOB, for two consecutive years, the SEC shall prohibit our ADSs from being traded on a national securities exchange or in the
OTC trading market in the United States. In December 2021, the PCAOB determined that it is unable to inspect or investigate completely
registered public accounting firms headquartered in mainland China and Hong Kong, including our auditor as an independent registered
public accounting firm. On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate
PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong completely in 2022. The PCAOB Board vacated its
previous 2021 determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered
in mainland China and Hong Kong. On November 30, 2023, the PCAOB announced that it had completed its inspections on registered public
accounting firms headquartered in mainland China and Hong Kong for 2023 with the complete access required under the HFCAA. However, whether
the PCAOB will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in
mainland China and Hong Kong is subject to uncertainties and depends on a number of factors out of our and our auditor's control.
If the PCAOB is unable to inspect and investigate completely registered public accounting firms located in China and we fail to retain
another registered public accounting firm that the PCAOB is able to inspect and investigate completely in 2024 and beyond, or if we otherwise
fail to meet the PCAOB's requirements, our ADSs may be prohibited from trading on the OTC under the HFCAA.
4
Permissions
and Approvals
As
of the date of this annual report, the Group has obtained all material permissions and approvals that are, or may be, required for the
Group's main operations in China, except as disclosed in "— D. Risk Factors — Risk Relating to Our Business and
Industry — The Group's inability to fully comply with Audio-visual Program Provisions may expose it to administrative sanctions,
which would materially and adversely affect the Group's business, results of operations and financial condition" and "—
The Group may be adversely affected by the complexity, uncertainties and changes in PRC regulation of Internet businesses and companies,
including limitations on its ability to own key assets such as its mobile applications." No material permission or approval for
the Group has been denied by relevant authorities in China. See "Item 4. Information on the Company — C. Regulations —
Permissions and Licenses Requirements" for more details.
In
addition, we, our PRC subsidiaries and the Group VIEs may be required to obtain permissions from the China Securities Regulatory Commission,
or the CSRC, and may be required to go through cybersecurity review by the Cyberspace Administration of China, or the CAC, in connection
with any future offering and listing in an overseas market. See "— D. Risks Factors — Risks Relating to Doing Business
in China — The approval of and the filing with the China Securities Regulatory Commission, or the CSRC, or other PRC government
authorities may be required in connection with our future offshore offerings under PRC law, which may hinder our ability to continue
to offer securities to investors offshore; in addition, the regulation of the CSRC or other PRC regulatory agencies establish complex
procedures for acquisitions conducted by foreign investors that could make it more difficult for us to grow through acquisitions"
and "— Risks Relating to Our Industry and Business — We may be subject to cybersecurity review by regulatory authorities
of the PRC in the future."
Given
the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government
authorities, we may be required to obtain additional licenses, permits, filings or approvals for the functions and services of our platform
in the future, and may not be able to maintain or renew our current licenses, permits, filings or approvals. In addition, rules and regulations
in China can change quickly with little advance notice. Uncertainties due to evolving laws and regulations could impede the ability of
a China-based issuer, such as us, to obtain or maintain permits or licenses required to conduct business in China. In the absence of
required permits or licenses, governmental authorities could impose material sanctions or penalties on us. See "— D. Risks
Factors — Risks Relating to Doing Business in China — Changes in the political and economic policies of the PRC government
may materially and adversely affect the Group's business, results of operations and financial condition and may result in the Group's
inability to sustain our growth and expansion strategies. The PRC government may intervene or influence our operations at any time, which
could result in a material change in the Group's operations and/or the value of our ADSs. Any actions by the Chinese government
to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers could
significantly limit or completely hinder the Group's ability to offer or continue to offer securities to investors and cause the
value of such securities to significantly decline or become worthless" and "— There are uncertainties regarding the
interpretation and enforcement of PRC laws, rules and regulations. In addition, rules and regulations in China can change quickly with
little advance notice."
Cash
Transfers Through Our Organization
Qutoutiao
Inc. is a holding company with no material operations of its own. We conduct our operations primarily (i) through contractual arrangements
with the Group VIEs in China and (ii) by our subsidiaries in China. As a result, Qutoutiao Inc.'s ability to pay dividends depends
upon dividends paid by our PRC subsidiaries and remittances from the Group VIEs. If our PRC subsidiaries or the Group VIEs incur debt
on their own in the future, the instruments governing their debt may restrict their ability to pay dividends or make other distributions
or remittances to us. In addition, current PRC regulations permit our PRC subsidiaries to pay dividends to their respective shareholders
only out of their retained earnings, if any, determined in accordance with PRC accounting standards and regulations. Furthermore, each
of our PRC subsidiaries and the Group VIEs is required to set aside at least 10% of its net income each year to fund certain statutory
reserves until the cumulative amount of such reserves reaches 50% of its registered capital. These reserves, together with the registered
capital, are not distributable as cash dividends. For more details, see "— D. Risks Factors — Risks Relating to Doing
Business in China — We rely to a significant extent on dividends and other distributions on equity paid by our principal operating
subsidiaries and the Group VIEs to fund offshore cash and financing requirements. Any limitation on the ability of our PRC operating
subsidiaries or the Group VIEs to make payments to us could materially and adversely affect our ability to conduct the Group's
business."
5
Set
forth in the table below is a summary of cash transfers that have occurred between our subsidiaries and the Group VIEs for the years
ended December 31, 2021, 2022 and 2023, respectively.
Year Ended December 31,
2021
2022
2023
(
RMB in thousands
)
Cash paid by the Group VIEs to our subsidiaries under service agreements
(756,962
)
(376,184
)
(571,434
)
Cash received by the Group VIEs from our subsidiaries under service agreements
188,798
236,903
637,646
Cash received by the Group VIEs from our subsidiaries for intra-Group financing
137,515
606,146
66,034
For
the years ended December 31, 2021, 2022 and 2023, no subsidiaries or Group VIEs paid dividends or made other distributions to the Cayman
Islands holding company, and no dividends or distributions were paid or made to U.S. investors. For the years ended December 31, 2021,
2022 and 2023, no assets were transferred between our subsidiaries and the Group VIEs other than the cash transfers set forth in the
table above. We do not have any present plan to pay any dividends on our shares in the foreseeable future. We intend to retain most,
if not all, of our available funds and any future earnings to operate and expand our business. See "Item 8. Financial Information
— A. Consolidated Statements and Other Financial Information — Dividend Policy." However, if our PRC subsidiaries or
Group VIEs declare and distribute profits to us, such payments will be subject to withholding tax, which will increase our tax liability
and reduce the amount of cash available to us. For PRC and United States federal income tax considerations in connection with an investment
in our ADSs, see "Item 10. Additional Information — E. Taxation." We plan to continue to determine the amount of service
fee and payment method with the Group VIEs and their shareholders through bona fide negotiation, and settle fees under the contractual
arrangements accordingly in the future.
In
addition, our PRC subsidiaries, the Group VIEs and their subsidiaries generate their revenue primarily in Renminbi, which is not freely
convertible into other currencies. As a result, any restriction on currency exchange may limit the ability of our PRC subsidiaries to
pay dividends to us or our ability to pay dividends in foreign currencies to our investors. For more details, see "Item 3. Key
Information — D. Risk Factors — Risks Relating to Doing Business in China — We are subject to restrictions on currency
exchange."
Financial
Information Related to the Group VIEs
We
do not own any equity interest in the Group VIEs that are consolidated in the Group's financial statements. The Group consolidates
the results of the Group VIEs and their subsidiaries under U.S. GAAP through our contractual arrangements with the Group VIEs and their
respective shareholders. For more details on such contractual arrangements, see "Item 4. — Information on the Company —
D. Organizational Structure — Contractual Arrangements among Our Key WFOEs, the Key VIEs and Their Respective Shareholders."
6
Condensed
Consolidated Schedule of Results of Operation
The
following table presents the Group's condensed consolidated schedules of results of operations for our holding company, Qutoutiao
Inc., our wholly foreign-owned entities that are the primary beneficiaries of the Group VIEs under U.S. GAAP, or the Primary Beneficiaries
of the Group VIEs, our other subsidiaries that are not the Primary Beneficiaries of the Group VIEs, or Other Subsidiaries, and the Group
VIEs and their subsidiaries that the Group consolidates for the periods presented:
For the Year Ended December 31, 2021
Qutoutiao Inc.
Other
subsidiaries
Primary
Beneficiaries
of the
Group VIEs
Group VIEs
and their
subsidiaries
Eliminating
adjustments
Consolidated
totals
(RMB in thousands)
Revenues:
Third-party revenues
—
225
2,990
4,336,388
—
4,339,603
Intra-Group revenues
(2)
—
—
970,661
188,298
(1,158,959
)
—
Total revenues
—
225
973,651
4,524,686
(1,158,959
)
4,339,603
Cost of revenues:
Third-party cost of revenues
—
(325
)
(303,600
)
(867,701
)
—
(1,171,626
)
Intra-Group cost of revenues
(2)
—
—
—
(18,959
)
18,959
—
Total cost of revenues
—
(325
)
(303,600
)
(886,660
)
18,959
(1,171,626
)
Gross profit
—
(100
)
670,051
3,638,026
(1,140,000
)
3,167,977
Operating expenses:
Third-party operating expenses
(208,594
)
(12,210
)
(379,130
)
(4,067,548
)
200,184
(4,467,298
)
Intra-Group operating expenses
(2)
—
—
(188,298
)
(951,702
)
1,140,000
—
Total operating expenses
(208,594
)
(12,210
)
(567,428
)
(5,019,250
)
1,340,184
(4,467,298
)
Other operating income/(expense)
—
—
87,439
18,659
—
106,098
Loss from Operations
(208,594
)
(12,310
)
190,062
(1,362,565
)
200,184
(1,193,223
)
Non-operating income/(expense)
(58,313
)
(16,944
)
12,267
22,282
—
(40,708
)
Loss before income tax expense
(266,907
)
(29,254
)
202,329
(1,340,283
)
200,184
(1,233,931
)
Income tax benefits/expense
—
(1
)
(2,918
)
(131
)
—
(3,050
)
Loss from subsidiaries and VIEs
(1)
(972,710
)
(1,144,198
)
(1,343,609
)
—
3,460,517
—
Equity in loss of affiliate companies
—
—
—
(3,195
)
—
(3,195
)
Net Loss
(1,239,617
)
(1,173,453
)
(1,144,198
)
(1,343,609
)
3,660,701
(1,240,176
)
Less: Net loss attributable to the noncontrolling interest shareholders
—
559
—
—
—
559
Net loss attributable to Qutoutiao Inc.
(1,239,617
)
(1,172,894
)
(1,144,198
)
(1,343,609
)
3,660,701
(1,239,617
)
Accretion to convertible redeemable preferred shares redemption value
(108,896
)
—
—
—
—
(108,896
)
Net loss attributable to Qutoutiao Inc.'s ordinary shareholders
(1,348,513
)
(1,172,894
)
(1,144,198
)
(1,343,609
)
3,660,701
(1,348,513
)
7
For the Year Ended December 31, 2022
Qutoutiao Inc.
Other
subsidiaries
Primary
Beneficiaries
of the
Group VIEs
Group VIEs
and their
subsidiaries
Eliminating
adjustments
Consolidated
totals
(RMB in thousands)
Revenues:
Third-party revenues
—
297
254,407
828,341
—
1,083,045
Intra-Group revenues
(2)
—
—
750,372
579,967
(1,330,339
)
—
Total revenues
—
297
1,004,779
1,408,308
(1,330,339
)
1,083,045
Cost of revenues:
Third-party cost of revenues
—
(14
)
(115,170
)
(446,189
)
(1,234
)
(562,607
)
Intra-Group cost of revenues
(2)
—
—
(523,625
)
(376,184
)
899,809
—
Total cost of revenues
—
(14
)
(638,795
)
(822,373
)
898,575
(562,607
)
Gross profit
—
283
365,984
585,935
(431,764
)
520,438
Operating expenses:
Third-party operating expenses
(77,185
)
2,277
(301,059
)
(572,365
)
47,567
(900,765
)
Intra-Group operating expenses
(2)
—
—
—
(384,197
)
384,197
—
Total operating expenses
(77,185
)
2,277
(301,059
)
(956,562
)
431,764
(900,765
)
Other operating income/(expense)
—
—
52,676
9,153
—
61,829
Loss from Operations
(77,185
)
2,560
117,601
(361,474
)
—
(318,498
)
Non-operating income/(expense)
(468,035
)
(49,754
)
(68,801
)
(9,311
)
—
(595,901
)
Loss before income tax expense
(545,220
)
(47,194
)
48,800
(370,785
)
—
(914,399
)
Income tax benefits/expense
—
(15
)
1,117
(54
)
—
1,048
Loss from subsidiaries and VIEs
(1)
(369,547
)
(322,338
)
(372,255
)
—
1,064,140
—
Equity in loss of affiliate companies
—
—
—
(1,416
)
—
(1,416
)
Net Loss
(914,767
)
(369,547
)
(322,338
)
(372,255
)
1,064,140
(914,767
)
Less: Net loss attributable to the noncontrolling interest shareholders
—
—
—
—
—
—
Net loss attributable to Qutoutiao Inc.
(914,767
)
(369,547
)
(322,338
)
(372,255
)
1,064,140
(914,767
)
Accretion to convertible redeemable preferred shares redemption value
—
(124,677
)
—
—
—
(124,677
)
Net loss attributable to Qutoutiao Inc.'s ordinary shareholders
(914,767
)
(494,224
)
(322,338
)
(372,255
)
1,064,140
(1,039,444
)
8
For the Year Ended December 31, 2023
Qutoutiao Inc.
Other
subsidiaries
Primary
Beneficiaries
of the
Group VIEs
Group VIEs
and their
subsidiaries
Eliminating
adjustments
Consolidated
totals
(RMB in thousands)
Revenues:
Third-party revenues
—
16
71,811
673,730
0
745,557
Intra-Group revenues
(2)
—
-
133,358
637,646
(771,004
)
—
Total revenues
—
16
205,169
1,311,376
(771,004
)
745,557
Cost of revenues:
Third-party cost of revenues
—
(32
)
(46,576
)
(365,857
)
(3,448
)
(415,913
)
Intra-Group cost of revenues
(2)
—
-
(51,201
)
(571,434
)
622,635
—
Total cost of revenues
—
(32
)
(97,777
)
(937,291
)
619,187
(415,913
)
Gross profit
—
(16
)
107,392
374,085
(151,817
)
329,644
Operating expenses:
Third-party operating expenses
(47,078
)
(4,119
)
(68,290
)
(248,310
)
16,652
(351,145
)
Intra-Group operating expenses
(2)
—
-
-
(140,418
)
140,418
—
Total operating expenses
(47,078
)
(4,119
)
(68,290
)
(388,728
)
157,070
(351,145
)
Other operating income/(expense)
—
-
15,370
4,237
-
19,607
Income/(Loss) from Operations
(47,078
)
(4,135
)
54,472
(10,406
)
5,253
(1,894
)
Non-operating income/(expense)
(184,433
)
192
3,190
859
(5,253
)
(185,445
)
Loss before income tax expense
(231,511
)
(3,943
)
57,662
(9,547
)
-
(187,339
)
Income tax benefits/expense
—
-
1,614
412
-
2,026
Income from subsidiaries and VIEs
(1)
46,198
50,141
(9,135
)
—
(87,204
)
—
Equity in loss of affiliate companies
—
-
-
—
-
—
Net Income/(Loss)
(185,313
)
46,198
50,141
(9,135
)
(87,204
)
(185,313
)
Less: Net loss attributable to the noncontrolling interest shareholders
—
-
-
—
-
—
Net income/(loss) attributable to Qutoutiao Inc.
(185,313
)
46,198
50,141
(9,135
)
(87,204
)
(185,313
)
Accretion to convertible redeemable preferred shares redemption value
—
(143,976
)
-
—
-
(143,976
)
Net income/(loss) attributable to Qutoutiao Inc.'s ordinary shareholders
(185,313
)
(97,778
)
50,141
(9,135
)
(87,204
)
(329,289
)
Notes:
(1)
Represents
    the elimination of investments among Qutoutiao Inc., the Primary Beneficiaries of the Group VIEs, the Other Subsidiaries, and the
    Group VIEs and their subsidiaries that the Group consolidates. Share-based compensation expenses are recorded in Qutoutiao Inc.,
    which issued these equity awards, and are also pushed down to the VIEs and subsidiaries. The expenses pushed down to the VIEs and
    subsidiaries are eliminated upon consolidation to avoid duplication.
(2)
Represents
    the elimination of the intercompany service charge at the consolidation level.
9
Condensed
Consolidated Schedule of Balance Sheets
The
following table presents the Group's condensed consolidated schedule of financial position for Qutoutiao Inc., the Primary Beneficiaries
of the Group VIEs, our Other Subsidiaries, and the Group VIEs and their subsidiaries that the Group consolidates as of the dates presented:
As of December 31, 2022
Qutoutiao Inc.
Other
subsidiaries
Primary
Beneficiaries
of the
Group VIEs
Group VIEs
and their
subsidiaries
Eliminating
adjustments
Consolidated
totals
(RMB in thousands)
ASSETS
Current assets:
Cash and cash equivalents
50,989
34,984
4,681
32,147
—
122,801
Restricted cash
—
—
216
7,384
—
7,600
Short-term investments
—
—
20,000
6,402
—
26,402
Accounts receivable, net
—
133
6,753
110,523
—
117,409
Amount due from related parties
—
—
788
48,284
(270
)
48,802
Prepaid and other current assets
2,935
2,005
58,303
95,568
—
158,811
Intra-Group receivables due from the Company's subsidiaries
(1)
3,698,706
426,911
5,752,591
470,966
(10,349,174
)
—
Total current assets
3,752,630
464,033
5,843,332
771,274
(10,349,444
)
481,825
Noncurrent assets:
Property and equipment, net
—
—
11
5,002
—
5,013
Right-of-use assets, net
—
—
—
21,879
—
21,879
Intangible assets
—
—
56,075
6,574
—
62,649
Goodwill
—
—
7,268
—
—
7,268
Long-term Investments
—
—
—
—
—
—
Other non-current assets
1,476
—
—
1,426
—
2,902
Total noncurrent assets
1,476
—
63,354
34,881
—
99,711
Total assets
3,754,106
464,033
5,906,686
806,155
(10,349,444
)
581,536
LIABILITIES
Current liabilities:
Accounts payable
—
—
64,444
330,550
—
394,994
Amount due to related parties
—
—
862
—
(270
)
592
Registered users' loyalty payable
—
—
—
29,773
—
29,773
Advance from advertising customers and deferred revenue
—
—
36,743
11,963
—
48,706
Salary and welfare payable
—
82
31,431
28,048
—
59,561
Tax payable
—
—
10,890
29,584
—
40,474
Lease liabilities, current
—
—
—
15,083
—
15,083
Accrued liabilities related to users' loyalty program
—
—
—
64,589
—
64,589
Accrued liabilities and other current liabilities
978
2,313
31,033
301,713
225
336,262
Convertible Loan—current
1,746,188
—
—
—
—
1,746,188
Intra-Group payables due to the Company's subsidiaries
(1)
181,598
3,710,864
928,758
5,644,725
(10,465,945
)
—
Total current liabilities
1,928,764
3,713,259
1,104,161
6,456,028
(10,465,990
)
2,736,222
Lease liabilities, non-current
—
—
—
7,599
—
7,599
Deferred tax liabilities
—
—
14,019
—
—
14,019
Deficit
    of investment in subsidiaries and VIEs
(2)
5,416,081
868,966
5,657,472
—
(11,942,519
)
—
Total long-term liabilities
5,416,081
868,966
5,671,491
7,599
(11,942,519
)
21,618
Total liabilities
7,344,845
4,582,225
6,775,652
6,463,627
(22,408,509
)
2,757,840
Commitments and contingencies
—
—
—
—
—
—
Mezzanine equity
Redeemable non-controlling interests
—
1,414,435
—
—
—
1,414,435
SHAREHOLDERS' deficit
Total Qutoutiao Inc. shareholders' deficit
(3,590,739
)
(5,532,627
)
(868,966
)
(5,657,472
)
12,059,065
(3,590,739
)
Noncontrolling interest
—
—
—
—
—
—
Total shareholders' deficit
(2)
(3,590,739
)
(5,532,627
)
(868,966
)
(5,657,472
)
12,059,065
(3,590,739
)
Total liabilities and shareholders' deficit
3,754,106
464,033
5,906,686
806,155
(10,349,444
)
581,536
10
As of December 31, 2023
Qutoutiao Inc.
Other
subsidiaries
Primary
Beneficiaries
of the
Group VIEs
Group VIEs
and their
subsidiaries
Eliminating
adjustments
Consolidated
totals
(RMB in thousands)
ASSETS
Current assets:
Cash and cash equivalents
43,409
6,606
1,043
23,590
-
74,648
Restricted cash
—
-
50
17,008
-
17,058
Short-term investments
—
-
-
-
-
—
Accounts receivable, net
—
151
276
73,143
-
73,570
Amount due from related parties
—
-
790
45,182
(185
)
45,787
Prepaid and other current assets
9,436
21
37,250
91,422
(195
)
137,933
Intra-Group
receivables due from the Company's subsidiaries
(1)
3,783,399
735,153
5,227,827
320,387
(10,066,766
)
—
Total current assets
3,836,244
741,931
5,267,236
570,732
(10,067,146
)
348,996
Noncurrent assets:
Property and equipment, net
—
-
11
493
-
504
Right-of-use assets, net
—
-
-
5,633
-
5,633
Intangible assets
—
-
46,461
3,883
-
50,344
Goodwill
—
-
7,268
—
-
7,268
Long-term Investments
—
-
-
-
-
—
Other non-current assets
—
-
-
666
-
666
Total noncurrent assets
—
-
53,740
10,675
-
64,415
Total assets
3,836,244
741,931
5,320,976
581,407
(10,067,146
)
413,411
LIABILITIES
Current liabilities:
Accounts payable
—
-
29,580
349,993
-
379,573
Amount due to related parties
—
-
258
81
(185
)
154
Registered users' loyalty payable
—
-
-
13,863
-
13,863
Advance from advertising customers and deferred revenue
—
-
44,259
12,351
-
56,610
Salary and welfare payable
—
84
21,598
15,784
-
37,466
Tax payable
—
-
3,860
36,588
-
40,483
Lease liabilities, current
—
-
-
2,407
-
2,407
Accrued liabilities related to users' loyalty program
—
-
-
33,489
-
33,489
Accrued liabilities and other current liabilities
—
707
23,003
220,104
29
243,843
Convertible Loan—current
1,944,834
-
-
—
-
1,944,834
Intra-Group
    payables due to the Company's subsidiaries
(1)
230,306
4,049,389
339,019
5,560,180
(10,178,894
)
—
Total current liabilities
2,175,140
4,050,180
461,577
6,244,840
(10,179,050
)
2,752,687
Lease liabilities, non-current
—
-
-
3,366
-
3,366
Deferred tax liabilities
—
-
11,616
—
-
11,616
Deficit
of investment in subsidiaries and VIEs
(2)
5,598,492
819,016
5,666,799
—
(12,084,307
)
—
Total long-term liabilities
5,598,492
819,016
5,678,415
3,366
(12,084,307
)
14,982
Total liabilities
7,773,632
4,869,196
6,139,992
6,248,206
(22,263,357
)
2,767,669
Commitments and contingencies
—
-
-
—
-
—
Mezzanine equity
Redeemable non-controlling interests
—
1,583,130
-
—
-
1,583,130
SHAREHOLDERS' deficit
Total Qutoutiao Inc. shareholders' deficit
(3,937,388
)
(5,710,395
)
(819,016
)
(5,666,799
)
12,196,210
(3,937,388
)
Noncontrolling interest
—
-
-
—
-
—
Total shareholders' deficit
(2)
(3,937,388
)
(5,710,395
)
(819,016
)
(5,666,799
)
12,196,210
(3,937,388
)
Total liabilities and shareholders' deficit
3,836,244
741,931
5,320,976
581,407
(10,067,147
)
413,411
Notes:
(1)
Represents
    the elimination of intercompany balances among Qutoutiao Inc., the Primary Beneficiaries of the Group VIEs, the Other Subsidiaries,
    and the Group VIEs and their subsidiaries that we consolidate.
(2)
Represents
    the elimination of investments among Qutoutiao Inc., the Primary Beneficiaries of the Group VIEs, the Other Subsidiaries, and the
    Group VIEs and their subsidiaries that the Group consolidates. Share-based compensation expenses are recorded in Qutoutiao Inc.,
    which issued these equity awards, and are also pushed down to the VIEs and subsidiaries. The expenses pushed down to the VIEs and
    subsidiaries are eliminated upon consolidation to avoid duplication.
11
Condensed
Consolidated Schedule of Cash Flows
The
following table presents our condensed consolidated schedules of cash flows for Qutoutiao Inc., the Primary Beneficiaries of the Group
VIEs, our Other Subsidiaries, and the Group VIEs and their subsidiaries that the Group consolidates for the periods presented:
For the Year Ended December 31, 2021
Qutoutiao Inc.
Other
subsidiaries
Primary
Beneficiaries
of the
Group VIEs
Group VIEs
and their
subsidiaries
Eliminating
adjustments
Consolidated
totals
(RMB in thousands)
Cash flows from operating activities:
Net cash provided by/(used in) transactions with external parties
(14,807
)
67,637
(709,141
)
377,189
—
(279,122
)
Net cash provided by/(used in) transactions with intra-Group entities
—
—
568,164
(568,164
)
—
—
Net cash provided by/(used in) operating activities
(14,807
)
67,637
(140,977
)
(190,975
)
—
(279,122
)
Cash flows from investing activities:
Net cash provided by/(used in) transactions with external parties
—
(84,723
)
97,197
63,047
—
75,521
Cash used in capital contribution to intra-Group entities
—
(198,086
)
—
—
198,086
—
Cash used in providing borrowings to intra-Group entities
—
—
(137,515
)
—
137,515
—
Cash provided by repayment of borrowings from intra-Group entities
32,506
—
—
—
(32,506
)
—
Net cash provided by/(used in) investing activities
32,506
(282,809
)
(40,318
)
63,047
303,095
75,521
Cash flows from financing activities:
Net cash provided by/(used in) transactions with external parties
—
(13,050
)
—
(53,044
)
—
(66,094
)
Cash provided by capital contribution from intra-Group entities
—
—
198,086
—
(198,086
)
—
Cash provided by borrowings from intra-Group entities
—
—
—
137,515
(137,515
)
—
Cash used in repayment of borrowings to intra-Group entities
—
(32,506
)
—
—
32,506
—
Net cash provided by/(used in) financing activities
—
(45,556
)
198,086
84,471
(303,095
)
(66,094
)
For the Year Ended December 31, 2022
Qutoutiao Inc.
Other
subsidiaries
Primary
Beneficiaries
of the
Group VIEs
Group VIEs
and their
subsidiaries
Eliminating
adjustments
Consolidated
totals
(RMB in thousands)
Cash flows from operating activities:
Net cash provided by/(used in) transactions with external parties
(39,578
)
(3,089
)
227,053
(628,183
)
—
(443,797
)
Net cash provided by/(used in) transactions with intra-Group entities
—
—
(606,146
)
606,146
—
—
Net cash provided by/(used in) operating activities
(39,578
)
(3,089
)
(379,093
)
(22,037
)
—
(443,797
)
Cash flows from investing activities:
Net cash provided by/(used in) transactions with external parties
—
99,630
139,300
28,625
—
267,555
Cash used in capital contribution to intra-Group entities
68,089
(101,304
)
—
—
33,215
—
Cash used in providing borrowings to intra-Group entities
—
—
—
—
—
—
Net cash provided by/(used in) investing activities
68,089
(1,674
)
139,300
28,625
33,215
267,555
Cash flows from financing activities:
Net cash provided by/(used in) transactions with external parties
—
—
(20,000
)
—
—
(20,000
)
Cash provided by capital contribution from intra-Group entities
—
(68,089
)
101,304
—
(33,215
)
—
Cash provided by borrowings from intra-Group entities
—
—
—
—
—
—
Net cash provided by/(used in) financing activities
—
(68,089
)
81,304
—
(33,215
)
(20,000
)
12
For the Year Ended December 31, 2023
Qutoutiao Inc.
Other
subsidiaries
Primary
Beneficiaries
of the
Group VIEs
Group VIEs
and their
subsidiaries
Eliminating
adjustments
Consolidated
totals
(RMB in thousands)
Cash flows from operating activities:
Net cash provided by/(used in) transactions with external parties
(31,937
)
(4,541
)
28,935
(58,155
)
-
(65,698
)
Net cash provided by/(used in) transactions with intra-Group entities
-
-
-
-
-
—
Net cash provided by/(used in) operating activities
(31,937
)
(4,541
)
28,935
(58,155
)
-
(65,698
)
Cash flows from investing activities:
Net cash provided by/(used in) transactions with external parties
-
-
33,295
(6,812
)
-
26,483
Cash used in capital contribution to intra-Group entities
23,535
-
-
66,034
(89,569
)
—
Cash used in providing borrowings to intra-Group entities
-
-
-
-
-
-
Net cash provided by/(used in) investing activities
23,535
-
33,295
59,222
(89,569
)
26,483
Cash flows from financing activities:
Net cash provided by/(used in) transactions with external parties
-
-
-
-
-
—
Cash provided by capital contribution from intra-Group entities
-
(23,535
)
(66,034
)
-
89,569
—
Cash provided by borrowings from intra-Group entities
-
-
-
-
-
—
Net cash provided by/(used in) financing activities
-
(23,535
)
(66,034
)
-
89,569
—
A.
[Reserved]
B.
Capitalization
    and Indebtedness
Not
Applicable.
C.
Reasons
    for the Offer and Use of Proceeds
Not
Applicable.
13
D.
Risk
    Factors
Summary
of Risk Factors
An
investment in our ADSs is subject to a number of risks, including risks relating to our industry and business, risks relating to the
Group's corporate structure, risks relating to doing business in China and risks relating to the ADSs. The following summarizes
some, but not all, of these risks. Please carefully consider all of the information discussed in "Item 3. Key Information —
D. Risk Factors" in this annual report for a more thorough description of these and other risks.
Risks
Relating to Our Industry and Business
●
The
    Group has a limited operating history, which makes it difficult to evaluate its business.
●
If
    the Group fails to acquire new users or retain existing users, or if user engagement on the Group's platform declines, its
    business, results of operations and financial condition may be materially and adversely affected.
●
There
    is substantial doubt as to our ability to continue as a going concern.
●
We
    require a significant amount of cash to fund our operations as well as to meet our Convertible Loan obligations. If we cannot obtain
    additional financing and liquidity, our business, financial condition and results of operation will be materially and adversely affected.
●
The
    Group has incurred net losses in the past and may continue to incur losses in the future.
●
The
    Group's inability to fully comply with Audio-visual Program Provisions may expose it to administrative sanctions, which would
    materially and adversely affect the Group's business, results of operations and financial condition.
●
If
    the Group does not continue to increase the strength of its brand, the Group may not be able to maintain current or attract new users
    and customers for its products and services.
●
Any
    catastrophe, including natural catastrophes and outbreaks of health pandemics and other extraordinary events, could disrupt the Group's
    business operation. For example, the COVID-19 pandemic may have a material adverse effect on the Group's business, results
    of operations and financial condition, as well as the trading price of the ADSs.
●
If
    the Group is unable to compete effectively in the industry it operates, the Group's business, results of operations and financial
    condition may be materially and adversely affected.
●
The
    Group generates a substantial majority of its revenues from advertising and marketing. A decline in the Group's advertising
    and marketing revenues could harm its business.
●
The
    Group may be adversely affected by the complexity, uncertainties and changes in PRC regulation of Internet businesses and companies,
    including limitations on its ability to own key assets such as its mobile applications.
●
Privacy
    concerns relating to the Group's products and services and the use of user information could damage its reputation, deter current
    and potential users and customers from using the Group's mobile applications and negatively impact its business.
●
We
    may be subject to cybersecurity review by regulatory authorities of the PRC in the future.
14
Risks
Relating to Our Corporate Structure
●
We
    rely on contractual arrangements with the Group VIEs and their respective shareholders to operate the Group's business, which
    may be less effective than equity ownership in providing operational control and otherwise materially and adversely affect the Group's
    business.
●
The
    shareholders of the Group VIEs may have potential conflicts of interest with us, which may materially and adversely affect the Group's
    business, results of operations and financial condition.
●
If
    the PRC government deems that the contractual arrangements in relation to the Group VIEs do not comply with PRC regulatory restrictions
    on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in
    the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. In addition, our
    ADSs may significantly decline in value or become worthless if we are unable to assert our contractual control over the assets of
    the Group VIEs.
●
Substantial
    uncertainties exist with respect to whether the controlling of PRC onshore variable interest entities by foreign investors via contractual
    arrangements will be recognized as "foreign investment" and how it may impact the viability of the Group's current
    corporate structure and operations.
Risks
Relating to Doing Business in China
●
Changes
    in the political and economic policies of the PRC government may materially and adversely affect the Group's business, results
    of operations and financial condition and may result in the Group's inability to sustain our growth and expansion strategies.
    The PRC government may intervene or influence our operations at any time, which could result in a material change in the Group's
    operations and/or the value of our ADSs. Any actions by the Chinese government to exert more oversight and control over offerings
    that are conducted overseas and/or foreign investment in China-based issuers could significantly limit or completely hinder the Group's
    ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or
    become worthless.
●
There
    are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations. In addition, rules and regulations
    in China can change quickly with little advance notice.
●
The
    approval of and the filing with the China Securities Regulatory Commission, or the CSRC, or other PRC government authorities may
    be required in connection with our future offshore offerings under PRC law, which may hinder our ability to continue to offer securities
    to investors offshore; in addition, the regulation of the CSRC or other PRC regulatory agencies establish complex procedures for
    acquisitions conducted by foreign investors that could make it more difficult for us to grow through acquisitions.
●
PRC
    regulations relating to investments in offshore companies by PRC residents may subject our PRC-resident beneficial owners or our
    PRC subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiaries or limit our PRC subsidiaries'
    ability to increase their registered capital or distribute profits.
●
We
    rely to a significant extent on dividends and other distributions on equity paid by our principal operating subsidiaries and the
    Group VIEs to fund offshore cash and financing requirements. Any limitation on the ability of our PRC operating subsidiaries or the
    Group VIEs to make payments to us could materially and adversely affect our ability to conduct the Group's business.
●
We
    are subject to restrictions on currency exchange.
●
The
    audit report included in this annual report is prepared by an auditor which the U.S. Public Company Accounting Oversight Board was
    unable to inspect and investigate completely before 2022 and, as such, our investors have been deprived of the benefits of such inspections
    in the past, and may be deprived of the benefits of such inspections in the future.
●
Our
    ADSs will be prohibited from trading on the OTC in the United States under the Holding Foreign Companies Accountable Act, as amended,
    or the HFCAA if the PCAOB is unable to inspect or fully investigate auditors located in China at any point in the future.
15
Risks
Relating to the ADSs
●
The
    trading price of the ADSs may be volatile, which could result in substantial losses to you.
●
The
    delisting of our ADSs from Nasdaq may continue to have a material adverse effect on the trading and price of our ADSs, and we cannot
    assure you that our ADSs will be relisted, or that once relisted, they will remain listed.
●
There
    are no independent directors on our board, which may create a potential conflict of interest.
●
Because
    we do not expect to pay cash dividends in the foreseeable future, you may not receive any return on your investment unless you sell
    your Class A ordinary shares or ADSs for a price greater than that which you paid for them.
●
Your
    right to participate in any future rights offerings may be limited, which may cause dilution to your holdings.
●
The
    dual-class structure of our ordinary shares may adversely affect the trading market for the ADSs.
●
You
    may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
    we are incorporated under Cayman Islands law.
Risks
Relating to Our Industry and Business
The
Group has a limited operating history, which makes it difficult to evaluate its business.
The
Group launched
Qutoutiao
in June 2016 and Midu Novels in May 2018, and further introduced Midu Lite in May 2019. The Group has
experienced rapid growth in terms of installed users, MAUs, DAUs and revenues from 2016 to 2020, but declines in terms of these operating
metrics and revenues in 2021, 2022 and 2023. As our operating history has suggested, the Group's historical development trend may
not be indicative of its future performance, and we cannot assure you that the level of growth we had prior to 2020 will be sustainable
or achievable at all in the future. The Group's growth prospects should be considered in light of the risks and uncertainties that
companies with a limited operating history in our industry may encounter, including, among others, risks and uncertainties regarding
our ability to:
●
retain
    existing users on, and attract new users to, the Group's platform;
●
present
    real-time customized feeds to users based on their profiles, behaviors and social relationships;
●
maintain
    the effectiveness of the Group's user loyalty programs;
●
maintain
    stable relationships with the Group's content providers;
●
develop
    and implement successful monetization measures;
●
convince
    advertising customers of the benefits of the Group's advertising and marketing services compared to alternative forms of marketing;
16
●
increase
    brand awareness through marketing and promotional activities;
●
upgrade
    existing technology and infrastructure and develop new technologies to support increasing user traffic, improve user experience,
    expand functionality and ensure system stability;
●
successfully
    compete with other companies that are currently in, or may in the future enter, our industry;
●
attract,
    retain and motivate talented employees;
●
adapt
    to the evolving regulatory environment; and
●
defend
    the Group against litigation, regulatory, intellectual property, privacy or other claims.
All
of these endeavors involve risks and will require significant capital expenditures and allocation of valuable management and employee
resources. We cannot assure you that we will be able to effectively manage the Group's growth or implement our business strategies
effectively. If the market for the Group's platform does not develop as we expect or if we fail to address the needs of this dynamic
market, the Group's business, results of operations and financial condition will be materially and adversely affected.
If
the Group fails to acquire new users or retain existing users, or if user engagement on the Group's platform declines, its business,
results of operations and financial condition may be materially and adversely affected.
The
size of the Group's user base and the level of user engagement are critical to its success. The Group's mobile applications
had approximately 8.5 million combined average MAUs, approximately 2.9 million combined average DAUs and average daily time spent per
DAU of approximately 41.8 minutes in the three months ended December 31, 2023. The Group's business has been and will continue
to be significantly affected by its ability in growing the number of active users and increasing their overall level of engagement on
the Group's platform. The size of the Group's user base and the level of user engagement faced downward pressures in 2021
and 2022 due to the change of the operating strategies we adopted as we faced uncertainties in the advertising market, the tightening
regulatory environment in internet and technology sector in China and the negative impacts of the COVID-19 pandemic on China's
macro-economic environment, and continued to face downward pressures in 2023 due to macroeconomic downturn and customer advertising budget
constraints. We could also see user base decreases for certain future periods of time if we further adjust or change our strategy. To
the extent the Group's user growth rate slows or its user base decreases, the Group's success will become increasingly dependent
on our ability to increase user engagement with the Group's platform. The Group has implemented user account systems and loyalty
programs to, among other things, help it cost-effectively acquire new users and develop an engaged and loyal user base. However, although
such user account systems and loyalty programs have contributed significantly to the growth in the Group's installed users and
high user engagement in the past, there can be no assurance that such systems and programs will continue to function effectively. Additionally,
the Group's acquisition cost per user may increase as it implements new marketing initiatives, such as placing advertisements in
app stores. The Group's user engagement efforts, including by increasing the number of content providers, expanding the breadth
and quality of content, including video and user generated content, on its platform, diversifying into new content formats and strengthening
its content recommendation capabilities, may also not achieve expected results. Users may no longer perceive content and other products
and services on the Group's platform to be entertaining and relevant, and it may not be able to attract users or increase their
usage frequency of its platform. If we fail to execute any such new initiatives successfully or in a cost-effective manner, the Group's
business, results of operations and financial condition would be materially and adversely affected. If the Group is unable to grow its
user base or the level of user engagement, or if the number of users or their level of engagement declines, this could result in its
platform being less attractive to potential new users and thus advertising customers, which would have a material and adverse impact
on the Group's business, results of operations and financial condition.
17
The
Chinese government may prevent the Group from distributing content that it believes is noncompliant and the Group may be subject to penalties
for such content or the Group may have to interrupt or suspend the operation of the Group's platform to comply with these regulatory
requirements from time to time, which may materially and adversely affect the Group's results of operation.
China
has enacted regulations governing Internet access and the distribution of news and other information. In the past, the Chinese government
has stopped the distribution of information over the Internet or through mobile Internet devices that it believes violates Chinese law,
including content that it believes is obscene, defamatory, misleading or inappropriately satirical, incites violence, endangers the national
security, concerns politically sensitive topics, or contravenes the national interest. In the past, new downloads of certain mobile content
aggregator applications and mobile news applications were temporarily blocked and suspended for different lengths of time, ranging from
a few days to weeks, following the publication of content considered to be noncompliant. In July 2018, PRC governmental and regulatory
authorities responsible for "eradicating pornography and illegal publications" announced new coordinated efforts to regulate
and control the nascent online short video sector, including citations against 19 online short video platforms which allegedly had disregarded
repeated warnings not to distribute content deemed by the authorities as obscene, misleading, pornographic, violent, infringing, sensationalist,
deviant from socialist core values, harmful to younger viewers, or otherwise unlawful or detrimental.
Of
these 19 platforms, 15 had their applications removed from app stores and new downloads blocked; among these 15 platforms, three also
had their operations suspended by relevant authorities. Any such future suspension in operations or downloads of the Group's mobile
applications for this or other reasons may negatively affect the Group's relationships with users and advertisers, and adversely
affect the Group's business and results of operations.
While
we strive to comply with applicable regulatory requirements and other obligations we may have with respect to the Group's operation,
the failure or perceived failure to comply may result, and in some cases has resulted, in inquiries and other proceedings or actions
against us by government agencies or others, as well as negative publicity and damage to our reputation and brand, any of which could
cause the Group to lose users and customers and may materially and adversely affect the Group's business, results of operations
and financial condition. For example, in order to comply with regulatory requirements, the Group undertook product upgrades and temporarily
suspended content updates and certain commercial activities on Midu Novels from July 16 to October 15, 2019. Midu Novels has resumed
regular content updates and commercial activities since October 16, 2019. We have endeavored to use the Group's technologies, employees
and other resources in a manner that complies with applicable regulatory requirements, and as such, we believe that the likelihood of
us receiving material administrative penalties is low. However, there can be no assurance that similar suspensions relating to the Group's
mobile applications will not recur in the future, or that such incidents will not result in loss of users or advertisers, decrease in
revenues or reputational damage to us, or have an adverse effect on the Group's business and results of operations.
The
Chinese government may continue to implement stricter standards for compliant content, and increase enforcement against content considered
to be noncompliant. In addition, certain news items, such as news relating to national security, may not be published without permission
from the Chinese government. If the Chinese government were to take any action to limit or prohibit the distribution of information through
the Group's mobile applications, or to limit or regulate any current or future content or services available to users on the Group's
platform, the Group's business could be significantly harmed. Although we have adopted internal procedures to monitor the content
displayed on the Group's platform, due to the significant amount of content, including user generated content, we may not be able
to identify all the content that may violate relevant laws and regulations, whether or not due to our fault or oversight in content monitoring.
Failure to identify and prevent inappropriate or illegal content from being displayed on the Group's platform may subject us to
penalties, including suspension of operations.
Moreover,
as the interpretation of noncompliant content is vague and subjective in many cases, and the definition of noncompliant content may be
subject to constant changes, it is not always possible to determine or predict what content might be considered noncompliant under existing
restrictions, or what restrictions might be imposed in the future. Chinese government authorities may also prohibit the marketing of
other types of wireless value-added services and contents through mobile applications, which could materially and adversely affect the
Group's business, results of operations and financial condition.
18
There
is substantial doubt as to our ability to continue as a going concern.
The
following factors raise substantial doubt about our ability to continue as a going concern:
●
For
    the years ended December 31, 2021, 2022 and 2023, we incurred net losses of RMB1,240.2 million, RMB914.8 million and RMB185.3 million (US$26.1 million), respectively.
●
For
    the years ended December 31, 2021, 2022 and 2023, we had net cash used in operating activities of RMB279.1 million, RMB443.8 million
    and RMB65.7 million (US$9.3 million), respectively.
●
As
    of December 31, 2023, we had an accumulated deficit of RMB8,724.5 million (US$1,228.8 million) and a deficit in working capital
of RMB458.9 million (US$64.6 million).
●
As
    of December 31, 2023, we had cash, cash equivalents, restricted cash and short-term investments of RMB91.7 million (US$12.9 million).
●
As
of December 31, 2023, as discussed in Note 13 and Note 25 to the consolidated financial statements, the Group has a convertible loan
from Alibaba, or the Convertible Loan, of approximately RMB1.94 billion (US$274.6 million), including principal of US$171.1 million and
unpaid interest that was expected to be matured within one year from the date of the issuance of the consolidated financial statements.
Our
ability to continue as a going concern is dependent upon our continued operations, which in turn is dependent on our ability to adjust
the pace of the operation expansion, control operating costs and expenses to reduce the cash used in operating cash flows, pursue financing
arrangements, including the renewal of the Convertible Loan with the creditor, and obtain additional funds from sale of our assets, which
in turn, are subject to various risks discussed herein including, among others, risks relating to our ability to maintain and improve
our liquidity and financial position. See "— We require a significant amount of cash to fund our operations as well as to
meet our Convertible Loan obligations. If we cannot obtain additional financing and liquidity, our business, financial condition and
results of operation will be materially and adversely affected."
The
audited consolidated financial statements included in this annual report on Form 20-F were prepared on the basis of our continuing as
a going concern. Facts and circumstances including accumulated and recurring losses from operations, net cash used in operating activities,
negative working capital and uncertainties on the repayment of the Convertible Loan raise substantial doubt about our ability to continue
as a going concern. Likewise, the report of our independent registered public accounting firm includes a qualification that there is
substantial doubt about our ability to continue as a going concern. The audited financial statements do not include any adjustments that
might result from the outcome of these uncertainties. If we become unable to continue as a going concern, we may have to liquidate our
assets, and the value we receive for our assets in liquidation or dissolution could be significantly lower than the values reflected
in our audited consolidated financial statements. Our lack of cash resources and our potential inability to continue as a going concern
may materially and adversely affect the price of our ADSs and our ability to continue our operations.
We
require a significant amount of cash to fund our operations as well as to meet our Convertible Loan obligations. If we cannot obtain
additional financing and liquidity, our business, financial condition and results of operation will be materially and adversely affected.
We
require a significant amount of cash to fund our operations. The Group had negative cash flow from operating activities of RMB279.1 million,
RMB443.8 million and RMB65.7 million (US$9.3 million) for the years ended December 31, 2021, 2022 and 2023, respectively. Our ability
to increase or maintain our user base, net revenues and gross profit will depend to a significant degree on our ability to obtain a sufficient
amount of additional cash and liquidity to fund our operations.
19
We
also require a significant amount of cash to meet our Convertible Loan obligations. We have a Convertible Loan of US$171.1 million advanced
by Alibaba with an original maturity date of April 4, 2022. We and Alibaba entered into several supplemental agreements to the original
convertible loan agreement, pursuant to which the maturity date of the Convertible Loan has been extended to April 30, 2025. The interest
rate of the Convertible Loan has also been amended from an original compound rate of 3% per annum to a compound rate of 9% per annum
plus a simple rate of 3% per annum, calculated from the original loan drawdown date of April 4, 2019. The total amount of the principal
and accumulated interest payable of the Convertible Loan, including the incremental interest related to the increase in interest rate
under the supplemental agreements, will amount to approximately US$312.7 million (RMB2,214.6 million) as of April 30, 2025. See "Item
5. Operating and Financial Review and Prospects — B. Liquidity and Capital Resources" for further details. We cannot assure
you that we will be able to further extend the maturity date of the principal and accrued and unpaid interest of the Convertible Loan
or repay the principal and accrued and unpaid interest of the Convertible Loan as they become due. Given the significance of the amount
repayable upon maturity, the maturity of the Convertible Loan will have a significant impact on our liquidity.
In
addition, the investors of Fun Literature Limited, our subsidiary that is the holding company of the entities that operate Midu
Novels, have the right to require Fun Literature Limited to repurchase all of their preferred shares and the right to sell all of
their preferred shares to Qutoutiao Inc. upon occurrence of certain triggering events, including, among others, failure of Fun
Literature Limited to complete a qualified IPO by the end of 2024, material breach of representations, warranties and covenants
under the transactions documents, and willful or fraudulent misconduct of any entity within the Group that results in a material
adverse effect of the Group's business. In addition, the investors of Fun Literature Limited may also require us to purchase
their shares upon a sale of the shares of Fun Literature Limited that we hold or upon change of control resulting from such sale. If
such right to repurchase or sell is triggered, we cannot assure you that we will have sufficient funds to pay the purchase price of
the preferred shares. The obligation to make such payment will place additional significant burden on our liquidity and cash
position, and we may not have sufficient cash to fund our operations.
There
can also be no assurance that new financings, additional funds from sale of our assets or other transactions will be available to us
on commercially acceptable terms, or at all. In addition, the potential worsening global economic conditions may adversely impact our
ability to secure additional financing. If we are unable to generate sufficient cash in the future or obtain sufficient financing in
a timely manner or on commercially acceptable terms or at all, our business, financial condition and results of operations will be materially
and adversely affected and you may lose the entire value of your investment in our ADSs.
The
Group has incurred net losses in the past and may continue to incur losses in the future.
The
Group incurred net losses of RMB1,240.2 million, RMB914.8 million and RMB185.3 million (US$26.1 million) for the years ended December
31, 2021, 2022 and 2023, respectively. If we are unable to generate adequate revenues and to manage our cost and expenses, we may continue
to incur significant losses in the future and may not be able to achieve profitability. In addition, we may continue to incur losses
in the future due to a number of reasons, many of which are beyond our control, including tightening advertising budget of the Group's
advertising customers, declining demand for the Group's products and services, increasing competition, emergence of alternative
business models, changes in regulations and government policies, changes in general economic conditions, COVID-19 as well as other risks
described in this annual report.
The
Group's inability to fully comply with Audio-visual Program Provisions may expose it to administrative sanctions, which would materially
and adversely affect the Group's business, results of operations and financial condition.
Pursuant
to the Administrative Provisions on Internet Audio-visual Program Service, or the Audio-visual Program Provisions, which was issued by
the National Radio and Television Administration of the PRC, or the NRTA (previously known as the State Administration of Radio and Television,
or the SART, the General Administration of Press and Publication, or the GAPPRFT and the State Administration of Radio, Film and Television,
or the SARFT) and MIIT on December 20, 2007 and came into effect on January 31, 2008 and was amended on August 28, 2015, online transmission
of audio and video programs requires an Internet audio-visual program transmission license and online audio-visual service providers
must be either wholly state-owned or state-controlled. In a press conference jointly held by NRTA and MIIT to answer questions with respect
to the Audio-visual Program Provisions in February 2008, NRTA and MIIT clarified that online audio-visual service providers that had
already been operating lawfully prior to the issuance of the Audio-visual Program Provisions may re-register and continue to operate
without becoming state-owned or controlled, provided that such providers have not engaged in any unlawful activities. This exemption
will not be granted to online audio/video service providers established after the Audio-visual Program Provisions were issued. See "Item
4. Information on the Company — C. Regulations — Regulation on Online Transmission of Audio-visual Programs."
20
Although
the Group has been taking measures to ensure compliance, it may not be able to fully comply with Audio-visual Program Provisions. As
a result, the Group may face, according to Audio-visual Program Provisions, administrative sanctions, including receiving a warning and
being ordered to pay a fine of not more than RMB30,000. In the case of severe contravention, the Group may be ordered to cease transmission
of audio and video programs, be subject to a penalty equal to one to two times the Group's total investment in the affected business
and the devices it used for such operation may be confiscated. Furthermore, according to the Audio-visual Program Provisions, the telecommunications
administrative authorities may, based on written opinions of the competent department of radio, film and television, and in accordance
with the relevant laws and regulations on supervision of telecommunications and Internet, close the Group's platform, revoke its
permit(s) or cancel its record-filing, and order the relevant network operation entity which provides us signal access services to stop
such provision of services. Such penalties would materially and adversely affect the Group's business, results of operations and
financial condition.
If
the Group fails to maintain its Internet news information services license, it may be exposed to administrative sanctions, including
an order to cease its Internet information services that provide news or to cease the Internet access services provided by third parties
to the Group.
The
PRC government regulates the Internet industry extensively, including foreign ownership of, and the licensing requirements pertaining
to, companies in the Internet industry. A number of regulatory agencies, including the Ministry of Culture, or the MOC, the Ministry
of Industry and Information Technology, or MIIT, the Cyberspace Administration of China, or the CAC, the NRTA (previously known as the
SART, GAPPRFT and SARFT), the State Council Information Office, or the SCIO, and other governmental authorities, jointly regulate all
major aspects of the Internet industry. Operators are required to obtain various government approvals and licenses prior to providing
the relevant Internet information services.
The
Group's platform primarily focuses on light entertainment content. Nonetheless, certain content related to current affairs, finance,
society and economy provided on the Group's
Qutoutiao
mobile application may be deemed to be news content. According to
the Provisions for the Administration of Internet News Information Services issued by the CAC on May 2, 2017 that became effective on
June 1, 2017, an Internet news information services license shall be obtained for a provider of Internet news information services to
the public in a variety of ways, including through the offering of platforms for the dissemination of Internet news.
Shanghai
Jifen Culture Communications Co., Ltd., or Shanghai Jifen, one of the Group VIEs, obtained an Internet news information services license
from the CAC in July 2019 and had it renewed in July 2022. However, if the Group fails to maintain such license, it may be ordered to
cease disseminating news and impose a fine on the Group of not less than RMB10,000 but not more than RMB30,000. In the event the Group
was ordered to cease disseminating news, its business, results of operations and financial condition could be materially and adversely
affected.
If
the Group does not continue to increase the strength of its brand, the Group may not be able to maintain current or attract new users
and customers for its products and services.
The
Group's operational and financial performance is highly dependent on the strength of our brand. We believe the Group enjoys lower
user acquisition cost compared to acquiring users through other means. The Group's platform's innovative user account systems
and gamified loyalty programs enable it to focus its resources on directly connecting with new users. In order to further expand the
Group's user base, it may need to substantially increase its marketing expenditures to enhance brand awareness.
21
In
addition, negative coverage in the media of our company could threaten the perception of our brand, and we cannot assure you that we
will be able to defuse negative press coverage about our company to the satisfaction of our investors, users, advertising customers and
content providers. If we are unable to defuse negative press coverage about our company, our brand may suffer in the marketplace, the
Group's operational and financial performance may be negatively impacted and the price of the ADSs may decline.
Negative
publicity about the Group, the Group's services, operations and our management has adversely affected and may adversely affect
our reputation and business in the future.
We
have from time to time received negative publicity, including negative Internet and blog postings about us, the Group's services,
operations and our management. For example, a short seller published a report on December 10, 2019 with certain negative opinions on
the Group, such as the Group's related party transactions, the Group's products, the Group's financial conditions and
the Group's acquisition decision, which could have a negative impact on our reputation, despite the fact that the short seller's
claims were based on factual errors and misunderstanding of business and accounting rules, which we subsequently explained in a detailed
public response. On January 18, 2020, the same short seller published another report on us, containing mostly the same negative opinions
regarding us, and we reported in detail the unfounded allegations in this report to the then audit committee of our board of directors.
On July 16, 2020, China Central Television, or CCTV, reported in its Annual Consumer Rights Show that certain advertisements placed by
third-party advertising agents on
Qutoutiao
exaggerated the health benefits of certain food and diet products and promoted activities
that may involve online-gambling, which led to negative media publicity on us.
Negative
publicity could be the result of malicious intentions, direct or indirect anti-competitive behaviors, agendas of short sellers or advertisements
placed on the Group's platform. We may even be subject to government or regulatory investigation as a result of such third-party
conduct or misconduct and may be required to spend significant time and incur substantial costs to defend ourselves against such third-party
conduct or misconduct, and we may not be able to conclusively refute each of the allegations within a reasonable period of time, or at
all. Our brand and reputation may be materially and adversely affected as a result of any negative publicity, which in turn may cause
us to lose market share, users, advertising customers and other third parties the Group conducts business with. As a result, the Group's
financial position or operating results may be adversely affected and the price of the ADSs may decline.
The
Group has implemented user loyalty programs to gamify user experience and tap into the competitive reward psyche of users. However, some
users have taken an interest in utilizing aggressive tactics to extract maximum monetary reward from the applications. Although the Group
has put in mechanisms to detect and prevent such behaviors and the absolute amount of monetary reward so earned is never more than paltry,
this feature of the Group's applications has in some cases given rise to criticisms from the very same users who take it to be
a case of the Group not adequately rewarding or in fact overpromising reward to users in general. Such negative reviews could appear
in open blogs on the Internet, and, however unmerited, may twist the perception of those unfamiliar with or have no prior experience
with the Group's applications, hence adversely impacting its ability to acquire new users.
Techniques
employed by short sellers may drive down the market price of the ADSs.
Short-selling
is the practice of selling securities that the seller does not own but rather has borrowed from a third party with the intention of buying
identical securities back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the
securities between the sale of the borrowed securities and the purchase of the replacement shares, as the short seller expects to pay
less in that purchase than it received in the sale. As it is in the short seller's interest for the price of the security to decline,
many short sellers publish, or arrange for the publication of, negative opinions, justified or not, regarding the relevant issuer and
its business prospects in order to create negative market momentum and generate profits for themselves after selling a security short.
These short attacks have, in the past, led to selling of shares in the market.
Public
companies that have substantially all of their operations in China have been the subject of short-selling. Much of the scrutiny and negative
publicity has centered on allegations of a lack of effective internal control over financial reporting resulting in financial and accounting
irregularities and mistakes, inadequate corporate governance policies or a lack of adherence thereto and, in many cases, allegations
of fraud. As a result, many of these companies are now conducting internal and external investigations into the allegations and, in the
interim, are subject to shareholder lawsuits and/or SEC enforcement actions.
22
A
short seller published reports with certain negative opinions regarding us on December 10, 2019 and January 18, 2020, which negatively
affected our reputation. However, it is not clear what effect such negative publicity could continue to have on us. If we were to become
the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we might have to expend a significant
amount of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller
attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech,
applicable state law or issues of commercial confidentiality. Such a situation could be costly and time-consuming, and could distract
our management from growing the Group's business. Even if such allegations are ultimately proven to be groundless, allegations
against us could severely impact the Group's business operations and the trading price of the ADSs, and any investment in the ADSs
could be greatly reduced or even rendered worthless.
Any
catastrophe, including natural catastrophes and outbreaks of health pandemics and other extraordinary events, could disrupt the Group's
business operation. For example, the COVID-19 pandemic may have a material adverse effect on the Group's business, results of operations
and financial condition, as well as the trading price of the ADSs.
The
Group is vulnerable to natural disasters and other calamities. Fire, floods, typhoons, earthquakes, power loss, telecommunications failures,
break-ins, war, riots, terrorist attacks or similar events may give rise to server interruptions, breakdowns, system failures or Internet
failures, which could cause loss or corruption of data or malfunctions of software or hardware as well as adversely affect the Group's
ability to provide its products or services. The Group's business could also be adversely affected by the effects of Ebola virus
disease, H1N1 flu, H7N9 flu, avian flu, Severe Acute Respiratory Syndrome, or SARS, COVID-19, or other epidemics.
In
particular, the COVID-19 pandemic negatively affected the global and Chinese economy as well as the advertising market in China from
the beginning of 2020 to 2022, and put constraints on the advertising budget of the Group's advertising customers, which might
negatively affect its business, results of operations and financial condition, as well as the trading price of the ADSs.
The
Group's operations were also impacted by measures taken by national and regional Chinese governments to contain COVID-19 during
this period. For example, a wave of infections caused by the Omicron variant emerged in Shanghai, where the majority of the Group's
workforce is based, in early 2022, and a series of restrictions and quarantines were implemented to contain the spread. As a result,
our employees in Shanghai were not able to work in the office and we were not able to conduct our business operations as usual, which
had significant adverse impact on the Group's business and results of operations. China began to modify its policy to contain COVID-19
in December 2022. There were surges of cases in many cities during this time, and there remains uncertainty as to the future impact of
the virus. We cannot be assured that restrictive measures will not be implemented in the future, and the Group's business, results
of operations and financial condition may be adversely affected by such measures.
The
Group's business operations could also be disrupted if any of its employees is suspected of being infected with COVID-19, since
it could require the Group's employees to be quarantined and/or the Group's offices to be shut down for disinfection. The
Group may be short on workforce if a large number of the Group's employees are diagnosed with COVID-19 or are required to be self-isolated.
The Group's business could also be impacted if any of its advertising customers or suppliers is affected by COVID-19, which may
result in suspension of the Group's services, reduction in its advertising and marketing revenues, delay in collection of account
receivables and additional allowances for doubtful accounts.
In
addition, COVID-19 may continue to adversely affect national and regional economy in China as well as global economy and financial markets,
which could cause economic downturn or financial crisis. The Group's business, results of operations and financial condition could
be adversely affected to the extent that COVID-19 harms the Chinese and global economy in general, and the trading price of the ADSs
may decline significantly.
23
We
have been closely monitoring the impact of COVID-19 on macro economy and advertising market in general, as well as the impact on the
Group's business, results of operations and financial condition. The extent to which COVID-19 may continue to impact the Group's
results is uncertain and difficult to predict and will depend on future developments, including the duration, severity and reach of the
COVID-19 pandemic, and actions taken to contain the outbreak or treat its impacts.
New
content formats and other products and services and changes to existing content formats and products and services could fail to attract
users or generate revenues.
The
Group's ability to increase the size and engagement level of its user base, attract advertising customers and generate revenues
will depend in part on its ability to create and offer successful new content formats and other products and services. Such new content
formats and other products and services may involve new distribution capabilities or technologies with which we have little or no prior
development or operating experience, such as literature, online games and live-streaming. We may also continuously refine the Group's
existing content formats and other products and services as part of the Group's efforts to further enhance user engagement. However,
if such efforts or the Group's efforts in launching new content formats and other products and services fail to engage users, the
Group may fail to attract or retain users or to generate sufficient revenues to justify our investments, and the Group's business,
results of operations and financial condition could be adversely affected.
If
the Group is unable to compete effectively in the industry it operates, the Group's business, results of operations and financial
condition may be materially and adversely affected.
Competition
for user traffic and user engagement, as well as advertising and marketing spending, is intense and we face strong competition in the
Group's business. The Group's primary competitors include content aggregators such as Jinritoutiao (operated by Bytedance),
Kuaibao (operated by Tencent) and Yidianzixun (an affiliate of Phoenix News). To a lesser extent, we also compete with mobile news portals
such as Tencent News, SINA News, Sohu News, NetEase News and Phoenix News. We also compete with other mobile literature applications,
such as iReader, QQ Reading, Qimao Free Novels and Fanqie Novels, as well as other mobile literature applications that have a business
model similar to ours. To a lesser extent, we compete with traditional PC-based online literature platforms. Many of the Group's
competitors have more resources and longer operating histories than us. New players may emerge and seek to imitate the Group's
business strategies, thereby directly competing with us for users. Furthermore, we may face potential competition from global online
content delivery platforms that seek to enter the China market, whether independently or through the formation of strategic alliances
with, or acquisition of, PRC Internet companies. If we are not able to effectively compete with the Group's competitors, the Group's
overall user base and level of user engagement may decrease. We may be required to spend additional resources to further enhance the
Group's brand recognition and promote the Group's products and services, and such additional spending could adversely affect
the Group's profitability. Furthermore, if we are involved in disputes with any of the Group's competitors that result in
negative publicity to us, such disputes, regardless of their veracity or outcome, may harm the Group's reputation or brand image
and in turn lead to reduced number of users and advertising customers. The Group's competitors may unilaterally decide to adopt
a wide range of measures targeted at us, including possibly designing their products to negatively impact the Group's operations.
Any legal proceedings or measures we take in response to competition and disputes with the Group's competitors may be expensive,
time-consuming and disruptive to the Group's operations and divert our management's attention.
In
addition, the Group's users face a vast array of entertainment choices. Other forms of entertainment, including other Internet-based
activities such as social networking, online video or games, live-streaming, as well as offline games and activities such as television,
movies and sports, are much larger and more well-established markets and may be perceived by the Group's users to offer greater
variety, affordability, interactivity and enjoyment. The Group's platform competes against these other forms of entertainment for
the discretionary time and spending of the Group's users. If we are unable to sustain sufficient interest in the Group's
platform in comparison to other forms of entertainment, including new forms of entertainment that may emerge in the future, the Group's
business model may no longer be viable.
24
The
Group generates a substantial majority of its revenues from advertising and marketing. A decline in the Group's advertising and
marketing revenues could harm its business.
The
Group generated a substantial majority of its revenues from advertising and marketing services in 2021, 2022 and 2023. Given the Group's
short history, it has limited experience in operating the programmatic advertising system and in acquiring its own advertising agents
and advertising customers. The Group may not be able to recruit sufficient sales personnel to effectively and efficiently acquire and
retain advertising agents and advertising customers. The effectiveness of the Group's programmatic advertising system may not perform
as expected and achieve widespread acceptance by advertising customers.
The
Group's advertising customers for its programmatic advertising system are comprised of advertising agents and end advertisers.
There can be no assurance that these advertising agents will continue to attract advertising customers to the Group's platform.
Furthermore, as is common in the industry, the Group does not enter into long-term agreements with advertising agents or advertising
customers. Advertising agents and advertising customers are not obligated to use the Group's advertising and marketing solutions
on an exclusive basis and they generally use multiple channels to manage their advertising and marketing needs. Accordingly, we or advertising
agents must convince advertising customers to use the Group's programmatic advertising system, increase their usage and spend a
larger share of their online advertising and marketing budgets with the Group, and to do so on an ongoing basis. Advertising customers
may not continue to utilize the Group's platform or may only be willing to advertise with the Group at reduced prices if it does
not deliver advertising and marketing services in an effective manner, including persuading the Group's advertising customers as
to the relevancy of the Group's user base for their products or services, or if they do not believe that their investment in advertising
and marketing with the Group's will generate a competitive return relative to alternative advertising platforms. If the Group fails
to retain existing advertising customers or ensure that their advertising spends with the Group remains at similar or increased levels
or attract new advertising customers to advertise on the Group's platform, the Group's business, results of operations and
financial condition may be materially and adversely affected.
Our
efforts to expand the monetization of the Group's products and services in addition to advertising may not be successful.
In
order to sustain the Group's operation and revenue, we must effectively monetize the Group's user base and expand the monetization
of the Group's products and services in addition to advertising. We plan to leverage the Group's user account systems and
loyalty programs to induce users not only to spend the cash credits in their accounts from using the Group's platform but also
to supplement their spending on the Group's platform with additional funds. These measures include introducing paid content such
as literature, online games, short videos, as well as live-streaming products. There can be no assurance that we can successfully capture
such monetization opportunities. For example, users may prefer to purchase merchandise from "pure play" e-commerce platforms,
which tend to offer wider selections and may provide better services due to their deeper industry experience. In addition, the Group
has primarily offered free content to users, and the Group's paid content may not gain significant user acceptance. If we were
unable to successfully execute the Group's monetization strategies, the Group's business, results of operations and financial
condition would be materially and adversely affected.
If
we fail to continue to anticipate user preferences and interests, the Group may not be able to generate sufficient user traffic to remain
competitive.
The
Group's success depends on its ability to intelligently deliver personalized light entertainment content to users. Through an automated
process, the Group develops interest and social graphs for each user based on such person's profile, behavior and social relationships.
The user's behavior also provides the Group with a granular view of the topics and content characteristics that likely are of interest
to the user. In addition, the interest and social graphs take into account the user's social relationships with other users and
such other users' interests, including their behaviors. The Group's content recommendation engine analyzes content and the
interest and social graphs of each user to identify content that is most likely to interest such person. Such recommendation is based
on analysis the Group has made as to user preferences and interests, and any errors in such analysis may lead the Group's system
to recommend content that fails to attract users. Furthermore, the Group's future success will depend on its ability to anticipate
and adapt new technologies. If the Group fails to continuously improve user experience through better recommendation results, we may
not be able to compete effectively with the Group's competitors, and the Group's business, results of operations and financial
condition may be materially and adversely affected.
25
If
content providers on the Group's platform do not continue to contribute content, decrease the amount of content contributed or
the quality of their contribution declines, the Group may experience a decrease in the number of users and level of user engagement.
The
Group's success depends on its ability to generate sufficient user traffic through the intelligent delivery of personalized light
entertainment content, which in turn depends on the content contributed by the Group's content providers. We believe that access
to light entertainment-oriented and easily digestible content is one of the main reasons users visit
Qutoutiao
. We encourage the
Group's content providers to actively contribute quality content that will resonate with the Group's users by implementing
a system in which fees paid to them are related to the number of views associated with content they contribute. We also seek to foster
a broader and more engaged user base by encouraging social interactions and production of user generated content. If the Group's
content providers do not continue to contribute content, including user generated content, to the Group's mobile applications due
to their dissatisfaction with the Group's fee arrangements with them, their entry into exclusive arrangements with other platforms
or any other reasons, or the attractiveness of their content declines, and the Group is unable to provide users with entertaining and
relevant content, the Group's user base and user engagement may decline. If the Group is required to share a higher proportion
of advertising and marketing revenues with content providers in order to enhance the quality of content delivered by it or increase the
amount of content provided to it, the Group's profitability could be materially and adversely affected. If the Group experiences
a decline in the number of users or the level of user engagement, advertising customers may not view the Group's platform as attractive
for their advertising expenditures and may reduce their spending with the Group, which would harm the Group's business, results
of operations and financial condition.
The
Group's user metrics and other estimates are subject to inherent challenges in measuring its operating performance, which may harm
its reputation.
We
regularly review MAUs, DAUs, average time spent per DAU and other operating metrics to evaluate growth trends, measure the Group's
performance, and make strategic decisions. These metrics are calculated using internal company data, have not been validated by an independent
third party, and may not be indicative of the Group's future financial results. While these numbers are based on what we believe
to be reasonable estimates for the applicable period of measurement, there are inherent challenges in measuring how the Group's
platform is used across a large population in China. For example, we may not be able to distinguish individual users who have multiple
registered accounts.
Errors
or inaccuracies in the Group's metrics or data could result in incorrect business decisions and inefficiencies. For instance, if
a significant understatement or overstatement of active users were to occur, we might expend resources to implement unnecessary business
measures or fail to take required actions to remedy an unfavorable trend. If advertising customers or investors do not perceive the Group's
user or other operating metrics to accurately represent the Group's user base, or if we discover inaccuracies in the Group's
user or other operating metrics, our reputation may be harmed.
If
we fail to effectively manage the Group's operation, the Group's business, results of operations and financial condition
could be harmed.
We
have faced downward pressures in the Group's business and operations in 2021, 2022 and 2023, which have placed and will continue
to place significant demands on our management, operational and financial resources. We may encounter difficulties as the Group establishes
and expands its operations, product development, sales and marketing, and general and administrative capabilities. We face significant
competition for talented employees from other high-growth companies, which include both publicly traded and privately held companies,
and we may not be able to hire new employees quickly enough to meet the Group's needs. To attract highly skilled personnel, we
have had to offer, and believe we will need to continue to offer, competitive compensation packages. We are subject to the risks of over-hiring,
over-compensating the Group's employees and over-expanding the Group's operating infrastructure, and to the challenges of
integrating, developing and motivating a growing employee base. In addition, we may not be able to innovate or execute as quickly as
a smaller and more efficient organization. If we fail to effectively manage the Group's hiring needs and successfully integrate
the Group's new hires, the Group's efficiency and ability to meet the Group's forecasts and the Group's employee
morale, productivity and retention could suffer, and the Group's business, results of operations and financial condition could
be adversely affected.
26
Providing
products and services to users may be costly and we expect the Group to continue to incur significant expenses in the future as it maintains
its user base and user engagement, and develop and implement new content formats, features, products and services that require more infrastructure,
such as literature, online games and live-streaming. Historically, changes in the Group's costs and expenses have affected its
results of operations and financial condition. We expect to continue to invest in the Group's infrastructure to enable it to provide
its products and services rapidly and reliably to users. This could also strain the Group's ability to maintain reliable service
levels for its users, content providers and advertising customers, develop and improve the Group's operational, financial, legal
and management controls, and enhance the Group's reporting systems and procedures. The Group's expenses may grow faster or
decrease slower than its revenues, and its expenses may be greater than we anticipate. Managing the Group's operation will require
significant expenditures and allocation of valuable management resources. If we fail to achieve the necessary level of efficiency in
the Group's organization, the Group's business, results of operations and financial condition could be harmed.
Advertisements
on the Group's mobile applications may subject us to legal proceedings, penalties and other administrative actions.
Under
PRC advertising laws and regulations, we are obligated to monitor the advertising content shown on the Group's mobile applications
to ensure that such content is true, accurate and in full compliance with applicable laws and regulations. On October 27, 1994, the Standing
Committee of the National People's Congress, or the SCNPC, issued the Advertisement Law, which was amended on April 24, 2015, October
26, 2018 and April 29, 2021, to further strengthen the supervision and management of advertisement services. On July 4, 2016, SAIC issued
the Interim Measures for the Administration of Internet Advertising, or the New Interim Measures, to further regulate Internet advertising
activities. Pursuant to these laws and regulations, any advertisement that contains false or misleading information to deceive or mislead
consumers shall be deemed false advertising. Furthermore, the Advertisement Law explicitly stipulates detailed requirements for the content
of several different kinds of advertisements, including advertisements for medical treatment, pharmaceuticals, medical instruments, health
food, alcoholic drinks, education or training, products or services having an expected return on investment, real estate, pesticides,
feed and feed additives, and some other agriculture-related advertisement. Also, according to the New Interim Measures, no advertisement
of such special products or services which are subject to examination by an advertising examination authority shall be published unless
it has passed such examination. In addition, an Internet advertisement shall be identifiable and clearly identified as an "advertisement"
so that consumers will know that it is an advertisement. The New Interim Measures also provide that Internet advertisement publishers
shall verify related supporting documents, check the content of the advertisement and be prohibited from publishing any advertisement
with nonconforming content or without all the necessary certification documents. However, for the determination of the truth and accuracy
of the advertisements, there are no implementing rules or official interpretations, and such a determination is at the sole discretion
of the relevant local branch of the State Administration for Market Regulation, or the SAMR (successor of SAIC and the State Food and
Drug Administration), which results in uncertainty in the application of these laws and regulations. In addition, advertising content
deemed as obscene, defamatory, inappropriately satirical or otherwise inappropriate by a relevant government authority may also subject
us to penalties. For instance, the Chinese government has temporarily suspended advertising services on a short video platform in China
because advertising content shown on the platform was deemed to be offensive and disrespectful to a revolutionary figure.
On
November 26, 2021, the SAMR publicly solicited opinions on the Measures for the Administration of Online Advertising (Draft for Comments),
or the Draft Internet Advertising Measures. On February 25, 2023, the SAMR issued the Measures for the Administration of Online Advertising,
or the Internet Advertising Measures, which took effect on May 1, 2023. The Internet Advertising Measures states that platform operators
providing Internet information services shall take measures to prevent and stop false and illegal advertisements. The Internet Advertising
Measures further strengthen the one-click-to-close requirement and prohibit advertisements for certain items on Internet media that targets
minors, including, among others, advertisements related to online games that are harmful to the physical or mental health of minors.
We cannot assure you that all the advertisements shown on the Group's mobile applications are true, accurate, appropriate and in
full compliance with applicable laws and regulations. For example, advertisers on the Group's mobile applications, or their agents,
may use measures that are designed to evade the Group's monitoring, such as providing inauthentic material that does not match
the actual advertisement, or supplying advertising which is superficially compliant but nevertheless is linked to one or more webpages
that feature noncompliant advertising content. In addition, the Group's employees responsible for reviewing advertisements may
not fully understand the relevant laws and regulations or may be inappropriately influenced by the advertisers. In each case, we may
still be held responsible for noncompliant advertising content. We include clauses in most of the Group's advertising contracts
requiring that all advertising content provided by advertising customers must comply with relevant laws and regulations. Pursuant to
the contracts between the Group and the relevant advertising agents or advertising customers, they are liable for all damages to us caused
by their breach of such representations. However, there can be no assurance that we will be able to successfully enforce the Group's
contractual rights.
27
On
November 1, 2021, the MIIT promulgated the Notice of the Ministry of Industry and Information Technology on Launching the Action for
Improvements to the Perception of Information and Communications Services, under which, internet enterprises shall set obvious and effective
close buttons in the splash ads of their apps. On September 9, 2022, the Administrative Provisions on Internet Pop-up Window Information
Notification Services was issued by the CAC, the MIIT and the SAMR, effective from September 30, 2022, which requires that pop-up ads
shall be subject to content compliance review and shall be identifiable, prominently marked as "advertisement," and users
shall be notified expressly. Besides, pop-up ads shall be able to be closed with a single click, it is not allowed to present such information
as third-party links and QR codes leading and redirecting malicious traffic by way of pop-up information push services, or induce users
to click through such services to falsify or hijack traffic.
Violation
of these laws and regulations may subject the Group to penalties, including fines, confiscation of the Group's advertising income,
orders to cease dissemination of the advertisements and orders to eliminate the effect of illegal advertisement. If an illegal advertisement
featured on the Group's mobile applications were to have excessive negative effects, our brand and reputation may be harmed, and
PRC governmental authorities may pursue more severe penalties and administrative actions against us. PRC governmental authorities may
even force us to terminate the Group's advertising operation or revoke the Group's licenses in circumstances involving serious
violations. Such penalties may have a material and adverse effect on the Group's business, results of operations and financial
condition.
On
July 16, 2020, CCTV reported in its Annual Consumer Rights Show that certain advertisements placed by third-party advertising agents
on
Qutoutiao
exaggerated the health benefits of certain food and diet products and promoted activities that may involve online-gambling.
In response, we promptly took appropriate measures such as immediate suspension of all employees involved in these advertisements, including
the person in charge of advertising operations, stricter management of all third-party advertising agents, enhancement of content management
capabilities in identifying misleading or inappropriate advertisements, and the launch of an easy-to-use and easy-to-find complaint channel
on the home screen of
Qutoutiao
so that users can file their complaints with us on any advertisement placed on the Group's
app. The
Qutoutiao
app was temporarily removed from several major Android-based app stores in China after the report but was reinstated
on July 31, 2020. On October 14, 2020, Shanghai Jifen and Shanghai Dianguan were fined by a local Regulator for certain false advertisements
placed on the
Qutoutiao
app. The advertisement fees that these two entities earned from the false advertisements were also confiscated.
The aggregate amounts of the fines and confiscated earnings were approximately RMB0.6 million for Shanghai Jifen and RMB2.0 million for
Shanghai Dianguan, which were fully paid on November 27, 2020. On February 8, 2023, Midu Lite was notified by MIIT for deceiving, misleading
and compelling users (for example, the users' click would trigger automatic downloads of ads) and ordered to conduct rectification.
On February 10, 2023, we submitted the remediation report to MIIT and completed the rectification. Although we have enhanced the Group's
internal procedures by taking remedial actions, we cannot assure you that all of the advertisements on the Group's platform will
be fully in compliance with the applicable rules and regulations.
In
addition, advertisements on the Group's mobile applications may also subject us to legal proceedings, which may result in penalties
on us and adversely affect our financial condition. For instance, in 2022, one of our material subsidiaries and one of the Key VIEs paid
fines of RMB82.8 million in aggregate as a result of alleged fraudulent advertisements that an advertising customer placed on the Group's
online platform. See "Item 8. Financial Information — A. Consolidated Statement and other Financial Information — Legal
and Administrative Proceedings — Lawsuit Relating to Advertisements on Our Online Platform." We have continued to implement
various measures to improve our internal procedures. For instance, we have further enhanced screening and review of the qualification
of the advertising agents and advertisers that place advertisements on our online platform. We have also further optimized our advertising
business team and devoted additional efforts to handle complaints relating to advertisements on our online platform.
28
Increased
government regulation of content platforms may subject us to penalties and other administrative actions.
In
recent years, PRC government authorities have strengthened their oversight of content platforms similar to the Group's mobile applications.
Other than the content that are considered to be violating PRC laws and regulations, such oversight has tended to pay more attention
to content that is or may be deemed misleading, obscene, pornographic, detrimental, and/or contrary to social values and morals prevailing
in China, which content may subject the platform's operator to penalties and other administrative actions. For example, in April
2018, a platform that provides entertainment-oriented contents was ordered by the NRTA to permanently cease its operation for delivering
content that were considered to be vulgar and "deviating from mainstream values." In addition, in July 2018, PRC governmental
and regulatory authorities responsible for "eradicating pornography and illegal publications" announced new coordinated efforts
to regulate and control the nascent online short video sector, including citations against 19 online short video platforms which allegedly
had disregarded previous and repeated warnings not to distribute content deemed by the authorities as obscene, misleading, pornographic,
violent, infringing, sensationalist, deviant from socialist core values, harmful to younger viewers, or otherwise unlawful or detrimental.
Of these 19 platforms, 15 had their applications removed from app stores and new downloads blocked; among these 15 platforms, three also
had their operations suspended by relevant authorities.
Government
regulation of content and of content platforms generally may broaden in scope and oversee additional aspects of content platforms'
operation, such as information security, user suitability management, anti-addiction, and sales and marketing, in addition to being strengthened
and becoming stricter as to content and advertising. For example, on December 15, 2019, the CAC promulgated the Provisions on Ecological
Governance of Network Information Content, which became effective on March 1, 2020. The Provisions specify the information that is encouraged
for, prohibited from or prevented and rejected from dissemination, to further regulate the network information and content. In addition,
on November 29, 2021, the Office of the Ministry of Culture and Tourism issued the Opinions on Strengthening the Protection of Minors
in the Network Cultural Market, which propose the entities to strengthen the construction of online content, explore the establishment
of the review and judgment standards of the content unsuitable for minors to access, continue to improve the ability to identify illegal
content models and improve the professionalism and effectiveness of manual audit to block and clean up the harmful content timely and
effectively such as cult, pornography, illegal missionary, dangerous behavior, negative values and so on. On October 16, 2023, the State Council issued the Regulation on the Protection
of Minors in Cyberspace which took effect on January 1, 2024. The Regulation provides that the organization or individual that produces,
reproduces, releases or disseminates the information that may affect the physical and mental health of minors, such as information that
may cause or induce minors to imitate unsafe acts, to commit acts in violation of social morality, to produce extreme emotions or to develop
bad hobbies shall give a conspicuous reminder before displaying such information and the providers of cyber products and services, personal
information handlers, manufacturers and sellers of intelligent terminal products shall abide by laws, administrative regulations and the
relevant provisions of the State, respect social moralities, follow business ethics, act in good faith, fulfill the obligation of protecting
minors in cyberspace, assume social responsibilities and cooperate with the relevant authorities in carrying out the supervision and inspection
involving the protection of minors in cyberspace in accordance with the law. Any such new or broadened regulatory
measures or oversight may cause the Group to incur higher compliance costs, revise the Group's operational strategies, target user
groups or promotional models, and thereby adversely affect the Group's business and results of operations.
If
we fail to detect click-through fraud of the Group's platform, we could lose the confidence of advertising customers and the Group's
revenues could decline.
We
are exposed to the risk of click-through fraud on the Group's advertising services. Click-through fraud occurs when a person, automated
script or computer program imitates a legitimate user clicking on an advertisement, for the purpose of generating a charge per click
without having an actual interest in the target of the advertisement's link. If we fail to detect fraudulent clicks or otherwise
are unable to prevent such fraudulent activity, the affected advertising customers may experience a reduced return on their investment
in the Group's mobile advertising services and lose confidence in the integrity of the Group's services. If this happens,
our reputation may be damaged and the Group may be unable to retain existing advertising customers and attract new advertising customers
for the Group's advertising services and the Group's advertising revenue could decline.
29
If
we fail to detect user misconduct on the Group's platform, the Group's business, results of operations and financial condition
may be materially and adversely affected.
The
Group's platform enables users to upload content, post comments, interact with others and engage in various other online activities.
As the gatekeeper for the Group's platform, the Group's content management system is designed to ensure both the quality
and appropriateness of information presented to users, which include content and comment postings. The Group undertakes an efficient
and thorough screening process that involves both algorithm-based screening and manual review. The Group has also implemented a complaint
procedure that enables it to identify bad content with its users' help. However, such procedures may not prevent all illegal or
inappropriate content or comments from being posted, and the Group's staff may fail to review and screen such content or comments
effectively. In response to allegations of illegal or inappropriate activities conducted through the Group's platform or any negative
media coverage about the Group, PRC government authorities may intervene and hold the Group liable and subject it to administrative penalties
or other sanctions, such as requiring the Group to restrict or discontinue some of the features and services provided on its mobile application.
As a result, the Group's business may suffer and its user base, revenues and profitability may be materially and adversely affected,
and the price of the ADSs may decline.
Additionally,
the Group may be subject to fines or other disciplinary actions, including suspension or revocation of the licenses necessary to operate
the Group's platform, if it is deemed to have facilitated the appearance of inappropriate content placed by third parties on its
platform, including user generated content. Although the Group requires content providers on its platform to promise that they will not
infringe upon the intellectual property rights of third parties, such content may nevertheless be unauthorized and infringe upon others'
intellectual property, including copyrights, and the Group may not be able to detect and identify every instance of intellectual property
infringement. See "— Non-compliance with law on the part of third parties with which the Group conducts business could disrupt
the Group's business and adversely affect results of its operation and financial condition" and "The Group may be subject
to intellectual property infringement claims or other allegations by third parties for information or content displayed on, retrieved
from or linked to the Group's platform, or delivered to the Group's users, which may materially and adversely affect the
Group's business, financial condition and prospects." As a result, the Group may face claims for defamation, libel, negligence,
copyright, patent or trademark infringement, other unlawful activities or other claims based on the nature and content of the information
delivered on or otherwise accessed through the Group's platform. Defending such actions could be costly and involve significant
time and attention of our management and other resources, which would materially and adversely affect the Group's business, results
of operations and financial conditions.
The
Group's ability to prevent the misuse of its user loyalty programs while ensuring their efficacy in user acquisition and engagement
will have a material effect as to the Group's business, results of operations and financial condition.
To
incentivize word-of-mouth viral referrals and improve user engagement and loyalty, the Group's mobile applications have game-like
features allowing users to earn loyalty points while enjoying the content and earn cash credit in some cases by participating in fun
tasks. Registered users of the Group's mobile applications can earn loyalty points if they become active users, refer others who
later register and become active users, or engage in various activities while logged in. Accumulated loyalty points, if exceeding a certain
threshold, can be withdrawn by the user in the form of cash by directly crediting the user's electronic wallet. We have the sole
discretion in determining the withdrawal threshold and the exchange rate between loyalty points and the monetary value available to be
withdrawn. The Group's user loyalty programs have contributed significantly to the growth in the Group's installed users
and high user engagement. Although we believe consuming content, rather than earning loyalty points, is the main purpose for the Group's
registered users to use applications, we have nonetheless designed the Group's loyalty programs to balance between their efficacy
in user acquisition and engagement while preventing users from using the Group's mobile applications merely for the loyalty points.
Our inability to achieve such balance may make the Group's user loyalty programs no longer becoming enticing to users, which may
materially and adversely affect user growth and user engagement. Moreover, we cannot assure you that there will still be users who are
only attracted to the Group's mobile applications because of the Group's user loyalty programs. We have mechanisms in place
to prevent potential abuse of the Group's user loyalty programs. For example, the Group's system takes into account how fast
the user scrolls down the page to determine whether the viewer has actually viewed the article and loyalty points are now provided on
a per minute spent on viewing content basis. However, the Group's system may not be able to detect all instances of abuse. Furthermore,
although the Group's loyalty programs are designed so that only a small amount of loyalty points is provided for taking any specific
action with the aim to entice user referral and engagement, we cannot ensure you that there will not be users who will be able to hack
the Group's user loyalty programs to make earning loyalty points a highly lucrative endeavor. We have also focused on developing
fraud detection technologies to combat fraudulent users and activities targeting the Group's user loyalty programs and we cannot
assure you that such system will be effective in identifying fraud. If we allow users to improperly earn loyalty points, the Group's
business, results of operations and financial condition may be materially and adversely affected. As clearly stated in the Group's
user agreement, the Group has the sole discretion in determining user misuse of the Group's user loyalty programs, and the Group
may freeze a user's account if it finds such user misused the Group's user loyalty programs. Certain users that have their
accounts frozen have complained online. Such complaints could undermine the public perception and credibility of the Group's platform,
and the Group's business, results of operations and financial condition could be materially and adversely affected.
30
The
Group's results of operations may fluctuate from quarter to quarter, which makes them difficult to predict.
The
Group's quarterly results of operations have fluctuated in the past and will continue to fluctuate in the future. As a result,
the Group's past quarterly results of operations are not necessarily indicators of future performance. The Group's results
of operations in any given quarter can be influenced by numerous factors, many of which we are unable to predict or are outside of our
control, including:
●
the
    Group's ability to maintain its user base and user engagement;
●
fluctuations
    in spending by the Group's advertising customers, including as a result of seasonality or other factors;
●
the
    Group's ability to attract and retain advertising customers;
●
the
    occurrence of planned or unplanned significant events, including events that may cause substantial share-based compensation or other
    charges;
●
the
    development and introduction of new content formats, products or services or changes in features of existing content formats, products
    or services;
●
the
    impact of competitors or competitive products and services;
●
increases
    in the Group's costs and expenses that we may incur to grow and expand the Group's operations and to remain competitive;
●
changes
    in the legal or regulatory environment or proceedings, including with respect to security, privacy or enforcement by government regulators,
    including fines, orders or consent decrees; and
●
changes
    in Chinese or global business or macroeconomic conditions.
Given
the Group's limited operating history and the rapidly evolving market in which we compete, the Group's historical results
of operations may not be sufficiently informative for you in predicting the Group's future results of operations. The Group's
short operating history makes it difficult for us to identify recurring seasonal trends in the Group's business. The advertising
industry in China experiences seasonality. Historically, advertising spending and user activities on the Group's platform tend
to be the lowest in the first quarter of each calendar year due to long holidays around the Lunar New Year, during which users tend to
spend more time with family and celebrations offline and less time online, including on the Group's mobile applications. In addition,
advertising customers, such as those in the e-commerce industry, may also reduce their advertising spending during the holidays around
the Lunar New Year due to reduced consumer spending or reduced or suspended production and logistics activities by manufacturers or other
service providers. We believe this seasonality affects the Group's quarterly results, especially the Group's results of operations
in the first quarter of each year.
31
The
Group may be adversely affected by the complexity, uncertainties and changes in PRC regulation of Internet businesses and companies,
including limitations on its ability to own key assets such as its mobile applications.
The
Chinese government heavily regulates the Internet industry, including foreign investment in the Chinese Internet industry, content on
the Internet and license and permit requirements for service providers in the Internet industry. Since some of the laws, regulations
and legal requirements with respect to the Internet are relatively new and evolving, their interpretation and enforcement involve significant
uncertainties. In addition, the Chinese legal system is based on written statutes, such that prior court decisions can only be cited
for reference and have little precedential value. As a result, in many cases it is difficult to determine what actions or omissions may
result in liabilities. Issues, risks and uncertainties relating to China's government regulation of the Chinese Internet sector
include the following:
●
The
    Group operates its mobile applications in China through businesses controlled via contractual arrangements rather than equity ownership
    due to restrictions on foreign investment in businesses providing value-added telecommunication services, including substantially
    all of the Group's paid services and advertising services.
●
Uncertainties
    relating to the regulation of the Internet business in China, including evolving licensing practices, give rise to the risk that
    some of the Group's permits, licenses or operations may be subject to challenge, which may be disruptive to the Group's
    business, subject us to sanctions or require us to increase capital, compromise the enforceability of relevant contractual
    arrangements, or have other adverse effects on the Group. For example, some of our business activities involve providing 1v1
    real-time audio and video social communication functions, which might be regarded as provision of value-added telecommunications
    services of instant information interaction services under Catalog of Telecommunications Business and we might be ordered to obtain
    the value-added telecommunications service license covering service scope for provision of instant information interaction services
    which we have not obtained yet. Apart from this, the numerous and often vague restrictions on acceptable content in China subject
    the Group to potential civil and criminal liability, temporary blockage of the Group's mobile applications or complete
    shutdown of the Group's mobile applications. For example, the State Secrecy Bureau, which is directly responsible for the
    protection of state secrets of all Chinese government and Chinese Communist Party organizations, is authorized to block any website
    or mobile applications it deems to be leaking state secrets or failing to meet the relevant regulations relating to the protection
    of state secrets in the distribution of online information. In addition, the recently amended Law on Preservation of State Secrets
    which published on February 27, 2024 and will become effective on May 1, 2024 provides that whenever a network operator detects any
    leakage of state secrets in the distribution of online information, it should stop the distribution of such information and report
    to the authorities of state security and public security. As per request of the authorities of state security, public security or
    state secrecy, the Internet service provider should delete any content on its website that may lead to disclosure of state secrets and carry out technical processing of the relevant equipment.
    Failure to do so on a timely and adequate basis may subject the service provider to liability and certain penalties imposed by the
    State Security Bureau, Ministry of Public Security and/or MIIT or their respective local counterparts.
●
On
    September 28, 2009, the NRTA (previously known as the SART, GAPPRFT and SARFT) and the National Office of Combating Pornography and
    Illegal Publications jointly published a circular expressly prohibiting foreign investors from participating in Internet game operating
    business via wholly owned, equity joint venture or cooperative joint venture investments in China, and from controlling and participating
    in such businesses directly or indirectly through contractual or technical support arrangements.
●
On
    February 4, 2016, the NRTA and the MIIT jointly issued the
Rules for the Administration for Internet Publishing Services
,
    or the
Internet Publishing Rules
, which took effect on March 10, 2016, and prohibit wholly foreign-owned enterprises, Sino-foreign
    equity joint ventures and Sino-foreign cooperative enterprises from engaging in the provision of web publishing services. Under such
    rules, an Internet publishing license is required for a provider of online publications. Uncertainty remains regarding the interpretation
    of relevant concepts, including "online publications." Although we have not been explicitly required by the NRTA or other
    relevant authorities to obtain an Internet publishing license to continue our business so far, we may face further scrutiny by such
    authorities, which may require us to apply for such license and/or subject us to penalties. In addition, project cooperation between
    an Internet publishing service provider and a wholly foreign-owned enterprise, Sino-foreign equity joint venture, or Sino-foreign
    cooperative enterprise within China or an overseas organization or individual involving Internet publishing services shall be subject
    to examination and approval by the NRTA in advance.
32
●
In
    November 2020, the NRTA promulgated the Circular on Strengthening the Administration of the Online Show Live Streaming and E-commerce
    Live Streaming, or Circular 78. According to Circular 78, platforms providing online show live streaming or e-commerce live streaming
    services shall, among other things, register their information and business operations in the National Internet Audio-visual Platforms
    Information Management System, ensure real-name registration for all live streaming hosts and virtual gifting users, prohibit users
    that are minors or without real-name registration from virtual gifting, and set a limit on the maximum amount of virtual gifting
    per time, per day, and per month. On February 9, 2021, the CAC, the National Office of Anti-Pornography and Anti-Illegal, the MIIT,
    the Ministry of Public Security, or the MPS, the MCT, the SAMR and the NRTA jointly issued the Circular on the Guiding Opinions on
    Strengthening Standardized Management of Online Live Streaming, which further states that live-streaming platforms which carry out
    commercial online performances shall hold the Internet Cultural Business License, or ICB License, and go through ICP record-filing
    and live streaming platforms which provide online audio-visual program services must obtain the Audio-Visual Permit (or complete
    the registration on the National Internet Audio-visual Platforms Information Management System) and complete the ICP filing procedure.
    As of the date of this annual report, Beijing Supreme Pole International Sports Development Co., Ltd. has obtained the Audio-Visual
    Permit and the Group has been registered in the National Internet Audio-visual Platforms Information Management System with the
Qutoutiao
app. We cannot assure you all the live streaming platforms operated by us can be successfully registered with the National Internet
    Audio-visual Platforms Information Management System. Failure to make such registration may have adverse impact on the Group's
    business. On March 25, 2022, the CAC, the SAT and the SAMR jointly issued Opinions on Further Regulating Profit-making Behaviors
    of Webcast to Promote the Healthy Development of the Industry, which provides that online live streaming platforms shall, on a semi-annual
    basis, submit to the cyberspace administration at the provincial level and the competent tax authorities information such as the
    personal identity of an online live streaming publisher who engages in online live streaming for profit, his or her live streaming
    account, online nickname, account name, type of income, and profitability and cooperate with cyberspace, market regulation, taxation
    and other authorities to conduct supervision and inspection according to the relevant laws. Circular 78 also sets forth requirements
    for certain live streaming businesses with respect to live streaming review personnel requirements, content tagging requirements,
    and other requirements. For more information on Circular 78, see "Item 4. Information on the Company — C. Regulations
    — Regulations Related to Online Live Streaming Services." As there remain uncertainties to some of the requirements in
    Circular 78 and its implementation standards, we are still in the process of getting further guidance from regulatory authorities
    and evaluating the applicability and effect of the various requirements under Circular 78 on the Group's business. Any further
    regulatory updates with respect to Circular 78 or other intensified regulation with respect to live streaming may increase the Group's
    compliance burden in the live streaming business, and may have an adverse impact on the Group's business and results of operations.
Due
to the increasing popularity and use of the Internet and other online services, it is possible that a number of laws and regulations
may be adopted with respect to the Internet or other online services covering issues such as user privacy, pricing, content, copyrights,
distribution, antitrust and characteristics and quality of products and services. The adoption of additional laws or regulations may
impede the growth of the Internet or other online services, which could, in turn, decrease the demand for the Group's products
and services and increase the Group's cost of doing business. Moreover, the applicability to the Internet and other online services
of existing laws in various jurisdictions governing issues such as property ownership, sales and other taxes, libel and personal privacy
is uncertain and may take years to resolve. Any new legislation or regulation, the application of laws and regulations from jurisdictions
where laws do not currently apply to the Group's business, or the application of existing laws and regulations to the Internet
and other online services could significantly disrupt the Group's operations or subject us to penalties.
33
The
interpretation and application of existing PRC laws, regulations and policies, the stated positions of relevant PRC government authorities
and possible new laws, regulations or policies have created substantial uncertainties regarding the legality of existing and future foreign
investments in, and the businesses and activities of, Internet businesses in China, including the Group's business.
Non-compliance
with law on the part of third parties with which the Group conducts business could disrupt the Group's business and adversely affect
results of its operation and financial condition.
Third
parties with which the Group conducts business, such as content providers, advertising agents, advertising customers and merchandise
suppliers, may be subject to regulatory penalties or punishments because of their regulatory compliance failures, subject to criminal
investigations or legal proceedings, or infringe upon other parties' legal rights, which may, directly or indirectly, disrupt the
Group's business. Although the Group conducts reviews of legal formalities and certifications before entering into contractual
relationships with third parties, and takes measures to reduce the risks that it may be exposed to in case of any non-compliance by third
parties, we cannot be certain whether such third party has violated any regulatory requirements, breached any applicable laws, or infringed
or will infringe any other parties' legal rights. For example, content providers may submit copyrighted content that they have
no right to distribute. While the Group's content management system screens content for potential copyright infringements, it may
not be able to identify all instances of copyright infringement. In the event the Group delivers content that violates the copyrights
of a third party, it may be required to pay damages to compensate such third party. Even though the Group has the contractual right to
seek indemnification from the relevant content provider for such payment, there can be no assurance that the Group will be able to enforce
such right. As a result, the Group's business, results of operations and financial condition could be materially and adversely
affected. Similarly, advertising content of advertising customers may also not be in full compliance with applicable laws and regulations
that may subject us to legal proceedings, penalties and other administrative actions, and have an adverse effect on the Group's
business, results of operations and financial condition. See "— Advertisements on the Group's mobile applications may
subject us to legal proceedings, penalties and other administrative actions."
We
cannot rule out the possibility of incurring liabilities or suffering losses due to any non-compliance by third parties. We cannot assure
you that the Group will be able to identify irregularities or non-compliance in the business practices of third parties the Group conducts
business with, or that such irregularities or non-compliance will be corrected in a prompt and proper manner. Any legal liabilities and
regulatory actions affecting third parties involved in the Group's business may affect its business activities and reputation,
and may in turn affect the Group's business, results of operations and financial condition.
Privacy
concerns relating to the Group's products and services and the use of user information could damage its reputation, deter current
and potential users and customers from using the Group's mobile applications and negatively impact its business.
The
Group collects personal data from its users in order to better understand its users and their needs and to help advertising customers
target specific demographic groups. Through an automated process, the Group develops a social graph for each user based on such person's
profile, behavior and social relationships. Concerns about the collection, use, disclosure or security of personal information or other
privacy-related matters, even if unfounded, could damage our reputation, cause the Group to lose users and customers and adversely affect
the Group's business, results of operations and financial condition. While the Group strives to comply with applicable data protection
laws and regulations, as well as its own posted privacy policies and other obligations it may have with respect to privacy and data protection,
the failure or perceived failure to comply may result, and in some cases has resulted, in inquiries and other proceedings or actions
against us by government agencies or others, as well as negative publicity and damage to our reputation and brand, each of which could
cause the Group to lose users and customers, which could have an adverse effect on the Group's business. For example, on September 28, 2023, Shanghai Jifen was notified by Shanghai Internet Information Office for collecting
the personal information beyond the scope, failing to erase personal information upon deregistration and compulsorily collecting unnecessary
personal information. Shanghai Jifen has completed the rectification.
Any
systems failure or compromise of the Group's security that results in the unauthorized access to or release of the Group's
users' or customers' data could significantly limit the adoption of the Group's products and services, as well as harm
our reputation and brand and, therefore, the Group's business. We expect to continue to expend significant resources to protect
against security breaches. The risk that these types of events could seriously harm the Group's business is likely to increase
as the Group expands the number of products and services it offers and expands its user base.
34
New
laws or regulations concerning data protection, or the interpretation and application of existing consumer and data protection laws or
regulations, which is often uncertain and in flux, may be inconsistent with the Group's practices. Complying with new laws and
regulations could cause the Group to incur substantial costs or require the Group to change its business practices in a manner materially
adverse to its business. For example, if privacy concerns or regulatory restrictions prevent the Group from selling demographically targeted
advertising, the Group may become less attractive to advertising customers.
If
the Group is unable to keep pace with rapid technological changes in the mobile Internet industries, its business may suffer.
The
mobile content industry, and the Internet industry in general, are characterized by constant changes, including rapid technological evolution,
continual shifts in customer demands, frequent introductions of new products and services and constant emergence of new industry standards
and practices. Thus, the Group's success will depend, in part, on its ability to respond to these changes in a cost-effective and
timely manner. If we are unable to keep up with big data analysis, artificial intelligence and other technological developments, users
may no longer be attracted to the Group's platform. A decrease in the number of active users may reduce the Group's monetization
opportunities and have a material and adverse effect on the Group's business, results of operations and financial condition.
The
Group's technological capabilities and infrastructure underlying its platform are critical to the Group's success. The industry
the Group operates in is subject to rapid technological changes and is evolving quickly in terms of technology innovation. We need to
anticipate the emergence of new technologies and assess their market acceptance. We also need to invest significant resources, including
financial resources, in research and development to keep pace with technological advances in order to make the Group's products
and services competitive in the market. However, development activities are inherently uncertain, and we might encounter practical difficulties
in commercializing the Group's development results. The Group's significant expenditures on research and development may
not generate corresponding benefits. Given the fast pace with which the technology has been and will continue to be developed, we may
not be able to timely upgrade the Group's technologies in an efficient and cost-effective manner, or at all. New technologies in
programming or operations could render the Group's technologies, the Group's platform or products or services that we are
developing or expect to develop in the future obsolete or unattractive, thereby limiting the Group's ability to recover related
product development costs, outsourcing costs and licensing fees, which could result in a decline in the Group's revenues and market
share.
If
the Group's security measures are breached, or if the Group's products and services are subject to attacks that degrade or
deny the ability of users to access the Group's products and services, the Group's products and services may be perceived
as not being secure, users may curtail or stop using the Group's products and services and the Group's business, results
of operations and financial condition may be harmed.
The
Group's products and services involve the storage and transmission of users' information, and security breaches expose us
to a risk of loss of this information, litigation and potential liability. We may experience cyber-attacks of varying degrees, including
attempts to hack into the Group's user accounts or redirect the Group's user traffic to other websites. Functions that facilitate
interactivity with other mobile applications, such as WeChat, which among other things allows users to log into the Group's platform
using their WeChat identities, could increase the scope of access of hackers to user accounts. The Group's security measures may
also be breached due to employee error, malfeasance or otherwise. Additionally, outside parties may attempt to fraudulently induce employees
or users to disclose sensitive information in order to gain access to the Group's data or the Group's users' data or
accounts, or may otherwise obtain access to such data or accounts. Any such breach or unauthorized access could result in significant
legal and financial exposure, damage to our reputation and a loss of confidence in the security of the Group's products and services
that could have an adverse effect on the Group's business, results of operations and financial condition. Because the techniques
used to obtain unauthorized access, disable or degrade service or sabotage systems change frequently and often are not recognized until
launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures. If an actual
or perceived breach of the Group's security occurs, the market perception of the effectiveness of the Group's security measures
could be harmed, the Group could lose users and we may be exposed to significant legal and financial risks, including legal claims and
regulatory fines and penalties. Any of these actions could have a material and adverse effect on the Group's business, results
of operations and financial condition.
35
The
Group relies on third-party online payment platforms as to certain aspects of its operations.
The
Group's users withdraw cash credits from their accounts on the Group's mobile applications through third-party online payment
systems. The Group's users also can use third-party online payment systems to supplement their spending on the Group's mobile
applications with additional funds. In such online payment transactions, secured transmission of confidential information such as customers'
personal information over public networks is essential to maintain consumer confidence.
We
do not have control over the security measures of these third-party online payment platforms, and security breaches of the online payment
systems that the Group uses could expose us to litigation and possible liability for failing to secure confidential customer information
and could, among other things, damage our reputation and the perceived security of all of the online payment systems that the Group uses.
If a well-publicized Internet or mobile network security breach were to occur, users concerned about the security of their online financial
transactions may become reluctant to purchase the Group's virtual items even if the publicized breach did not involve payment systems
or methods used by the Group. In addition, there may be billing software errors that would damage customer confidence in these online
payment systems. If any of the above were to occur and damage our reputation or the perceived security of the online payment systems
the Group uses, the Group may lose active users, which may have an adverse effect on the Group's business.
Furthermore,
if any of the payment platforms the Group uses to decide to significantly increase the percentage they charge us for using their payment
systems, the Group's business, results of operations and financial condition may be materially and adversely affected.
We
may be subject to cybersecurity review by regulatory authorities of the PRC in the future.
On
April 13, 2020, the CAC, together with 11 other government authorities, jointly issued the Cybersecurity Review Measures, or the Review
Measures. The Review Measures, under which the scope of application, reporting procedures, evaluation factors and legal responsibilities
are stipulated, were implemented on June 1, 2020 to replace the Measures for Security Review of Cyber Products and Services (for Trial
Implementation) issued by the CAC on May 2, 2017. According to the Review Measures, any operator of critical information infrastructure,
which, according to the Reply to Questions on the Review Measures published by the CAC, includes critical network and information system
operators in the telecommunications industry, purchases any network product or service that affect or may affect national security, must
apply for a cybersecurity review to be conducted by Cybersecurity Review Office.
On
November 14, 2021, the CAC issued the Draft Network Data Security Management Regulations for public comments, pursuant to which, data
processors carrying out the following activities must, in accordance with the relevant national regulations, apply for a cybersecurity
review: (i) the merger, reorganization or spin-off of internet platform operators that possess a large number of data resources related
to national security, economic development and public interests that affects or may affect national security; (ii) listing in a foreign
country of data processors that process the personal information of more than one million users; (iii) listing in Hong Kong of data processors
and such listing affects or may affect national security; and (iv) other data processing activities that affect or may affect national
security. The scope of and threshold for determining what "affects or may affect national security" is still subject to uncertainty
and further elaboration by the CAC. It further requires that a data processor which processes important data or is listed overseas shall
complete an annual data security assessment either self-conducted or conducted by a data security service organization engaged, and before
January 31 of each year, submit the annual data security assessment report of the previous year to the local cyberspace affairs administration
department. As of the date of this annual report, the Network Data Security Management Regulations was released for public comment only,
and no interpretation or implementation rules for this proposed regulation have been issued by the CAC or any other PRC regulatory authorities.
It remains uncertain when the Network Data Security Management Regulations will be adopted and become effective and whether it will be
adopted as was initially proposed.
36
On
December 28, 2021, the CAC and 12 other PRC regulatory authorities jointly issued the revised Cybersecurity Review Measures, which became
effective from February 15, 2022, superseding and replacing the cybersecurity review measures that had been in effect since June 2020.
The revised Cybersecurity Review Measures require that, (i) any procurement of network products and services by critical information
infrastructure operators, which affects or may affect national security, (ii) any data processing activities by network platform operators,
which affects or may affect national security, or (iii) any network platform operators which has personal information of more than one
million users and is going to be listed abroad, shall be subject to cybersecurity review. Furthermore, the relevant PRC governmental
authorities may initiate cybersecurity review if they determine certain network products, services, or data processing activities affect
or may affect national security. During such review, the Group may be required to suspend new user registration in China and/or experience
other disruptions of the Group's operations. Cybersecurity review could also result in negative publicity with respect to our company
and diversion of our managerial and financial resources. Furthermore, if the Group was found to be in violation of applicable laws and
regulations of the PRC during such review, it could be subject to administrative penalties, such as warnings, fines, service suspension
or removal of the Group's apps from the relevant app stores. Therefore, cybersecurity review could have a material and adverse
impact on the Group's business, results of operations and financial condition. Since the measures were recently promulgated, there
exist uncertainties with respect to their interpretation and implementation.
As
of the date of this annual report, the Group has not been informed by any PRC governmental authority of any requirement for us to file
for a cybersecurity review. However, in anticipation of the strengthened implementation of cybersecurity laws and regulations and the
continued expansion of the Group's business, the Group faces potential risks if it is deemed as a "critical information infrastructure
operator" or a "network platform operator" that affects or may affect national security under the Cybersecurity Review
Measures and relevant regulations, and would be required to follow cybersecurity review procedures.
On
June 10, 2021, the Standing Committee of the National People's Congress, or the SCNPC, promulgated the PRC Data Security Law, which
came into effect on September 1, 2021. The PRC Data Security Law imposes data security and privacy protection obligations on entities
and individuals carrying out data activities, including but not limited to the collection, storage, use, processing, transmission, provision,
and public disclosure of data. Furthermore, the PRC Data Security Law proposes to establish a data classification and hierarchical protection
system to protect data by classification and level, depending on the importance of the data in economic and social development, and the
damage may be caused to national security, public interests, or the legitimate rights and interests of individuals and organizations
if the data is falsified, damaged, disclosed, illegally obtained or illegally used. The PRC Data Security Law also provides a national
security review procedure for data activities that may affect national security and imposes export restrictions on certain data and information.
On
July 7, 2022, the CAC promulgated the Measures for the Security Assessment of Cross-Border Data Transfer, which took effect on September
1, 2022. These measures require the data processor providing data overseas and falling under any of the following circumstances apply
for the security assessment of cross-border data transfer by the national cybersecurity authority through its local counterpart: (i)
where the data processor intends to provide important data overseas; (ii) where the critical information infrastructure operator and
any data processor who has processed personal information of more than 1,000,000 individuals intend to provide personal information overseas;
(iii) where any data processor who has provided personal information of 100,000 individuals or sensitive personal information of 10,000
individuals to overseas recipients accumulatively since January 1 of the last year intends to provide personal information overseas;
and (iv) other circumstances where the security assessment of cross-border data transfer is required as prescribed by the CAC. Furthermore,
the data processor shall conduct a self-assessment on the risk of cross-border data transfer prior to applying for the foregoing security
assessment, under which the data processor shall focus on certain factors, including, among others, the legitimacy, fairness and necessity
of the purpose, scope and method of cross-border data transfer and the data processing of overseas recipients, the risks that the cross-border
data transfer may bring to national security, public interests and the legitimate rights and interests of individuals or organizations
as well as whether the cross-border data transfer related contracts or the other legally binding documents to be entered with overseas
recipients have fully included the data security protection responsibilities and obligations. Any failure to comply with such requirements
may subject us to, among others, suspension of services, fines, revoking relevant business permits or business licenses and penalties.
37
On
February 22, 2023, the CAC issued the Measures for the Standard Contract for Outbound Transfer of Personal Information, or the Standard
Contract Measures, which took effect on June 1, 2023, regulates any personal information handler who intends to transfer personal
information outside the PRC to a foreign recipient by entering into the standard contract. It provides that the previous transferring
of personal information shall meet all of the following conditions: (i) it is not a critical information infrastructure operator; (ii)
it processes the personal information of less than one million individuals; (iii) it has cumulatively transferred abroad the personal
information of less than 100,000 individuals since January 1 of the previous year; and (iv) it has cumulatively transferred abroad the
sensitive personal information of less than 10,000 individuals since January 1 of the previous year and prior to the outbound transfer
of personal information, the personal information handler shall conduct a personal information protection impact assessment. Furthermore,
the personal information handler shall, within ten working days after the standard contract enters into effect, apply for filing with
the cyberspace administration at the provincial level. Any failure in the completion of the filing and compliance with such requirements
may result in fines or other penalties, including suspension of services, fines or revoking relevant business permits or business licenses.
On March 22, 2024, the CAC issued the Provisions on Promoting and Regulating the Cross-border Flow of Data, or the Cross-border Flow of
Data Provisions, which took effect on the same day and provides that unless the otherwise provided, the data processor shall apply for
security assessment for cross-border data transfer to the CAC through the local cyberspace administration at the provincial level if any
of the following conditions is met (i) the critical information infrastructure operator transfers personal information or important data
abroad, or (ii) the data processor other than a critical information infrastructure operator transfers important data abroad, or has,
since January 1 of the current year, transferred the personal information of more than 1 million users (excluding sensitive personal information)
or the sensitive personal information of more than 10,000 users abroad cumulatively. Furthermore, the Cross-border Flow of Data Provisions
also provides that unless the otherwise provided therein, the data processor other than a critical information infrastructure operator
who has, since January 1 of the current year, transferred the personal information of more than 100,000 users, less than 1 million users
(excluding sensitive personal information) or the sensitive personal information of more than 10,000 users abroad cumulatively shall conclude
a standard contract for outbound transfer of personal information with overseas recipients or go through the authentication for protection
of personal information in accordance with the law.
The
Group has been making constant efforts to comply with the revised Cybersecurity Review Measures and other data protection laws and regulations
of the PRC. Our mobile apps and websites only collect basic user information which are necessary for the provision of the corresponding
services. The Group updates its privacy policies and adjusts its data processing practices from time to time to meet the latest regulatory
requirements of CAC and other authorities and adopts technical and organizational measures to protect data and cybersecurity. However,
since the revised Cybersecurity Review Measures were recently promulgated, there exist uncertainties with respect to their interpretation
and implementation, and as the Draft Network Data Security Management Regulations has not been adopted and it remains unclear whether
the formal version adopted in the future will have any further material changes, the Group still faces uncertainties that the rules may
be enacted, interpreted or implemented in ways that will negatively affect the Group. The Group could be subject to cybersecurity review,
and if so, it may not be able to pass such a review. In addition, the Group could become subject to enhanced cybersecurity review or
investigations launched by PRC regulators in the future. Any failure or delay in the completion of the cybersecurity review procedures
or any other non-compliance with the related laws and regulations may result in fines or other penalties, including suspension of business,
website closure, removal of the Group's app from app stores, and revocation of licenses, as well as reputational damage or legal
proceedings or actions against the Group, which may have a material adverse effect on the Group's business, financial condition
or results of operations. In addition, our ability to continue to offer our ADSs to investors could be significantly limited or completely
hindered, and the value of our ADSs could significantly decline or become worthless. Our
Qutoutiao
and Midu Novels mobile applications
were listed in the notices issued by CAC in June 2021 and August 2021, respectively, for issues regarding collection of personal data,
and we were asked to undertake remedial measures. Since then, we have implemented measures to improve the data privacy protection of
our mobile applications, and we have not received any administrative penalties in this regard. As of the date of this annual report,
the Group has not been involved in any cybersecurity review initiated by the CAC or other relevant governmental regulatory authorities,
and it has not received any inquiry, notice, warning, or sanction in such respect, other than the incidents mentioned above. However,
we cannot rule out the possibility that the Group may be subject to the cybersecurity review or other investigations initiated by the
CAC or the related governmental regulatory authorities.
The
PRC has adopted regulations governing the use of algorithms. If new or existing regulations restrict our ability to use algorithms in
our business, our business, results of operations and prospects would be adversely impacted.
The
PRC has adopted regulations governing the use of algorithms. On August 17, 2021, the SAMR issued a discussion draft of Provisions on
the Prohibition of Unfair Competition on the Internet, under which business operators should not use data or algorithms to hijack traffic
or influence users' choices, or use technical means to illegally capture or use other business operators' data. On September
17, 2021, the CAC, together with certain other governmental authorities, jointly issued the Guidelines on Strengthening the Comprehensive
Regulation of Algorithms for Internet Information Services, which provide that, daily monitoring of data use, application scenarios and
effects of algorithms shall be carried out by the relevant regulators, and the relevant regulators should conduct security assessments
of algorithms. The guidelines also provide that an algorithm filing system should be established, and classified security management
of algorithms should be promoted. On December 31, 2021, the CAC and certain other PRC governmental authorities promulgated the Administrative
Provisions on Algorithm Recommendation for Internet Information Services, which took effect on March 1, 2022, provides that an algorithm
recommendation service provider with public opinion attribute or social mobilization ability shall, within ten working days from the
date of provision of services, fill in such information as the service provider's name, service form, application field, algorithm
type, algorithm self-assessment report and content to be disclosed via the internet information service algorithm record-filing system
to go through record-filing formalities. These provisions require that algorithmic recommendation service providers shall inform users
in a conspicuous manner of their provision of algorithmic recommendation services, and publicize the basic principles, purposes, and
main operating mechanisms of algorithmic recommendation services in an appropriate manner. For more information about PRC laws and regulations
relating to algorithms, see "Item 4. Information on the Company — C. Regulations — Regulation on Cybersecurity and
Censorship."
38
Algorithms
are an effective tool for us in improving the features of our mobile applications and improving user experience. For example, we leverage
algorithms to push personalized content to our users, which helps us attract and retain users and improve user engagement. If new or
existing regulations restrict our ability to use algorithms in our business, we may be unable to leverage this technology to the same
extent, and our business, results of operations and prospects would be adversely impacted.
Any
change, disruption, or discontinuity in the features and functions of major social networks could limit the Group's ability to
continue growing the Group's user base, and the Group's business may be materially and adversely affected.
The
Group leverages social networks, such as WeChat and QQ, as part of its user acquisition and engagement effort. These social networks
enable users to share content on the Group's mobile applications or recommend the Group's mobile applications to their friends,
family and other social contacts to generate low-cost organic traffic and enhance user engagement for the Group. To the extent that the
Group fails to leverage such social networks, its ability to attract or retain users may be harmed. If any of these social networks makes
changes to its functions or support, or stops offering its functions or support to the Group, the Group may not be able to locate alternative
social networks of similar scale to provide similar functions or support. Furthermore, the Group may fail to establish or maintain relationships
with additional social network operators to support the growth of its business on economically viable terms, or at all. Any interruption
to or discontinuation of the Group's relationships with major social network operators may severely and negatively impact its ability
to continue growing its user base, and any occurrence of the circumstances mentioned above may have a material adverse effect on the
Group's business, financial condition and results of operations.
The
Group's business and growth could suffer if it is unable to hire and retain key personnel.
We
depend on the continued contributions of our senior management and other key employees, many of whom are difficult to replace. The loss
of the services of any of our executive officers or other key employees could harm the Group's business. Competition for qualified
talent in China is intense. The Group's future success is dependent on our ability to attract a significant number of qualified
employees and retain existing key employees. If we are unable to do so, the Group's business and growth may be materially and adversely
affected and the trading price of the ADSs could suffer. Our need to significantly increase the number of our qualified employees and
retain key employees may cause us to materially increase compensation-related costs, including share-based compensation.
We
are also dependent on the services of Mr. Bing Xu, chief executive officer and chief financial officer. Although Mr. Xu spends significant
time with us and is active in the management of the Group's business, he does not devote his full time and attention to us. If
Mr. Xu reduces his time with us in the future and becomes less involved with the management of the Group's business, we may no
longer benefit from his extensive industry experience and the Group's business and growth may suffer.
Our
co-founder and chairman, Mr. Eric Siliang Tan, has control over us and our corporate matters. Our dual-class voting structure will limit
your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders
of our Class A ordinary shares and ADSs may view as beneficial.
We
have a dual-class share structure which consists of Class A ordinary shares and Class B ordinary shares. In respect of matters requiring
the votes of shareholders, holders of Class B ordinary shares are entitled to ten (10) votes per share, subject to certain conditions,
while holders of Class A ordinary shares are entitled to one vote per share. Each Class B ordinary share is convertible into one Class
A ordinary share at any time by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares under
any circumstances. Upon any transfer of Class B ordinary shares by a holder to any person or entity which is not an affiliate of such
holder, each of such Class B ordinary shares shall be converted into one Class A ordinary share in accordance with our amended and restated
memorandum and articles of association.
39
Our
co-founder and chairman, Mr. Eric Siliang Tan, has control over us and our corporate matters. Mr. Tan beneficially owns 27,123,442 of
our Class B ordinary shares through Innotech Group Holdings Ltd., a British Virgin Islands limited liability company which is ultimately
controlled by him. As of the date of this annual report on Form 20-F, these Class B ordinary shares constituted approximately 41.2% of
our total issued and outstanding share capital and 87.5% of the aggregate voting power of our total issued and outstanding share capital
due to the disparate voting powers associated with our dual-class share structure. See "Item 6. Directors, Senior Management and
Employees — C. Share Ownership." As a result of the dual-class share structure and the concentration of ownership, Mr. Tan
has considerable influence over matters such as decisions regarding mergers, consolidations and the sale of all or substantially all
of our assets, election of directors and other significant corporate actions. This concentrated control will limit your ability to influence
corporate matters and could also discourage others from pursuing any potential merger, takeover or other change of control transactions,
which could have the effect of depriving the holders of our ordinary shares and the ADSs of the opportunity to sell their shares at a
premium over the prevailing market price.
The
Group has incurred and may continue to incur substantial share-based compensation expenses.
We
have adopted an equity incentive plan that permits the grant of share options, restricted shares, restricted share units, dividend equivalents,
share appreciation rights and share payments as equity-based awards, to our directors, officers, employees and consultants. The equity
incentive plan replaced the 2017 equity incentive plan and 2018 equity incentive plan that we previously adopted in their entirety and
assumed all awards granted under these two plans. The maximum aggregate number of ordinary shares that may be issued pursuant to all
share options and other awards under our equity incentive plan was initially 12,464,141 Class A ordinary shares. On March 5, 2019, the
Company increased the aggregate number of Class A ordinary shares reserved for issuance pursuant to awards granted under the equity incentive
plan by 3.5% of the total number of Class A ordinary shares and Class B ordinary shares outstanding as of December 31, 2018. On every
January 1 thereafter for four years, the aggregate number of Class A ordinary shares reserved and available for issuance pursuant to
awards granted under the equity incentive plan will be increased by 2.0% of the total number of Class A ordinary shares and Class B ordinary
shares outstanding on December 31 of the preceding calendar year. As of the date of this annual report on Form 20-F, options to purchase
6,041,461 Class A ordinary shares had been granted and were outstanding under our equity incentive plan. The Group is required to account
for options granted to our employees, directors and consultants. The Group is required to classify options granted to our employees,
directors and consultants as equity awards and recognize share-based compensation expense based on the fair value of such share options,
with the share-based compensation expense recognized over the period in which the recipient is required to provide service in exchange
for the share option or other equity award. In 2021, 2022 and 2023, RMB200.2 million, RMB70.1 million and RMB37.3 million (US$5.3 million)
was recognized as share-based compensation expenses, respectively.
We
believe the granting of share-based compensation is of significant importance to our ability to attract, retain and motivate our management
team and talented employees, and we will continue to grant share-based compensation to employees in the future. As a result, the Group's
expenses associated with share-based compensation may increase significantly, which may have an adverse effect on the Group's results
of operations and financial condition. See Note 15 to our audited consolidated financial statements included elsewhere in this annual
report.
40
Future
investments in and acquisitions of complementary assets, technologies and businesses may fail and may result in equity or earnings dilution.
We
may invest in or acquire assets, technologies and businesses that are complementary to the Group's existing business. Our investments
or acquisitions may not yield the results we expect. In addition, investments and acquisitions could result in the use of substantial
amounts of cash, potentially dilutive issuances of equity securities, significant amortization expenses related to goodwill or intangible
assets and exposure to potential unknown liabilities of the acquired business. Furthermore, if such goodwill or intangible assets become
impaired, the Group may be required to record a significant charge to its results of operations. Such investments and acquisitions may
also require our management team to devote a significant amount of attention. Moreover, the cost of identifying and consummating investments
and acquisitions, and integrating the acquired businesses into the Group's, may be significant, and the integration of acquired
businesses may be disruptive to the Group's existing business operations. In addition, we may have to obtain approval from the
relevant PRC governmental authorities for the investments and acquisitions and comply with any applicable PRC rules and regulations,
which may be costly. In the event our investments and acquisitions are not successful, the Group's results of operations and financial
condition may be materially and adversely affected.
We
may not be able to adequately protect the Group's intellectual property, which could cause the Group to be less competitive.
We
regard the Group's intellectual property as critical to its success. Such intellectual property includes trademarks, patents, domain
names, copyrights, know-how and proprietary technologies. We currently rely on trademarks, copyrights, trade secret law and confidentiality,
invention assignment and non-compete agreements with the Group's employees and others to protect the Group's proprietary
rights. See "Item 4. Information on the Company — B. Business Overview — Intellectual Property" and "Item
4. Information on the Company — C. Regulations — Regulations Related to Intellectual Property Rights." However, we
cannot assure you that any of the Group's intellectual property rights would not be challenged, invalidated or circumvented, or
such intellectual property will be sufficient to provide us with competitive advantages. One of the Group's competitors previously
filed an objection when we applied for the trademark registration for "
Qutoutiao
" on the purported ground that "
Qutoutiao
"
is similar to a trademark registered by such competitor. Although such objection was denied by the Trademark Office and we have successfully
registered trademark for "
Qutoutiao
" in 2019, we have received a verdict in which the Trademark Office partially supported
such competitor's subsequent challenge against the validity of this registered trademark. We have brought administrative proceedings
against the Trademark Office to dispute the verdict. We were supported by the Beijing Intellectual Property Court, which requires the
Trademark Office to withdraw the verdict. However, the competitor appealed to the Higher People's Court of Beijing in February
2022. On July 13, 2022, the Higher People's Court of Beijing issued a judgement, revoking the judgement made by the Beijing Intellectual
Property Court. On July 20, 2022, the Trademark Office issued an announcement to cancel our trademark registration for "
Qutoutiao
"
under most of the sub-categories (including graphic arts design and computer software design) under Category 42.
We
will use our best efforts to maintain, protect and enforce the Group's intellectual property rights. However, there can be no assurance
that we will always prevail and the Group's trademarks and other intellectual property will be fully protected. In addition, other
parties may misappropriate the Group's intellectual property rights, which would cause the Group to suffer economic or reputational
damages. Because of the rapid pace of technological change, nor can we assure you that all of the Group's proprietary technologies
and similar intellectual property can be patented in a timely or cost-effective manner, or at all. Furthermore, parts of the Group's
business rely on technologies developed or licensed by other parties, or co-developed with other parties, and the Group may not be able
to obtain or continue to obtain licenses and technologies from these other parties on reasonable terms, or at all.
It
is often difficult to register, maintain and enforce intellectual property rights in China. Statutory laws and regulations are subject
to judicial interpretation and enforcement and may not be applied consistently due to the lack of clear guidance on statutory interpretation.
Confidentiality, invention assignment and non-compete agreements may be breached by counterparties, and there may not be adequate remedies
available to us for any such breach. Accordingly, we may not be able to effectively protect the Group's intellectual property rights
or to enforce the Group's contractual rights in China. Preventing any unauthorized use of the Group's intellectual property
is difficult and costly and the steps we take may be inadequate to prevent the misappropriation of the Group's intellectual property.
In the event that we resort to litigation to enforce the Group's intellectual property rights, such litigation could result in
substantial costs and a diversion of the Group's managerial and financial resources. We can provide no assurance that we will prevail
in such litigation. In addition, the Group's trade secrets may be leaked or otherwise become available to, or be independently
discovered by, the Group's competitors. To the extent that the Group's employees or consultants use intellectual property
owned by others in their work for us, disputes may arise as to the rights in related know-how and inventions. Any failure in protecting
or enforcing the Group's intellectual property rights could materially and adversely affect the Group's business, results
of operations and financial condition.
41
The
Group may be subject to intellectual property infringement claims or other allegations by third parties for information or content displayed
on, retrieved from or linked to the Group's platform, or delivered to the Group's users, which may materially and adversely
affect the Group's business, financial condition and prospects.
We
may be subject to intellectual property infringement claims or other allegations by third parties for products or services on the Group's
platform, which may materially and adversely affect the Group's business, financial condition and prospects.
Companies
in the Internet, technology and media industries are frequently involved in litigation based on allegations of infringement of intellectual
property rights, unfair competition, invasion of privacy, defamation and other violations of other parties' rights. The validity,
enforceability and scope of protection of intellectual property rights in Internet-related industries, particularly in China, are uncertain
and still evolving. As we face increasing competition and as litigation becomes more common in China in resolving commercial disputes,
we face a higher risk of being the subject of intellectual property infringement claims.
We may face liability for copyright or trademark infringement, defamation, unfair competition, libel, negligence,
and other claims based on the nature and content of the materials that are delivered, shared or otherwise accessed through the Group's
platform. As of the date of this annual report, the Group is in the process of defending certain claims against it for the alleged unauthorized
content delivered, shared or otherwise accessed through the Group's platform.
Defending
intellectual property litigation is costly and can impose a significant burden on our management and employees, and there can be no assurances
that favorable final outcomes will be obtained in all cases. Such claims, even if they do not result in liability, may harm our reputation.
Any resulting liability or expenses, or changes required to the Group's platform to reduce the risk of future liability, may materially
and adversely affect the Group's business, financial condition and prospects.
If
we fail to implement and maintain an effective system of internal control, we may be unable to accurately or timely report the Group's
results of operations or prevent fraud, and investor confidence and the market price of the ADSs may be materially and adversely affected.
We
are subject to the reporting requirements of the Exchange Act and the Sarbanes-Oxley Act. The Sarbanes-Oxley Act requires, among other
things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. We must perform
system and process evaluation and testing of our internal control over financial reporting to allow management to report on the effectiveness
of our internal control over financial reporting in our Form 20-F, as required by Section 404 of the Sarbanes-Oxley Act.
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f)
under the Exchange Act). Our internal control system was designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation and fair presentation of its published consolidated financial statements. All internal control systems,
no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective may not prevent or detect
misstatements and can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate. As required by Section 404 of the Sarbanes-Oxley
Act of 2002 and related rules promulgated by the Securities and Exchange Commission, our management conducted an assessment of the effectiveness
of our internal control over financial reporting as of December 31, 2023. In making this assessment, it used the criteria established
within the Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). Based on this assessment, our management has concluded that, as of December 31, 2023, our internal control over financial reporting
was ineffective due to the material weakness identified below.
42
In
accordance with reporting requirements set forth by the SEC, a "material weakness" is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our company's
annual or interim consolidated financial statements will not be prevented or detected on a timely basis. The material weakness, which
was first identified in the course of preparing the Group's consolidated financial statements for the year ended December 31, 2017,
relates to the lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting
requirements to formalize key controls over financial reporting and to prepare consolidated financial statements and related disclosures.
To remedy our previously identified material weakness, we have undertaken and will continue to undertake steps to strengthen our internal
control over financial reporting, including: (i) hiring more qualified resources including financial controller, equipped with relevant
U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function and to set up a financial and
system control framework, (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting training programs for
our accounting and financial reporting personnel, (iii) establishing effective oversight and clarifying reporting requirements for non-recurring
and complex transactions to ensure consolidated financial statements and related disclosures are accurate, complete and in compliance
with SEC reporting requirements, and (iv) enhancing an internal audit function as well as engaging an external consulting firm to help
us assess our compliance readiness under rule 13a-15 of the Exchange Act and improve overall internal control. However, such measures
have not been fully implemented and we concluded that the material weakness in our internal control over financial reporting had not
been remediated as of December 31, 2023.
Since
we were a non-accelerated filer as of December 31, 2023, this annual report on Form 20-F does not include an attestation report of our
independent registered public accounting firm. Once we become an accelerated filer or a larged accelerated filer, our independent registered
public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. In the future,
our management may conclude that our internal control over financial reporting is still not effective. Moreover, even if our management
concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting
its own independent testing, may not reach the same conclusion. In addition, our reporting obligations may place a significant strain
on our management, operational and financial resources and systems for the foreseeable future. We may be unable to timely complete our
evaluation testing and any required remediation.
Our
internal control over financial reporting will not prevent or detect all errors and all fraud. A control system, no matter how well designed
and operated, can provide only reasonable, not absolute, assurance that the control system's objectives will be met. Because of
the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error
or fraud will not occur or that all control issues and instances of fraud will be detected.
If
we are unable to implement and maintain proper and effective internal control, we may not be able to produce timely and accurate financial
statements. If that were to happen, the market price of the ADSs could decline and we could be subject to sanctions or investigations
by the SEC or other regulatory authorities.
The
discontinuation of any of the preferential tax treatments available to the Group in China could materially and adversely affect the Group's
results of operations and financial condition.
Under
PRC tax laws and regulations, Shanghai Jifen, one of the Group VIEs, and Shanghai Chenxing Software Technology Co., Ltd., or Shanghai
Chenxing, a subsidiary of Shanghai Quyun Network Technology Co., Ltd., or Shanghai Quyun, are both qualified to enjoy, certain preferential
income tax benefits. The modified Enterprise Income Tax Law, effective on December 29, 2018, or the EIT Law, and its implementation rules
generally impose a uniform income tax rate of 25% on all enterprises, but grant preferential treatment to "high and new technology
enterprises strongly supported by the state", or HNTEs, to enjoy a reduced enterprise tax rate of 15%. According to the relevant
administrative measures, to qualify as a "HNTE", Shanghai Jifen and Shanghai Chenxing must meet certain financial and non-financial
criteria and complete verification procedures with the administrative authorities. Continued qualification as a "HNTE" is
subject to review by the relevant government authorities in China once every three years, and in practice certain local tax authorities
also require annual evaluation of the qualification. In addition to the foregoing tax benefit, Shanghai Chenxing is qualified to enjoy
certain preferential value-added tax benefits, according to the Notice on Value-added Tax Policies for Software Products issued by the
Ministry of Finance, or the MOF, and the State Administration of Taxation, or the SAT, on October 13, 2011. Apart from that, Shanghai
Chenxing obtained the certificate of Qualified Software Enterprise. Once meeting other criteria, Shanghai Chenxing will be qualified
to enjoy certain preferential enterprise income tax benefits, according to relevant rules, including the Notice on Enterprise Income
Tax Policies for Further Encouraging the Development of Software and Integrated Circuit Industries issued by the MOF and the SAT on April
20, 2012, Notice on Relevant Issues concerning Preferential Enterprise Income Tax Policies for Enterprises in Software and Integrated
Circuit Industries issued by the MOF, the SAT, the National Development and Reform Commission, or the NDRC, and the MIIT on May 4, 2016,
and Announcement on the Enterprise Income Tax Policies for Promoting the High-quality Development of the Integrated Circuit Industry
and the Software Industry jointly issued by the MOF, the SAT, the NDRC and the MIIT on December 11, 2020. In the event the preferential
tax treatments for the entities are discontinued or are not verified by the local tax authorities, and the affected entity fails to obtain
preferential tax treatments based on other qualifications such as Advanced Technology Service Enterprise, it will become subject to the
standard tax rates and policies, including the PRC enterprise income tax rate of 25%. We cannot assure you that the tax authorities will
not, in the future, discontinue any of the Group's preferential tax treatments, potentially with retroactive effect.
43
User
growth and engagement depend upon effective interoperation with operating systems, networks, devices and major mobile application distribution
channels that the Group does not control.
We
make the Group's products and services available across a variety of mobile operating systems and through major mobile application
distribution channels, namely app stores. We are dependent on the interoperability of the Group's products and services with popular
devices and mobile operating systems that the Group does not control, such as Android and iOS. We are also dependent on users'
ability to find and download the Group's mobile applications through app stores operated by third parties, such as the Apple App
Store and app stores operated by mobile phone manufacturers in China such as Huawei, Oppo, Vivo and Xiaomi.
Any
changes in such operating systems, devices or mobile application distribution channels that degrade the functionality of the Group's
products and services or give preferential treatment to competitive products or services could adversely affect usage of the Group's
products and services. Further, if the number of platforms for which the Group develops its products increases, it will result in an
increase in the Group's costs and expenses. In order to deliver high-quality products and services, it is important that the Group's
products and services work well with a range of mobile operating systems and devices which the Group does not control. The various app
stores also have their own rules and requirements that the Group's mobile applications need to comply with for them to be included
in the respective app stores. Such rules and requirements may change from time to time. There are no assurances that the Group's
mobile applications will be able to continue to meet these rules and requirements, which may result in their removal from the relevant
app stores. Compliance with these rules and requirements may also prove to be costly or require change to the functionality of the Group's
mobile applications that may make them less desirable to users. We may not be successful in developing relationships with key participants
in the mobile Internet industry or in developing products or services that operate effectively with these mobile operating systems, devices
and mobile application distribution channels. In the event it is difficult for the Group's users to access and use its products
and services on their mobile devices, the Group's user growth and user engagement could be harmed, and the Group's business,
results of operations and financial condition could be adversely affected.
The
Group's operations depend on the performance of the Internet infrastructure and fixed telecommunications networks in China.
Almost
all access to the Internet in China is maintained through state-owned telecommunication operators under the administrative control and
regulatory supervision of the Ministry of Industry and Information Technology, or the MIIT. Moreover, the Group primarily relies on a
limited number of telecommunication service providers to provide the Group with data communications capacity through local telecommunications
lines and Internet data centers to host the Group's servers. The Group has limited access to alternative networks or services in
the event of disruptions, failures or other problems with China's Internet infrastructure or the fixed telecommunications networks
provided by telecommunication service providers. Internet traffic in China has experienced significant growth during the past few years.
Effective bandwidth and server storage at Internet data centers in large cities such as Shanghai are scarce. With the expansion of the
Group's business, it may be required to upgrade its technology and infrastructure to keep up with the increasing traffic on its
platform. We cannot assure you that the Internet infrastructure and the fixed telecommunications networks in China will be able to support
the demands associated with the continued growth in Internet usage. If we are unable to increase the Group's online content and
service delivering capacity accordingly, the Group may not be able to continuously grow its traffic, and the adoption of its products
and services may be hindered, which could adversely impact the Group's business and our share price.
In
addition, we have no control over the costs of the services provided by telecommunication service providers. The Group's information
technology infrastructure cost increased as a result of our enriching the Group's product offerings to include more engaging contents
such as short videos, games and live-streaming. If the prices we pay for telecommunications and Internet services rise significantly,
the Group's business, results of operations and financial condition may be materially and adversely affected. Furthermore, if mobile
Internet access fees or other charges to mobile Internet users increase, some users may be prevented from accessing the mobile Internet
and thus cause the growth of mobile Internet users to decelerate. Such deceleration may adversely affect our ability to continue to expand
the Group's user base and increase the Group's attractiveness to online customers.
The
Group's business, results of operations and financial condition may be harmed by service disruptions, or by our failure to timely
and effectively scale and adapt the Group's existing technology and infrastructure.
We
may experience service disruptions, outages and other performance problems due to a variety of factors, including infrastructure changes,
human or software errors, hardware failure, capacity constraints due to an overwhelming number of people accessing the Group's
products and services simultaneously, computer viruses and denial of service, fraud and security attacks. Any disruption or failure in
the Group's infrastructure could hinder our ability to handle existing or increased traffic on the Group's platform or cause
us to lose content stored on the Group's platform, which could significantly harm the Group's business and our ability to
retain existing users and attract new users.
As
the number of the Group's users increases and its users generate increasing volumes of user generated videos on the Group's
platform, and as we continue to diversify into new content formats, we may be required to expand and adapt the Group's technology
and infrastructure to continue to reliably store, analyze and deliver content. It may become increasingly difficult to maintain and improve
the performance of the Group's products and services, especially during peak usage times, as the Group's products and services
become more complex and the Group's user traffic increases. In addition, because the Group leases its data center facilities, we
cannot be assured that we will be able to expand the Group's data center infrastructure to meet users' demands in a timely
manner, or on favorable economic terms. If the Group's users are unable to access any of the Group's mobile applications
or we are not able to make information available rapidly on any of the Group's mobile applications, or at all, users may become
frustrated and seek other channels for their light entertainment needs, and may not return to the Group's mobile applications or
use the Group's mobile applications as often in the future, or at all. This would negatively impact the Group's ability to
attract users and maintain high level of user engagement as well as the Group's ability to attract advertising customers.
44
Legal
or administrative proceedings or allegations of impropriety against us or our management could have a material adverse impact on the
Group's reputation, results of operation and financial condition.
We
and members of our management may be subject to allegations or lawsuits brought by our competitors, individuals, government and
regulatory authorities or other persons in the future. Any such lawsuit or allegation, with or without merit, or any perceived
unfair, unethical, fraudulent or inappropriate business practice by the Group or perceived wrong-doing by any key member of our
management team could harm our reputation and cause the Group's user base to decline and distract our management from
day-to-day operations of the Group's. We cannot assure you that the Group or key members of our management team will not be
subject to lawsuits or allegations of a similar nature in the future. Where we can make a reasonable estimate of the liability
relating to pending litigation and determine that an adverse liability resulting from such litigation is probable, the Group will
record a related contingent liability. As additional information becomes available, we will assess the potential liability and
revise estimates as appropriate. In 2021, 2022 and 2023, the Group did not record any contingent liabilities relating to pending
litigation. On August 20, 2020, we and certain of our current and former directors and officers were named as defendants in a
putative shareholder class action lawsuit filed in the United States District Court for the Southern District of New York. This
action is brought on behalf of a putative class of persons who purchased or acquired our securities pursuant or traceable to our
September 2018 initial public offering or April 2019 secondary public offering, or otherwise acquired our securities between
September 14, 2018 and December 16, 2020 or "the Putative Class Period." The complaint alleges violations of Sections
11, 12(a)(2), and 15 of the Securities Act of 1933, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder based on alleged materially false or misleading statements or omissions in offering documents and/or issued
throughout the Putative Class Period. Lead Plaintiff was appointed, and a consolidated amended complaint was filed on January 15,
2021. We filed a motion to dismiss such amended complaint on March 16, 2021. Lead Plaintiff filed an opposition to the motion on May
17, 2021, and we filed a reply on July 1, 2021. On August 3, 2023, the District Court granted the motion to dismiss in its entirety.
Plaintiff appealed the dismissal of the Securities Act of 1933 claims to the United States Court of Appeals for the Second Circuit.
Plaintiff alleges on appeal there were materially false or misleading statements or omissions made only in the offering documents.
On January 3, 2024, Plaintiff filed his opening brief, and on April 3, 2024, we filed our brief in response. Plaintiff filed his
reply brief on April 24, 2024. A decision on the appeal is pending. It is premature at this stage of the litigation to evaluate the
likelihood of a favorable or unfavorable outcome. In addition, in 2022, one of our material subsidiaries and one of the Key VIEs
paid fines of RMB82.8 million in aggregate as a result of alleged fraudulent advertisements that an advertising customer placed on
the Group's online platform. For a detailed description of these cases, please refer to "Item 8. Financial Information
— A. Consolidated Statement and other Financial Information — Legal and Administrative Proceedings."
When
the Group records or revises our estimates of contingent liabilities in the future, the amount of our estimates may be inaccurate due
to the inherent uncertainties relating to litigation. In addition, the outcomes of actions we institute against third parties may not
be successful or favorable to us. Litigation and allegations against the Group or any of our management members, irrespective of their
veracity, may also generate negative publicity that significantly harms our reputation, which may materially and adversely affect the
Group's user base and our ability to attract content providers and advertising customers. In addition to the related cost, managing
and defending litigation and related indemnity obligations can significantly divert our management and the board of directors'
attention from operating the Group's business. We may also need to pay damages or settle the litigation with a substantial amount
of cash. All of these could have a material adverse impact on the Group's reputation, results of operation and financial condition.
The
Group may not have fully paid certain fees and surcharges in the past. As such, the Group may be subject to further scrutiny by the PRC
tax authorities that may result in a finding which may subject the Group to additional taxes, fees and surcharges and fines or other
penalties.
According
to the Circular on Issues Relating to Cultural Undertaking Development Fee Policies and Administration of Levying and Collection Relating
to Levying VAT in place of Business Tax, which was issued by the MOF and the SAT on March 28, 2016, or Circular 25, the provision of
advertising services by advertising media agencies and outdoor advertisement business operators (including entities engaging in distribution,
screening, promotion and exhibition of outdoor advertisements and other advertisements, as well as entities engaging in advertisement
agency services) in China is subject to a cultural development fee. The fee was charged at an applicable rate of 3% of the net advertising
revenues prior to June 30, 2019, which was reduced to 1.5% commencing on July 1, 2019, according to a preferential tax policy issued
on June 12, 2019 by the government of Shanghai. The preferential policy is said to be in effect until December 31, 2024. The net advertising
revenues refer to, as specified in Circular 25, the balance after deducting advertisement distribution fee paid to other advertising
company or advertisement distributor, from the total tax inclusive price and out-of-pocket expenses obtained from provision of advertising
and marketing services. Historically, the Group did not pay cultural development fees and surcharges for the part of the Group's
revenue that we did not consider as revenues from advertising services subject to Circular 25. Pursuant to the Announcement on the Supporting
Tax and Fee Policy for Film Industry and Other Industries issued by the MOF and the SAT on May 13, 2020, the cultural development fee
was waived from January 1, 2020 until December 31, 2020. Pursuant to the Announcement on the Extension of Certain Tax Preferential Policies
in Response to COVID-19 Epidemic, the exemption period of the cultural development fee was extended until December 31, 2021. Although
the Group has not been challenged by the tax authorities so far for our payment of cultural development fees and surcharges, it may face
further scrutiny by the PRC tax authorities that may result in a conclusion that subjects the Group to additional taxes, fees and surcharges
and substantially increases the Group's taxes owed, thereby materially and adversely affecting the Group's results of operations.
As a result of not making adequate contributions, the Group may also be subject to fines or other penalties imposed by the relevant authorities
pursuant to applicable laws and regulations.
In addition, some of our VIEs and subsidiaries were fined an insignificant amount in 2023 for underpaying income tax. We have paid such fines in full and on time.
45
A
severe or prolonged downturn in the Chinese or global economy could materially and adversely affect the Group's business, results
of operations and financial condition.
Any
prolonged slowdown in the Chinese or global economy may have a negative impact on the Group's business, results of operations and
financial condition. In particular, general economic factors and conditions in China or worldwide, including the general interest rate
environment and unemployment rates, may affect advertising customers' willingness to advertise or consumers' willingness
to spend on entertainment. Economic conditions in China are sensitive to global economic conditions. The global financial markets have
experienced significant disruptions since 2008 and the United States, Europe and other economies have experienced periods of recession.
The recovery from the lows of 2008 and 2009 has been uneven and is facing new challenges, including the escalation of the European sovereign
debt crisis from 2011 and the slowdown of the Chinese economy since 2012. There is considerable uncertainty over the long-term effects
of the expansionary monetary and fiscal policies adopted by the central banks and financial authorities of some of the world's
leading economies, including the United States and China. There have been concerns over unrest in North Korea, Ukraine, the Middle East
and Africa, which have resulted in volatility in financial and other markets. There have also been concerns over the expected withdrawal
of the United Kingdom from the European Union as well as concerns about the economic effect of the tensions in the relationship between
the United States, China and neighboring Asian countries. If present Chinese and global economic uncertainties persist, the Group may
have difficulty in attracting advertising customers or spending by consumers on entertainment. Additionally, continued turbulence in
the international markets may adversely affect our ability to access the capital markets to meet liquidity needs.
We
have limited business insurance coverage.
Insurance
companies in China currently do not offer as extensive an array of insurance products as are offered by insurance companies in more developed
economies. We do not have any business liability or disruption insurance coverage for the Group's operations. Any uninsured business
disruptions may result in the Group's incurring substantial costs and diversion of resources, which could have an adverse effect
on the Group's results of operations and financial condition.
Risks
Relating to Our Corporate Structure
We
rely on contractual arrangements with the Group VIEs and their respective shareholders to operate the Group's business, which may
be less effective than equity ownership in providing operational control and otherwise materially and adversely affect the Group's
business.
We
are not a Chinese operating company but a Cayman Island holding company with operations conducted by our operating subsidiaries and the
Group VIEs based in China. We rely on contractual arrangements with the Group VIEs, especially the Key VIEs, and their respective shareholders
to operate the Group's business. For a description of these contractual arrangements, see "Item 4. — Information on
the Company — D. Organizational Structure — Contractual Arrangements among Our Key WFOEs, the Key VIEs and Their Respective
Shareholders." The majority of the Group's revenue is attributed to the Group VIEs and their subsidiaries. These contractual
arrangements may be less effective than equity ownership in providing us with control over the Group VIEs. If the Group VIEs or their
respective shareholders fail to perform their respective obligations under these contractual arrangements, our recourse to the assets
held by the Group VIEs is indirect and we may have to incur substantial costs and expend significant resources to enforce such arrangements
in reliance on legal remedies under PRC law. These remedies may not always be effective, particularly in light of uncertainties in the
PRC legal system. Furthermore, in connection with litigation, arbitration or other judicial or dispute resolution proceedings, assets
under the name of any of record holder of equity interest in the Group VIEs, including such equity interest, may be put under court custody.
As a consequence, we cannot be certain that the equity interest will be disposed pursuant to the contractual arrangement or ownership
by the record holder of the equity interest.
All
of these contractual arrangements are governed by PRC law and provide for the resolution of disputes through arbitration in the PRC.
Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC
legal procedures. The legal environment in the PRC is not as developed as in other jurisdictions, such as the U.S. As a result, uncertainties
in the PRC legal system could limit our ability to enforce these contractual arrangements. In the event that we are unable to enforce
these contractual arrangements, or if we suffer significant time delays or other obstacles in the process of enforcing these contractual
arrangements, it would be very difficult to exert effective control over the Group VIEs, and our ability to conduct the Group's
business and the Group's results of operations and financial condition may be materially and adversely affected. See "—
Risks Relating to Doing Business in China — There are uncertainties regarding the interpretation and enforcement of PRC laws, rules
and regulations. In addition, rules and regulations in China can change quickly with little advance notice."
46
The
arbitration provisions under these contractual arrangements have no effect on the rights of our shareholders to pursue claims against
us under United States federal securities laws.
Furthermore,
in connection with the share purchase agreement entered into with Shanghai Dongfang Newspaper Co., Ltd. and its subsidiaries, or collectively,
The Paper, Shanghai Jifen has issued equity interests representing 1% of its enlarged share capital to Shanghai Xinpai Management Consulting
Co., Ltd., or Shanghai Xinpai, an affiliate of The Paper, at a nominal price. However, Shanghai Xinpai is not a party to the contractual
arrangements that are currently entered into among Shanghai Quyun and Shanghai Jifen and its shareholders. As such, despite the fact
that we are still able to enjoy economic benefits and exercise effective control over Shanghai Jifen and its subsidiaries, in contrast
to what we have been granted by other shareholders of Shanghai Jifen under the contractual arrangements, we are unable to purchase or
have Shanghai Xinpai pledge such 1% equity interests in the same manner as agreed under existing contractual arrangements, nor have we
been granted the authorization of voting rights over these 1% equity interests. We believe Shanghai Quyun, our wholly-owned PRC subsidiary,
still controls and is the primary beneficiary of Shanghai Jifen as it continues to have a controlling financial interest in Shanghai
Jifen pursuant to ASC 810-10-25-38A. See "Item 4. Information on the Company — D. Organizational Structure — Contractual
Arrangements among Our Key WFOEs, the Key VIEs and Their Respective Shareholders — Supplemental Agreement to the Contractual Arrangements
in Connection with The Paper."
Any
failure by the Group VIEs or their respective shareholders to perform their obligations under our contractual arrangements with them
would materially and adversely affect the Group's business.
We,
through our subsidiaries and wholly foreign-owned enterprises in the PRC, have entered into a series of contractual arrangements with
the Group VIEs and their respective shareholders. For a description of these contractual arrangements, see "Item 4. Information
on the Company — D. Organizational Structure — Contractual Arrangements among Our Key WFOEs, the Key VIEs and Their Respective
Shareholders." If the Group VIEs or their respective shareholders fail to perform their respective obligations under these contractual
arrangements, we may incur substantial costs and expend additional resources to enforce such arrangements. We may also have to rely on
legal remedies under PRC laws, including seeking specific performance or injunctive relief, and claiming damages, which we cannot assure
you will be effective under PRC laws. For example, if the shareholders of the Group VIEs were to refuse to transfer their equity interests
in the Group VIEs to us or our designee when we exercise the purchase option pursuant to these contractual arrangements, or if they were
otherwise to act in bad faith toward us, then we may have to take legal actions to compel them to perform their contractual obligations.
All
the agreements under our contractual arrangements are governed by PRC laws and provide for the resolution of disputes through arbitration
in China. Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance
with PRC legal procedures. The legal system in the PRC is not as developed as in some other jurisdictions, such as the United States.
As a result, uncertainties in the PRC legal system could limit our ability to enforce these contractual arrangements. The contractual
arrangements have not been tested in a court of law in China. There are very few precedents and little formal guidance as to how contractual
arrangements in the context of a VIE should be interpreted or enforced under PRC laws. There remain significant uncertainties regarding
the ultimate outcome of such arbitration should legal action become necessary. In addition, under PRC laws, rulings by arbitrators are
final and parties cannot appeal arbitration results in court unless such rulings are revoked or determined unenforceable by a competent
court. If the losing parties fail to carry out the arbitration awards within a prescribed time limit, the prevailing parties may only
enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would require additional expenses
and delay. In the event that we are unable to enforce these contractual arrangements, or if we suffer significant delay or other obstacles
in the process of enforcing these contractual arrangements, we may not be able to exert effective control over the Group VIEs and relevant
rights and licenses held by such VIEs which we require in order to operate the Group's business, and our ability to conduct the
Group's business may be negatively affected. See "— Risks Related to Doing Business in China — There are uncertainties
regarding the interpretation and enforcement of PRC laws, rules and regulations. In addition, rules and regulations in China can change
quickly with little advance notice."
47
The
shareholders of the Group VIEs may have potential conflicts of interest with us, which may materially and adversely affect the Group's
business, results of operations and financial condition.
The
interests of the shareholders of the Group VIEs in their capacities as such shareholders may differ from the interests of our company
as a whole, as what is in the best interests of the Group VIEs, including matters such as whether to distribute dividends or to make
other distributions to fund our offshore requirement, may not be in the best interests of our company. There can be no assurance that
when conflicts of interest arise, any or all of these shareholders will act in the best interests of our company or those conflicts of
interest will be resolved in our favor. In addition, these shareholders may breach or cause the Group VIEs and their subsidiaries to
breach or refuse to renew the existing contractual arrangements with us.
Currently,
we do not have arrangements to address potential conflicts of interest the shareholders of the Group VIEs may encounter, on the one hand,
and as a beneficial owner of our company, on the other hand. We, however, could, at all times, exercise our option under the exclusive
option agreement to cause them to transfer all of their equity ownership in the Group VIEs to a PRC entity or individual designated by
us as permitted by the then applicable PRC laws. In addition, if such conflicts of interest arise, we could also, in the capacity of
attorney-in-fact of the then-existing shareholders of the Group VIEs as provided under the power of attorney agreements, directly appoint
new directors of the Group VIEs. We rely on the shareholders of the Group VIEs to comply with PRC laws and regulations, which protect
contracts and provide that directors and executive officers owe a duty of loyalty to our company and require them to avoid conflicts
of interest and not to take advantage of their positions for personal gains, and the laws of the Cayman Islands, which provide that directors
have a duty of care and a duty of loyalty to act honestly in good faith with a view to our best interests. However, the legal frameworks
of China and the Cayman Islands do not provide guidance on resolving conflicts in the event of a conflict with another corporate governance
regime. If we cannot resolve any conflicts of interest or disputes between us and the shareholders of the Group VIEs, we would have to
rely on legal proceedings, which could result in disruption of the Group's business and subject us to substantial uncertainty as
to the outcome of any such legal proceedings.
If
the PRC government deems that the contractual arrangements in relation to the Group VIEs do not comply with PRC regulatory restrictions
on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change in the
future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. In addition, our ADSs may
significantly decline in value or become worthless if we are unable to assert our contractual control over the assets of the Group VIEs.
The
PRC government regulates telecommunications-related businesses through strict business licensing requirements and other government regulations.
These laws and regulations also include limitations on foreign ownership of PRC companies that engage in telecommunications-related businesses.
Specifically, subject to undertakings for opening telecommunication industries made by China for joining WTO, foreign investors are not
allowed to own more than a 50% equity interest in any PRC company engaging in value-added telecommunications businesses. It is required
under the prior Provisions on the Administration of Foreign-Invested Telecommunications Enterprises, or the FITE Regulations, which were
issued by the State Council on December 11, 2001, became effective on January 1, 2002 and amended and issued on February 6, 2016, that
the primary foreign investor must also have experience and a good track record in providing value-added telecommunications services,
or VATS, overseas. The FITE Regulations were amended on March 29, 2022 and became effective on May 1, 2022, among which, the previous
requirement on experience and good track record has been cancelled. However, this modification is relatively new, uncertainties still
exist in relation to its interpretation and implementation. In addition, foreign investors are prohibited from investing in enterprises
engaging in internet cultural activities except for music.
48
Because
we are an exempted company with limited liability incorporated in the Cayman Islands, we are classified as a foreign enterprise under
PRC laws and regulations, and our wholly foreign-owned enterprise in the PRC is a foreign-invested enterprise, or FIE. Accordingly, our
subsidiaries may not be eligible to operate VATS business in China. The Group conducts its business in China through the Group VIEs and
their affiliates. Our PRC subsidiaries, Shanghai Quyun, Shanghai Zhicao Information Technology Co., Ltd., or Shanghai Zhicao and Hainan
Mengbang Network Technology Co., Ltd., or Hainan Mengbang, have entered into a series of contractual arrangements with the Group VIEs
and their respective shareholders, which enable us to (i) exercise effective control over the Group VIEs, (ii) receive substantially
all of the economic benefits of the Group VIEs, and (iii) have an exclusive option to purchase all or part of the equity interests and
assets in the Group VIEs when and to the extent permitted by PRC law. As a result of these contractual arrangements, we have control
over and are the primary beneficiary of the Group VIEs and hence consolidate its financial results as the Group VIEs under U.S. GAAP.
For a description of these contractual arrangements, see "Item 4. Information on the Company — D. Organizational Structure
— Contractual Arrangements among Our Key WFOEs, the Key VIEs and Their Respective Shareholders."
We
believe that the Group's corporate structure and contractual arrangements comply with the current applicable PRC laws and regulations.
Our PRC legal counsel, King & Wood Mallesons, based on its understanding of the relevant laws and regulations, is of the opinion
that each of the contracts among our Key WFOEs, Key VIEs and their respective shareholders is valid, binding and enforceable in accordance
with its terms. However, as there are substantial uncertainties regarding the interpretation and application of PRC laws and regulations,
including the
Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules
, and
the
Telecommunications Regulations
and the relevant regulatory measures concerning the telecommunications industry, there can
be no assurance that the PRC government authorities, such as the MOFCOM or the MIIT, or other authorities that regulate Internet content
providers and other participants in the telecommunications industry, would agree that our corporate structure or any of the above contractual
arrangements comply with PRC licensing, registration or other regulatory requirements, with existing policies or with requirements or
policies that may be adopted in the future. PRC laws and regulations governing the validity of these contractual arrangements are uncertain
and the relevant government authorities have broad discretion in interpreting these laws and regulations.
If
the Group's corporate structure and contractual arrangements are deemed by the MIIT or the MOFCOM or other regulators having competent
authority to be illegal, either in whole or in part, we may lose control of the Group VIEs and have to modify such structure to comply
with regulatory requirements. However, there can be no assurance that we can achieve this without material disruption to the Group's
business. In addition, our ADSs may significantly decline in value or become worthless if we are unable to assert our contractual control
over the assets of the Group VIEs. Further, if the Group's corporate structure and contractual arrangements are found to be in
violation of any existing or future PRC laws or regulations, the relevant regulatory authorities would have broad discretion in dealing
with such violations, including:
●
revoking
    the Group's business and operating licenses;
●
levying
    fines on us;
●
confiscating
    any of the Group's income that they deem to be obtained through illegal operations;
●
shutting
    down the Group's services;
●
discontinuing
    or restricting the Group's operations in China;
●
imposing
    conditions or requirements with which the Group may not be able to comply;
●
requiring
    us to change the Group's corporate structure and contractual arrangements;
●
restricting
    or prohibiting the Group's use of the proceeds from overseas offering to finance the Group VIE's business and operations;
    and
●
taking
    other regulatory or enforcement actions that could be harmful to the Group's business.
49
Furthermore,
new PRC laws, rules and regulations may be introduced to impose additional requirements that may be applicable to our corporate structure
and contractual arrangements. See "— Substantial uncertainties exist with respect to whether the controlling of PRC onshore
variable interest entities by foreign investors via contractual arrangements will be recognized as 'foreign investment' and
how it may impact the viability of the Group's current corporate structure and operations." Occurrence of any of these events
could materially and adversely affect the Group's business, results of operations and financial condition. In addition, if the
imposition of any of these penalties or requirements to restructure our corporate structure causes us to lose the rights to direct the
activities of the Group VIEs or our right to receive its economic benefits, we would no longer be able to consolidate the financial results
of such VIEs in the Group's consolidated financial statements. However, we do not believe that such actions would result in the
liquidation or dissolution of our company, our wholly-owned subsidiaries in China or the Group VIEs or their subsidiaries. See "Item
4. Information on the Company — D. Organizational Structure — Contractual Arrangements among Our Key WFOEs, the Key VIEs
and Their Respective Shareholders."
Contractual
arrangements in relation to the Group VIEs may be subject to scrutiny by the PRC tax authorities and they may determine that the Group
VIEs owe additional taxes, which could negatively affect the Group's results of operations and financial condition and the value
of your investment.
Under
applicable PRC laws and regulations, arrangements and transactions among related parties may be subject to audit or challenge by the
PRC tax authorities. The PRC enterprise income tax law requires every enterprise in China to submit its annual enterprise income tax
return together with a report on transactions with its related parties to the relevant tax authorities. The tax authorities may impose
reasonable adjustments on taxation if they have identified any related party transactions that are inconsistent with arm's length
principles. We may face material and adverse tax consequences if the PRC tax authorities determine that the contractual arrangements
among our wholly-owned PRC subsidiaries, Shanghai Quyun, Shanghai Zhicao and Hainan Mengbang, the Group VIEs and their respective shareholders
were not entered into on an arm's length basis in such a way as to result in an impermissible reduction in taxes under applicable
PRC laws, regulations and rules, and adjust their income in the form of a transfer pricing adjustment. A transfer pricing adjustment
could, among other things, result in a reduction of expense deductions recorded by Shanghai Quyun, Shanghai Zhicao, Hainan Mengbang or
the Group VIEs for PRC tax purposes, which could in turn increase their tax liabilities without reducing their tax expenses. In addition,
if our wholly-owned PRC subsidiaries, Shanghai Quyun, Shanghai Zhicao and Hainan Mengbang, request the shareholders of the Group VIEs
to transfer their equity interests in the Group VIEs at nominal or no value pursuant to these contractual arrangements, such transfer
could be viewed as a gift and subject the relevant subsidiaries to PRC income tax. Furthermore, the PRC tax authorities may impose late
payment fees and other penalties on our PRC subsidiaries, Shanghai Quyun, Shanghai Zhicao and Hainan Mengbang, and the Group VIEs for
adjusted but unpaid taxes according to applicable regulations. The Group's financial position could be materially and adversely
affected if the tax liabilities of our PRC subsidiaries, Shanghai Quyun, Shanghai Zhicao and Hainan Mengbang, and the Group VIEs increase,
or if they are required to pay late payment fees and other penalties.
We
may lose the ability to use and enjoy assets held by the Group VIEs that are material to the operation of the Group's business
if the entity goes bankrupt or becomes subject to a dissolution or liquidation proceeding.
The
Group VIEs hold substantially all of the Group's assets. Under the contractual arrangements, the Group VIEs may not and their respective
shareholders may not cause it to, in any manner, sell, transfer, mortgage or dispose of its assets or its legal or beneficial interests
in the business without our prior consent. However, in the event that the shareholders of the Group VIEs breach these contractual arrangements
and voluntarily liquidate the Group VIEs, or the Group VIEs declare bankruptcy and all or part of their assets become subject to liens
or rights of third-party creditors, or are otherwise disposed of without our consent, we may be unable to continue some or all of the
Group's business activities, which could materially and adversely affect the Group's business, results of operations and
financial condition. If any of the Group VIEs undergoes a voluntary or involuntary liquidation proceeding, independent third-party creditors
may claim rights to some or all of these assets, thereby hindering our ability to operate the Group's business, which could materially
and adversely affect the Group's business, results of operations and financial condition.
If
the custodians or authorized users of the Group's controlling non-tangible assets, including chops and seals, fail to fulfill their
responsibilities, or misappropriate or misuse these assets, the Group's business and operations may be materially and adversely
affected.
Under
PRC law, legal documents for corporate transactions, including agreements and contracts that the Group's business relies on, are
executed using the chop or seal of the signing entity or with the signature of a legal representative whose designation is registered
and filed with the relevant local branch of the SAMR. The Group generally executes legal documents by affixing chops or seals, rather
than having the designated legal representatives sign the documents.
50
The
Group has three major types of chops — corporate chops, contract chops and finance chops. The Group uses corporate chops generally
for documents to be submitted to government agencies, such as applications for changing business scope, directors or company name, and
for legal letters. The Group uses contract chops for executing leases and commercial contracts. The Group uses finance chops generally
for making and collecting payments, including issuing invoices. Use of corporate chops and contract chops must be approved by our legal
department and administrative department, and use of finance chops must be approved by our finance department. The chops of our subsidiaries
and the Group VIEs and their subsidiaries are generally held by the relevant entities so that documents can be executed locally. Although
we usually utilize chops to execute contracts, the registered legal representatives of our subsidiaries and the Group VIEs and their
subsidiaries have the apparent authority to enter into contracts on behalf of such entities without chops, unless such contracts set
forth otherwise.
In
order to maintain the physical security of the Group's chops, the Group generally has them stored in secured locations accessible
only to the designated key employees of our legal, administrative or finance departments. The Group's designated legal representatives
generally do not have access to the chops. Although the Group has approval procedures in place and monitors its key employees, including
the designated legal representatives of our subsidiaries and the Group VIEs and their subsidiaries, the procedures may not be sufficient
to prevent all instances of abuse or negligence. There is a risk that the Group's key employees or designated legal representatives
could abuse their authority, for example, by binding our subsidiaries and the Group VIEs and their subsidiaries with contracts against
our interests, as the Group would be obligated to honor these contracts if the other contracting party acts in good faith in reliance
on the apparent authority of the Group's chops or signatures of its legal representatives. If any designated legal representative
obtains control of the chop in an effort to obtain control over the relevant entity, the Group would need to have a shareholder or board
resolution to designate a new legal representative and to take legal action to seek the return of the chop, apply for a new chop with
the relevant authorities, or otherwise seek legal remedies for the legal representative's misconduct. If any of the designated
legal representatives obtains and misuses or misappropriates the Group's chops and seals or other controlling intangible assets
for whatever reason, we could experience disruption to the Group's normal business operations. The Group may have to take corporate
or legal action, which could involve significant time and resources to resolve while distracting management from the Group's operations,
and the Group's business and operations may be materially and adversely affected.
Substantial
uncertainties exist with respect to whether the controlling of PRC onshore variable interest entities by foreign investors via contractual
arrangements will be recognized as "foreign investment" and how it may impact the viability of the Group's current
corporate structure and operations.
On
March 15, 2019, the National People's Congress of the PRC adopted the Foreign Investment Law, which came into force on January
1, 2020. The Foreign Investment Law defines the "foreign investment" as the investment activities in China conducted directly
or indirectly by foreign investors in the following manners: (i) the foreign investor, by itself or together with other investors establishes
foreign invested enterprises in China; (ii) the foreign investor acquires shares, equities, asset tranches, or similar rights and interests
of enterprises in China; (iii) the foreign investor, by itself or together with other investors, invests and establishes new projects
in China; (iv) the foreign investor invests through other approaches as stipulated by laws, administrative regulations or otherwise regulated
by the State Council. The Foreign Investment Law keeps silent on how to define and regulate the VIEs, while adding a catch-all clause
that "other approaches as stipulated by laws, administrative regulations or otherwise regulated by the State Council" can
fall into the concept of "foreign investment," which leaves uncertainty as to whether the foreign investor's controlling
PRC onshore variable interest entities via contractual arrangements will be recognized as "foreign investment." Pursuant
to the Foreign Investment Law, PRC governmental authorities will regulate foreign investment by applying the principle of pre-entry national
treatment together with a "negative list," which will be promulgated by or promulgated with approval by the State Council.
Foreign investors are prohibited from making any investments in the industries which are listed as "prohibited" in such negative
list; and, after satisfying certain additional requirements and conditions as set forth in the "negative list," are allowed
to make investments in the industries which are listed as "restricted" in such negative list. For any foreign investor that
fails to comply with the negative list, the competent authorities are entitled to ban its investment activities, require such investor
to take measures to correct its non-compliance and impose other penalties.
51
It
is uncertain whether any of the businesses that the Group currently operates or plans to operate in the future through the Group VIEs
would be on the "negative list" as updated by the governmental authority from time to time and therefore be subject to any
foreign investment restrictions or prohibitions. If any of the businesses that we operate were in the "restricted" or "prohibited"
category on the to-be-updated "negative list," such determination would materially and adversely affect the value of the
ADSs. We also face uncertainties as to whether the to-be-updated "negative list" would mandate further actions, such as MOFCOM
market entry clearance, to be completed by companies with existing VIE structure and whether such clearance can be timely obtained, or
at all. If we are not able to obtain any approval when required, the Group's VIE structure may be regarded as invalid and illegal
under the promulgated Foreign Investment Law, which may materially and adversely affect the Group's business, results of operations
and financial condition, for instance, we may not be able to (i) continue the Group's business in China through our contractual
arrangements with the Group VIEs, (ii) exert effective control over the Group VIEs, or (iii) consolidate the financial results of, and
receive economic benefits from the Group VIEs under existing contractual arrangements.
In
addition, our corporate governance practice may be materially impacted and our compliance costs could increase if we were considered
as a FIE under the Foreign Investment Law. For instance, the Foreign Investment Law purports to impose stringent ad hoc and periodic
information reporting requirements on foreign investors and the applicable FIEs. Any company found to be noncompliant with these information
reporting obligations could potentially be subject to fines and/or administrative liabilities, according to the Foreign Investment Law.
The
PRC Foreign Investment Law leaves leeway for future laws, administrative regulations or provisions of the State Council to provide for
contractual arrangements as a form of foreign investment. It is therefore uncertain whether the Group's corporate structure will
be seen as violating foreign investment rules as we are currently using the contractual arrangements to operate certain businesses in
which foreign investors are currently prohibited from or restricted to investing. Furthermore, if future laws, administrative regulations
or provisions of the State Council mandate further actions to be taken by companies with respect to existing contractual arrangements,
we may face substantial uncertainties as to whether we can complete such actions in a timely manner, or at all. If we fail to take appropriate
and timely measures to comply with any of these or similar regulatory compliance requirements, the Group's current corporate structure,
corporate governance and business operations could be materially and adversely affected.
Risks
Relating to Doing Business in China
Changes
in the political and economic policies of the PRC government may materially and adversely affect the Group's business, results
of operations and financial condition and may result in the Group's inability to sustain our growth and expansion strategies. The
PRC government may intervene or influence our operations at any time, which could result in a material change in the Group's operations
and/or the value of our ADSs. Any actions by the Chinese government to exert more oversight and control over offerings that are conducted
overseas and/or foreign investment in China-based issuers could significantly limit or completely hinder the Group's ability to
offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless.
Substantially
all of the Group's operations are conducted in the PRC and substantially all of the Group's revenue is sourced from the PRC.
Accordingly, the Group's business, results of operations and financial condition are affected to a significant extent by economic,
political and legal developments in the PRC.
The
PRC economy differs from the economies of most developed countries in many respects, including the extent of government involvement,
level of development, growth rate, control of foreign exchange and allocation of resources. Although the PRC government has implemented
measures emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets, and
the establishment of improved corporate governance in business enterprises, a substantial portion of productive assets in China is still
owned by the government. In addition, the PRC government continues to play a significant role in regulating industry development by imposing
industrial policies. The PRC government also exercises significant control over China's economic growth by allocating resources,
controlling payment of foreign currency-denominated obligations, setting monetary policy, regulating financial services and institutions
and providing preferential treatment to particular industries or companies.
52
While
the PRC economy has experienced significant growth in the past three decades, growth has been uneven, both geographically and among various
sectors of the economy. The PRC government has implemented various measures to encourage economic growth and guide the allocation of
resources. Some of these measures may benefit the overall PRC economy, but may also have a negative effect on the Group. The Group's
business, results of operations and financial condition could be materially and adversely affected by government control over capital
investments or changes in tax regulations that are applicable to the Group. The PRC government also has significant authority to exert
influence on the ability of a Chinese-based issuer, such as our company, to conduct its business. The PRC government may intervene or
influence the Group's operations at any time, which could result in a material change in the Group's operations and/or the
value of our ADSs and Class A ordinary shares. In particular, there have been recent statements by the PRC government indicating an intent
to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in China-based issuers. Any
such regulatory oversight or control could significantly limit or completely hinder our ability to offer or continue to offer securities
to investors and cause the value of our securities to significantly decline or become worthless. In addition, the PRC government has
implemented in the past certain measures to control the pace of economic growth. These measures may cause decreased economic activity,
which in turn could lead to a reduction in demand for the Group's services and consequently materially and adversely affect the
Group's business, results of operations and financial condition, and cause the value of our securities to significantly decline
or become worthless.
There
are uncertainties regarding the interpretation and enforcement of PRC laws, rules and regulations. In addition, rules and regulations
in China can change quickly with little advance notice.
Substantially
all of the Group's operations are conducted in the PRC, and are governed by PRC laws, rules and regulations. Our PRC subsidiaries
and the Group VIEs and their subsidiaries are subject to laws, rules and regulations applicable to foreign investment in China. The PRC
legal system is a civil law system based on written statutes. Unlike the common law system, prior court decisions may be cited for reference
but have limited precedential value.
In
1979, the PRC government began to promulgate a comprehensive system of laws, rules and regulations governing economic matters in general.
The overall effect of legislation over the past three decades has significantly enhanced the protections afforded to various forms of
foreign investment in China. However, China has not developed a fully integrated legal system, and recently enacted laws, rules and regulations
may not sufficiently cover all aspects of economic activities in China or may be subject to significant degrees of interpretation by
PRC regulatory agencies. In particular, because these laws, rules and regulations are relatively new, and because of the limited number
of published decisions and the nonbinding nature of such decisions, and because the laws, rules and regulations often give the relevant
regulator significant discretion in how to enforce them, the interpretation and enforcement of these laws, rules and regulations involve
uncertainties and can be inconsistent and unpredictable. In addition, rules and regulations in China can change quickly with little advance
notice. Uncertainties due to evolving laws and regulations could impede the ability of a China-based issuer, such as us, to obtain or
maintain permits or licenses required to conduct business in China. In the absence of required permits or licenses, governmental authorities
could impose material sanctions or penalties on us. Moreover, the PRC legal system is based in part on government policies and internal
rules, some of which are not published on a timely basis or at all, and which may have a retroactive effect. As a result, we may not
be aware of our violation of these policies and rules until after the occurrence of the violation.
Any
administrative and court proceedings in China may be protracted, resulting in substantial costs and diversion of resources and management
attention. Since PRC administrative and court authorities have significant discretion in interpreting and implementing statutory and
contractual terms, it may be more difficult to evaluate the outcome of administrative and court proceedings and the level of legal protection
we enjoy than in more developed legal systems. These uncertainties may impede the Group's ability to enforce the contracts the
Group has entered into and could materially and adversely affect the Group's business, results of operations and financial condition.
The
approval of and the filing with the China Securities Regulatory Commission, or the CSRC, or other PRC government authorities may be required
in connection with our future offshore offerings under PRC law, which may hinder our ability to continue to offer securities to investors
offshore; in addition, the regulation of the CSRC or other PRC regulatory agencies establish complex procedures for acquisitions conducted
by foreign investors that could make it more difficult for us to grow through acquisitions.
53
On
August 8, 2006, six PRC regulatory agencies, including the MOFCOM, the State-Owned Assets Supervision and Administration Commission,
or the SASAC, the SAT, the SAIC, the CSRC, and the State Administration of Foreign Exchange, or the SAFE, jointly adopted the Regulations
on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, which came into effect on September 8,
2006 and were amended on June 22, 2009. The M&A Rules include, among other things, provisions that purport to require that an offshore
special purpose vehicle that is controlled by PRC domestic companies or individuals and that has been formed for the purpose of an overseas
listing of securities through acquisitions of PRC domestic companies or assets using shares of such special purpose vehicles or shares
held by its shareholders as considerations to obtain the approval of the CSRC prior to the listing and trading of such special purpose
vehicle's securities on an overseas stock exchange. On September 21, 2006, the CSRC published on its official website procedures
regarding its approval of overseas listings by special purpose vehicles. However, substantial uncertainty remains regarding the scope
and applicability of the M&A Rules to offshore special purpose vehicles.
These
regulations also established additional procedures and requirements that are expected to make merger and acquisition activities in China
by foreign investors more time-consuming and complex. For example, the M&A rules require that the MOFCOM be notified in advance of
any change-of-control transaction in which a foreign investor takes control of a PRC domestic enterprise if (i) any important industry
is concerned, (ii) such transaction involves factors that have or may have impact on the national economic security, or (iii) such transaction
will lead to a change in control of a domestic enterprise which holds a famous trademark or PRC time-honored brand. The approval from
the MOFCOM shall be obtained in circumstances where overseas companies established or controlled by PRC enterprises or residents acquire
affiliated domestic companies. Mergers, acquisitions or contractual arrangements that allow one market player to take control of or to
exert decisive impact on another market player must also be notified in advance to the SAMR when the threshold under the Provisions on
Thresholds for Prior Notification of Concentrations of Undertakings, or the Prior Notification Rules, issued by the State Council in
August 2008 (as amended in January 2024) is triggered. In addition, the security review rules issued by the MOFCOM that became effective
in September 2011 specify that mergers and acquisitions by foreign investors that raise "national defense and security" concerns
and mergers and acquisitions through which foreign investors may acquire de facto control over domestic enterprises that raise "national
security" concerns are subject to strict review by the MOFCOM, and the rules prohibit any activities attempting to bypass a security
review, including by structuring the transaction through a proxy or contractual control arrangement. We may grow the Group's business
in part by acquiring other companies operating in our industry. Complying with the requirements of the new regulations to complete such
transactions could be time-consuming, and any required approval processes, including approval from the MOFCOM, may delay or inhibit our
ability to complete such transactions, which could affect our ability to expand the Group's business or maintain our market share.
See "Item 4. Information on the Company — C. Regulations — Regulations Related to Mergers and Acquisitions and Overseas
Listings."
Furthermore,
it is uncertain when and whether we will be required to obtain permission from the PRC government to maintain our listing status on U.S.
exchanges in the future, and even when such permission is obtained, whether it will be later denied or rescinded. On December 24, 2021,
the CSRC released the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies
(Draft for Comments), or the "Draft Administrative Provisions, and the Administrative Measures for the Filing of Overseas Securities
Offering and Listing by Domestic Companies (Draft for Comments), or the Draft Filing Measures, both of which had a comment period that
expired January 23, 2022. On February 17, 2023, the CSRC, as approved by the State Council, released Trial Administrative Measures of
Overseas Securities Offering and Listing by Domestic Companies, or the Overseas Listing Trial Measures and relevant guidelines, which
came into effect on March 31, 2023. The Overseas Listing Trial Measures comprehensively improve and reform the existing regulatory regime
for overseas offering and listing conducted by PRC companies both directly or indirectly through an overseas holding company by adopting
a filing-based regulatory regime. It further requires that subsequent securities offerings and listings of an issuer in other overseas
markets than where it has offered and listed shall be filed with the CSRC within three working days after the relevant application is
submitted overseas. Furthermore, upon the occurrence of any of the material events specified below after an issuer has offered and listed
securities in an overseas market, the issuer shall submit a report thereof to CSRC within three working days after the occurrence and
public disclosure of the event: (i) change of control; (ii) investigations or sanctions imposed by overseas securities regulatory agencies
or other relevant competent authorities; (iii) change of listing status or transfer of listing segment; (iv) voluntary or mandatory delisting.
Given that the Overseas Listing Trial Measures were recently promulgated, there remain substantial uncertainties as to their interpretation,
application, and enforcement and how they will affect our operations and our future financing. According to the Overseas Listing Trial
Measures, we need to make filings for subsequent offerings and any incompliance with such requirements may result in fines and penalties
assessed on the Group's operations in China, restrictions on the Group's operations in China, delays in or restrictions on
the repatriation of the proceeds from any such offering into the PRC, restrictions on or prohibition of the payments or remittance of
dividends by our subsidiaries in China, or other actions that could have a material and adverse effect on the Group's business,
reputation, financial condition, results of operations, prospects, as well as the trading price of the ADSs. The CSRC or other PRC regulatory
agencies may also take actions requiring us, or making it advisable for us, to halt any such offering before the settlement and delivery
of the securities that we may offer offshore. Any such circumstance could also significantly limit or completely hinder our ability to
continue to offer securities to investors offshore and cause the value of such securities to significantly decline.
54
PRC
laws and regulations mandate complex procedures for some acquisitions of Chinese companies by foreign investors, which could make it
more difficult for us to make acquisitions in China.
PRC
laws and regulations, such as the M&A Rules, and other relevant rules, established additional procedures and requirements that are
expected to make merger and acquisition activities in China by foreign investors more time-consuming and complex, including requirements
in some instances that the MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor takes control
of a PRC domestic enterprise, or that the approval from the MOFCOM be obtained in circumstances where overseas companies established
or controlled by PRC enterprises or residents acquire affiliated domestic companies. PRC laws and regulations also require certain merger
and acquisition transactions to be subject to a merger control security review. In August 2011, the MOFCOM promulgated the
Rules on
Implementation of Security Review System
, or MOFCOM Security Review Rules, effective from September 1, 2011, further provide that,
when deciding whether a specific merger or acquisition of a domestic enterprise by foreign investors is subject to a security review
by the MOFCOM, the principle of substance over form should be applied and foreign investors are prohibited from bypassing the security
review requirement by structuring transactions through proxies, trusts, indirect investments, leases, loans, control through contractual
arrangements of offshore transaction. Factors that the MOFCOM considers in its review are whether (i) an important industry is involved,
(ii) such transaction involves factors that have had or may have an impact on national economic security and (iii) such transaction will
lead to a change in control of a domestic enterprise that holds a well-known PRC trademark or a time-honored PRC brand. Furthermore,
on December 19, 2020, the NDRC and the MOFCOM promulgated the Measures for Security Review of Foreign Investment, or the Foreign Investment
Security Review Measures, which took effect on January 18, 2021. Under the Foreign Investment Security Review Measures, investment in
certain key areas which results in acquiring the actual control of the assets is required to obtain approval from designated governmental
authorities in advance. As the Foreign Investment Security Review Measures are recently promulgated, there are great uncertainties with
respect to its interpretation and implementation. If a business of any target company that we plan to acquire tails into the ambit of
security review, we may not be able to successfully acquire such company. In addition, the PRC Anti-Monopoly Law requires that the anti-monopoly
law enforcement agency be notified in advance of any concentration of undertaking if certain thresholds are triggered. On March 10, 2023, the SAMR further issued the Provisions on the Review of Concentrations of Undertaking, which took effect on April 15, 2024, to further enhance the enforcement on the supervision of concentration of undertakings. Complying with the requirements of the
relevant regulations to complete any such transaction could be time-consuming, and any required approval process, including approval
from the MOFCOM, or other governmental authorities may delay or inhibit our ability to complete such transactions, which could affect
our ability to expand the Group's business.
PRC
regulations relating to investments in offshore companies by PRC residents may subject our PRC-resident beneficial owners or our PRC
subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiaries or limit our PRC subsidiaries'
ability to increase their registered capital or distribute profits.
The
SAFE promulgated the Circular on Relevant Issues Concerning Foreign Exchange Control on Domestic Residents' Offshore Investment
and Financing and Roundtrip Investment through Special Purpose Vehicles, or SAFE Circular 37, on July 4, 2014, which replaced the former
circular commonly known as "SAFE Circular 75" promulgated by the SAFE on October 21, 2005. SAFE Circular 37 requires PRC
residents to register with local branches of the SAFE in connection with their direct establishment or indirect control of an offshore
entity, for the purpose of overseas investment and financing, with such PRC residents' legally owned assets or equity interests
in domestic enterprises or offshore assets or interests, referred to in SAFE Circular 37 as a "special purpose vehicle."
Pursuant to SAFE Circular 37, "control" refers to the act through which a PRC resident obtains the right to carry out business
operation of, to gain proceeds from or to make decisions on a special purpose vehicle by means of, among others, shareholding entrustment
arrangement. SAFE Circular 37 further requires amendment to the registration in the event of any significant changes with respect to
the special purpose vehicle, such as change of shareholders of the special purpose vehicle, increase or decrease of capital contributed
by PRC individuals, share transfer or exchange, merger, division or other material event. In the event that a PRC shareholder holding
interests in a special purpose vehicle fails to fulfill the required SAFE registration, the PRC subsidiaries of that special purpose
vehicle may be prohibited from making profit distributions to the offshore parent and from carrying out subsequent cross-border foreign
exchange activities, and the special purpose vehicle may be restricted in its ability to contribute additional capital into its PRC subsidiaries.
Moreover, failure to comply with the various SAFE registration requirements described above could result in liability under PRC law for
evasion of foreign exchange controls. According to the Notice on Further Simplifying and Improving Policies for the Foreign Exchange
Administration of Direct Investment released on February 13, 2015 by the SAFE and amended on December 30, 2019, local banks will examine
and handle foreign exchange registration for overseas direct investment, including the initial foreign exchange registration and amendment
registration, under SAFE Circular 37 from June 1, 2015.
55
Mr.
Eric Siliang Tan and Mr. Lei Li have completed their initial SAFE registration pursuant to SAFE Circular 37 in 2017, with Innotech Group
Holdings Ltd. and News Optimizer (BVI) Ltd. being separately registered as the respective "special purpose vehicle." After
transferring all shares in Innotech Group Holdings Ltd. to the trust of which himself is also a beneficiary, Mr. Eric Siliang Tan, as
well as all the other beneficiaries of the trust who are PRC residents are required to complete relevant registrations pursuant to SAFE
Circular 37. We have notified substantial beneficial owners of our ordinary shares and the beneficiaries of the trust who we know are
PRC residents of their filing obligation, including the obligation to make updates under SAFE Circular 37, and the beneficial owners
have undertaken to complete relevant registrations as soon as such registration is practical with local SAFE. Nevertheless, we may not
be continuously aware of the identities of all of our beneficial owners who are PRC residents. We do not have control over our beneficial
owners and there can be no assurance that all of our PRC-resident beneficial owners will comply with SAFE Circular 37 and subsequent
implementation rules, and there is no assurance that the registration under SAFE Circular 37 and any amendment will be completed in a
timely manner, or will be completed at all. The failure of our beneficial owners who are PRC residents to register or amend their foreign
exchange registrations in a timely manner pursuant to SAFE Circular 37 and subsequent implementation rules, or the failure of future
beneficial owners of our company who are PRC residents to comply with the registration procedures set forth in SAFE Circular 37 and subsequent
implementation rules, may subject such beneficial owners or our PRC subsidiaries to fines and legal sanctions. Failure to register or
comply with relevant requirements may also limit our ability to contribute additional capital to our PRC subsidiaries and limit our PRC
subsidiaries' ability to distribute dividends to our company. These risks may materially and adversely affect the Group's
business, results of operations and financial condition.
Any
failure to comply with PRC regulations regarding employee equity incentive plans may subject the PRC plan participants or us to fines
and other legal or administrative sanctions.
Pursuant
to SAFE Circular 37, PRC residents who participate in equity incentive plans in overseas non-publicly-listed companies due to their position
as director, senior management or employees of the PRC subsidiaries of the overseas companies may submit applications to SAFE or its
local branches for the foreign exchange registration with respect to offshore special purpose companies. Our directors, executive officers
and other employees who are PRC residents and who have been granted options may follow SAFE Circular 37 to apply for the foreign exchange
registration before our company becomes an overseas listed company. As an overseas listed company, we and our directors, executive officers
and other employees who are PRC residents and who have been granted options are subject to the Notice on Issues Concerning the Foreign
Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan of Overseas Publicly Listed Company, issued by
SAFE in February 2012, according to which, employees, directors, supervisors and other management members participating in any equity
incentive plans of an overseas publicly listed company who are PRC residents are required to register with SAFE through a domestic qualified
agent, which could be a PRC subsidiary of such overseas listed company, and complete certain other procedures. Failure to complete the
SAFE registrations may subject them to fines and legal sanctions and may also limit the ability to make payment under our equity incentive
plans or receive dividends or sales proceeds related thereto, or our ability to contribute additional capital into our wholly-foreign
owned enterprise in China and limit our wholly-foreign owned enterprise's ability to distribute dividends to us. We also face regulatory
uncertainties that could restrict our ability to adopt additional equity incentive plans for our directors and employees under PRC law.
56
We
rely to a significant extent on dividends and other distributions on equity paid by our principal operating subsidiaries and the Group
VIEs to fund offshore cash and financing requirements. Any limitation on the ability of our PRC operating subsidiaries or the Group VIEs
to make payments to us could materially and adversely affect our ability to conduct the Group's business.
We
are a holding company and rely to a significant extent on dividends and other distributions on equity paid by our principal operating
subsidiaries and on remittances from the Group VIEs for our offshore cash and financing requirements, including the funds necessary to
pay dividends and other cash distributions to our shareholders, fund inter-company loans, service any debt we may incur outside of China
and pay our expenses. When our principal operating subsidiaries or the Group VIEs incur additional debt, the instruments governing the
debt may restrict their ability to pay dividends or make other distributions or remittances to us. Furthermore, the laws, rules and regulations
applicable to our PRC subsidiaries and certain other subsidiaries permit payments of dividends only out of their retained earnings, if
any, determined in accordance with applicable accounting standards and regulations.
Under
PRC laws, rules and regulations, each of our subsidiaries incorporated in China and the Group VIEs is required to set aside at least
10% of its net income each year to fund certain statutory reserves until the cumulative amount of such reserves reaches 50% of its registered
capital. These reserves, together with the registered capital, are not distributable as cash dividends. As a result of these laws, rules
and regulations, our subsidiaries incorporated in China are restricted in their ability to transfer a portion of their respective net
assets to their shareholders as dividends, loans or advances. Certain of our subsidiaries did not have any retained earnings available
for distribution in the form of dividends as of December 31, 2023. In addition, registered share capital and capital reserve accounts
are also restricted from withdrawal in the PRC, up to the amount of net assets held in each operating subsidiary.
Limitations
on the ability of the Group VIEs to make remittance to the wholly-foreign owned enterprise and on the ability of our subsidiaries to
pay dividends to us could limit our ability to access cash generated by the operations of those entities, including to make investments
or acquisitions that could be beneficial to the Group's businesses, pay dividends to our shareholders or otherwise fund and conduct
the Group's business.
We
may be treated as a resident enterprise for PRC tax purposes under the PRC Enterprise Income Tax Law, and we may therefore be subject
to PRC income tax on our global income.
Under
the modified Enterprise Income Tax Law and its implementing rules, enterprises established under the laws of jurisdictions outside of
China with "de facto management bodies" located in China may be considered PRC tax resident enterprises for tax purposes
and may be subject to the PRC enterprise income tax at the rate of 25% on their global income. "De facto management body"
refers to a managing body that exercises substantive and overall management and control over the production and business, personnel,
accounting books and assets of an enterprise. The SAT issued the
Notice Regarding the Determination of Chinese-Controlled Offshore-Incorporated
Enterprises as PRC Tax Resident Enterprises on the Basis of De Facto Management Bodies
, or Circular 82, on April 22, 2009, which
was amended on December 29, 2017. Circular 82 provides certain specific criteria for determining whether the "de facto management
body" of a Chinese-controlled offshore-incorporated enterprise is located in China. Although Circular 82 only applies to offshore
enterprises controlled by PRC enterprises, not those controlled by foreign enterprises or individuals, the determining criteria set forth
in Circular 82 may reflect the SAT's general position on how the "de facto management body" test should be applied
in determining the tax resident status of offshore enterprises, regardless of whether they are controlled by PRC enterprises. If we were
to be considered a PRC resident enterprise, we would be subject to PRC enterprise income tax at the rate of 25% on our global income.
In such case, our profitability and cash flow may be materially reduced as a result of our global income being taxed under the Enterprise
Income Tax Law. We believe that none of our entities outside of China is a PRC resident enterprise for PRC tax purposes. However, the
tax resident status of an enterprise is subject to determination by the PRC tax authorities and uncertainties remain with respect to
the interpretation of the term "de facto management body."
57
Dividends
payable to our foreign investors and gains on the sale of ADSs or our ordinary shares by our foreign investors may become subject to
PRC tax.
Under
the modified Enterprise Income Tax Law and its implementation regulations issued by the State Council, a 10% PRC withholding tax is applicable
to dividends payable to investors that are non-resident enterprises, which do not have an establishment or place of business in the PRC
or which have such establishment or place of business but the dividends are not effectively connected with such establishment or place
of business, to the extent such dividends are derived from sources within the PRC. Similarly, any gain realized on the transfer of ADSs
or ordinary shares by such investors is also subject to PRC tax at a current rate of 10%, subject to any reduction or exemption set forth
in applicable tax treaties or under applicable tax arrangements between jurisdictions, if such gain is regarded as income derived from
sources within the PRC. If we are deemed a PRC resident enterprise, dividends paid on our ordinary shares, and any gain realized from
the transfer of our ordinary shares or the ADSs, would be treated as income derived from sources within the PRC and would as a result
be subject to PRC taxation. Furthermore, if we are deemed a PRC resident enterprise, dividends payable to individual investors who are
non-PRC residents and any gain realized on the transfer of ADSs or ordinary shares by such investors may be subject to PRC tax at a current
rate of 20%, subject to any reduction or exemption set forth in applicable tax treaties or under applicable tax arrangements between
jurisdictions. If we or any of our subsidiaries established outside China are considered a PRC resident enterprise, it is unclear whether
holders of ADSs or our ordinary shares would be able to claim the benefit of income tax treaties or agreements entered into between China
and other countries or areas. If dividends payable to our non-PRC investors, or gains from the transfer of ADSs or our ordinary shares
by such investors, are deemed as income derived from sources within the PRC and thus are subject to PRC tax, the value of your investment
in ADSs or our ordinary shares may decline significantly.
We
and our shareholders face uncertainties with respect to indirect transfers of equity interests in PRC resident enterprises or other assets
attributed to a Chinese establishment of a non-Chinese company, or immovable properties located in China owned by non-Chinese companies.
On
February 3, 2015, the SAT issued the
Bulletin on Issues of Enterprise Income Tax on Indirect Transfers of Assets by Non-PRC Resident
Enterprises
, or Bulletin 7, which was amended on October 17, 2017 and December 29, 2017 and partially replaced and supplemented previous
rules under the
Notice on Strengthening Administration of Enterprise Income Tax for Share Transfers by Non-PRC Resident Enterprises
,
or SAT Circular 698, issued by the SAT, on December 10, 2009. Pursuant to this Bulletin 7, an "indirect transfer" of assets,
including equity interests in a PRC resident enterprise, by non-PRC resident enterprises may be re-characterized and treated as a direct
transfer of PRC taxable assets, if such arrangement does not have a reasonable commercial purpose and was established for the purpose
of avoiding payment of PRC enterprise income tax. As a result, gains derived from such indirect transfer may be subject to PRC enterprise
income tax. According to Bulletin 7, "PRC taxable assets" include assets attributed to an establishment in China, immovable
properties located in China, and equity investments in PRC resident enterprises, in respect of which gains from their transfer by a direct
holder, being a non-PRC resident enterprise, would be subject to PRC enterprise income taxes. When determining whether there is a "reasonable
commercial purpose" of the transaction arrangement, features to be taken into consideration include: whether the main value of
the equity interest of the relevant offshore enterprise derives from PRC taxable assets; whether the assets of the relevant offshore
enterprise mainly consists of direct or indirect investment in China or if its income mainly derives from China; whether the offshore
enterprise and its subsidiaries directly or indirectly holding PRC taxable assets have real commercial nature which is evidenced by their
actual function and risk exposure; the duration of existence of the business model and organizational structure; the replicability of
the transaction by direct transfer of PRC taxable assets; and the tax situation of such indirect transfer and applicable tax treaties
or similar arrangements. In respect of an indirect offshore transfer of assets of a PRC establishment, the resulting gain is to be included
with the enterprise income tax filing of the PRC establishment or place of business being transferred, and would consequently be subject
to PRC enterprise income tax at a rate of 25%. Where the underlying transfer relates to the immovable properties located in China or
to equity investments in a PRC resident enterprise, which is not related to a PRC establishment or place of business of a non-resident
enterprise, a PRC enterprise income tax of 10% would apply, subject to available preferential tax treatment under applicable tax treaties
or similar arrangements, and the party who is obligated to make the transfer payments has the withholding obligation. Where the payor
fails to withhold any or sufficient tax, the transferor is required to declare and pay such tax to the tax authority by itself within
the statutory time limit. Late payment of applicable tax will subject the transferor to default interest. Bulletin 7 does not apply to
transactions of sale of shares by investors through a public stock exchange where such shares were acquired from a transaction through
a public stock exchange. On October 17, 2017, the SAT promulgated the
Announcement of the State Administration of Taxation on Issues
Concerning the Withholding of Non-resident Enterprise Income Tax at Source
, or SAT Circular 37, which was amended and became effective
on June 15, 2018, and SAT Circular 698 then was repealed with effect from December 1, 2017. SAT Circular 37, among other things, simplified
procedures of withholding and payment of income tax levied on non-resident enterprises.
58
There
is uncertainty as to the application of Bulletin 7 and SAT Circular 37. We face uncertainties as to the reporting and other implications
of certain past and future transactions where PRC taxable assets are involved, such as offshore restructuring, sale of the shares in
our offshore subsidiaries or investments. Our company may be subject to filing obligations or taxed if our company is transferor in such
transactions, and may be subject to withholding obligations if our company is transferee in such transactions under Bulletin 7 and SAT
Circular 37. For transfer of shares in our company by investors that are non-PRC resident enterprises, our PRC subsidiaries may be requested
to assist in the filing under Bulletin 7 and SAT Circular 37. As a result, we may be required to expend valuable resources to comply
with Bulletin 7 and SAT Circular 37 or to request the relevant transferors from whom we purchase taxable assets to comply with these
publications, or to establish that our company should not be taxed under these publications, which may materially and adversely affect
our results of operations and financial condition.
We
are subject to restrictions on currency exchange.
Substantially
all of the Group's revenue is denominated in Renminbi. The Renminbi is currently convertible under the "current account,"
which includes dividends, trade and service-related foreign exchange transactions, but not under the "capital account," which
includes foreign direct investment and loans, including loans we may secure from our onshore subsidiaries or the Group VIEs. Currently,
certain of our PRC subsidiaries may purchase foreign currency for settlement of "current account transactions," including
payment of dividends to us, without the approval of the SAFE by complying with certain procedural requirements. However, the relevant
PRC governmental authorities may limit or eliminate our ability to purchase foreign currencies in the future for current account transactions.
Foreign exchange transactions under the capital account remain subject to limitations and require approvals from, or registration with,
the SAFE and other relevant PRC governmental authorities. Since a significant amount of the Group's future revenue and cash flow
will be denominated in Renminbi, any existing and future restrictions on currency exchange may limit our ability to utilize cash generated
in Renminbi to fund our business activities outside of the PRC or pay dividends in foreign currencies to our shareholders, and may limit
our ability to obtain foreign currency through debt or equity financing for our onshore subsidiaries and the Group VIEs.
PRC
regulation of loans to, and direct investment in, PRC entities by offshore holding companies and governmental control of currency conversion
may restrict or prevent us from making loans to our PRC subsidiaries and the Group VIEs, or making additional capital contributions to
our PRC subsidiaries.
We,
as an offshore holding company, are permitted under PRC laws and regulations to provide funding to our PRC subsidiaries, which are treated
as foreign-invested enterprises under PRC laws, through loans or capital contributions. However, loans by us to our PRC subsidiaries
to finance their activities cannot exceed statutory limits and must be registered with the local counterpart of SAFE and capital contributions
to our PRC subsidiaries are subject to the requirement of making necessary filings or registrations through enterprise registration system
with relevant governmental authorities in China.
59
SAFE
promulgated the Notice of the State Administration of Foreign Exchange on Reforming the Administration of Foreign Exchange
Settlement of Capital of Foreign-invested Enterprises, or Circular 19, effective on June 1, 2015 and was amended on December 30,
2019 and on March 23, 2023, in replacement of the Circular on the Relevant Operating Issues Concerning the Improvement of the Administration of the
Payment and Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, or SAFE Circular 142, the Supplementary Circular
of the General Affairs Department of the State Administration of Foreign Exchange on Business Operational Issues Concerning
Improving Administration for the Payment and Settlement of the Foreign Exchange Capital of Foreign-Invested Enterprises, or SAFE
Circular 88, and the Circular of the State Administration of Foreign Exchange on Relevant Issues Concerning Pilot Reform in Some
Regions on Administrative Approaches to Settlement of Foreign Exchange Capital of Foreign-invested Enterprises, or Circular 36.
According to Circular 19, the flow and use of the Renminbi capital converted from foreign currency-denominated registered capital of
a foreign-invested company is regulated such that Renminbi capital may not be used for the issuance of Renminbi entrusted loans, the
repayment of inter-enterprise loans or the repayment of banks loans that have been transferred to a third party. Although Circular
19 allows Renminbi capital converted from foreign currency-denominated registered capital of a foreign-invested enterprise to be
used for equity investments within the PRC, it also reiterates the principle that Renminbi converted from the foreign
currency-denominated capital of a foreign-invested company may not be directly or indirectly used for purposes beyond its business
scope. Thus, it is unclear whether SAFE will permit such capital to be used for equity investments in the PRC in actual practice.
SAFE promulgated the
Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange
Settlement Management Policy of Capital Account
, or Circular 16, effective on June 9, 2016 and amended on December 4, 2023, which reiterates some of the rules
set forth in Circular 19, but changes the prohibition against using Renminbi capital converted from foreign currency-denominated
registered capital of a foreign-invested company to issue Renminbi entrusted loans to a prohibition against using such capital to
issue loans to non-associated enterprises. Violations of SAFE Circular 19 and Circular 16 could result in administrative penalties.
Circular 19 and Circular 16 may significantly limit our ability to transfer any foreign currency we hold to our PRC subsidiaries,
which may adversely affect our liquidity and our ability to fund and expand our business in the PRC.
Due
to the restrictions imposed on loans in foreign currencies extended to any PRC domestic companies, we are not likely to make such loans
to the Group VIEs and their subsidiaries, each a PRC domestic company. Meanwhile, we are not likely to finance the activities of the
Group VIEs and their subsidiaries by means of capital contributions given the restrictions on foreign investment in the businesses that
are currently conducted by the Group VIEs and their subsidiaries.
In
light of the various requirements imposed by PRC regulations on loans to, and direct investment in, PRC entities by offshore holding
companies, we cannot assure you that we will be able to complete the necessary government registrations or obtain the necessary government
approvals on a timely basis, if at all, with respect to future loans to our PRC subsidiaries or any of the Group VIEs or future capital
contributions by us to our PRC subsidiaries. As a result, uncertainties exist as to our ability to provide prompt financial support to
our PRC subsidiaries or the Group VIEs and their subsidiaries when needed. If we fail to complete such registrations or obtain such approvals,
our ability to use foreign currency and to capitalize or otherwise fund the Group's PRC operations may be negatively affected,
which could materially and adversely affect the Group's liquidity and its ability to fund and expand its business.
Fluctuations
in exchange rates could result in foreign currency exchange losses and could materially reduce the value of your investment.
The
value of the Renminbi against the U.S. dollar and other currencies may fluctuate and is affected by, among other things, changes in political
and economic conditions and the foreign exchange policy adopted by the PRC government. On July 21, 2005, the PRC government changed its
policy of pegging the value of the Renminbi to the U.S. dollar. Following the removal of the U.S. dollar peg, the Renminbi appreciated
more than 20% against the U.S. dollar over the following three years. Between July 2008 and June 2010, this appreciation halted and the
exchange rate between the Renminbi and the U.S. dollar remained within a narrow band. Since June 2010, the Renminbi has fluctuated against
the U.S. dollar, at times significantly and unpredictably. On November 30, 2015, the Executive Board of the International Monetary Fund
completed the regular five-year review of the basket of currencies that make up the Special Drawing Right, or the SDR, and decided that
with effect from October 1, 2016, Renminbi is determined to be a freely usable currency and will be included in the SDR basket as a fifth
currency, along with the U.S. dollar, the Euro, the Japanese yen and the British pound. In the fourth quarter of 2016, the Renminbi depreciated
significantly in the backdrop of a surging U.S. dollar and persistent capital outflows of China. With the development of the foreign
exchange market and progress towards interest rate liberalization and Renminbi internationalization, the PRC government may in the future
announce further changes to the exchange rate system, and we cannot assure you that the Renminbi will not appreciate or depreciate significantly
in value against the U.S. dollar in the future. It is difficult to predict how market forces or PRC or U.S. government policy may impact
the exchange rate between the Renminbi and the U.S. dollar in the future.
60
Substantially
all of the Group's revenue and costs are denominated in Renminbi. We are a holding company and we rely on dividends paid by our
operating subsidiaries in China for the Group's cash needs. Any significant fluctuation of Renminbi against the U.S. dollar may
materially and adversely affect the Group's results of operations and financial position reported in Renminbi when translated into
U.S. dollars, and the value of, and any dividends payable in U.S. dollars. To the extent that we need to convert U.S. dollars into Renminbi
for the Group's operations, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the Renminbi amount
we would receive. Conversely, if we decide to convert our Renminbi into U.S. dollars for the purpose of making payments for dividends
on our ordinary shares or for other business purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect
on the U.S. dollar amount.
The
Group could be adversely affected by political tensions between the United States and China.
Political
tensions between the United States and China have escalated in recent years due to, among other things, the trade war between the two
countries since 2018, the COVID-19 pandemic, the PRC National People's Congress' passage of Hong Kong national security legislation,
the imposition of U.S. sanctions on certain Chinese officials from China's central government and the Hong Kong Special Administrative
Region by the U.S. government, and the imposition of sanctions on certain individuals from the U.S. by the Chinese government, various
executive orders issued by former U.S. President Donald J. Trump, such as the one issued in August 2020 that prohibits certain transactions
with ByteDance Ltd., Tencent Holdings Ltd. and the respective subsidiaries of such companies, the executive order issued in November
2020 that prohibits U.S. persons from transacting publicly traded securities of certain "Communist Chinese military companies"
named in such executive order, as well as the executive order issued in January 2021 that prohibits such transactions as are identified
by the U.S. Secretary of Commerce with certain "Chinese connected software applications," including Alipay and WeChat Pay,
as well as the Rules on Counteracting Unjustified Extra-territorial Application of Foreign Legislation and Other Measures promulgated
by China's Ministry of Commerce, or MOFCOM, on January 9, 2021, which will apply to situations where the extra-territorial application
of foreign legislation and other measures, in violation of international law and the basic principles of international relations, unjustifiably
prohibits or restricts the citizens, legal persons or other organizations of China from engaging in normal economic, trade and related
activities with a third State (or region) or its citizens, legal persons or other organizations. Rising political tensions between China
and the U.S. could reduce levels of trades, investments, technological exchanges and other economic activities between the two major
economies, which would have a material adverse effect on global economic conditions and the stability of global financial markets. The
measures taken by the U.S. and Chinese governments may have the effect of restricting the Group's ability to transact or otherwise
do business with entities within or outside of China and may cause investors to lose confidence in Chinese companies and counterparties,
including us. If we were unable to conduct the Group's business as it is currently conducted as a result of such regulatory changes,
the Group's business, results of operations and financial condition would be materially and adversely affected.
61
The
audit report included in this annual report is prepared by an auditor which the U.S. Public Company Accounting Oversight Board was unable
to inspect and investigate completely before 2022 and, as such, our investors have been deprived of the benefits of such inspections
in the past, and may be deprived of the benefits of such inspections in the future.
Our
auditor, the independent registered public accounting firm that issues the audit report included elsewhere in this annual report, is
an auditor of companies that are traded publicly in the U.S. and a firm registered with the U.S. Public Company Accounting Oversight
Board, or the PCAOB, is required by the laws of the U.S. to undergo regular inspections by the PCAOB to assess its compliance with the
laws of the U.S. and professional standards. According to Article 177 of the PRC Securities Law, which became effective in March 2020,
no overseas securities regulator is allowed to directly conduct investigations or evidence collection activities within the territory
of the PRC. Accordingly, without the consent of the competent PRC securities regulators and relevant authorities, no organization or
individual may provide the documents and materials relating to securities business activities to overseas parties. In 2021, PCAOB made
determinations that the positions taken by PRC authorities prevented the PCAOB from inspecting and investigating firms headquartered
in mainland China and Hong Kong completely. On August 26, 2022, the PCAOB signed a Statement of Protocol with the CSRC and the MOF, taking
the first step toward opening access for the PCAOB to inspect and investigate completely registered public accounting firms headquartered
in mainland China and Hong Kong, including our auditor. According to its announcement, the PCAOB sent staff to conduct on-site inspections
and investigations in Hong Kong from September to November 2022 and conducted inspection fieldwork and investigative testimony in a manner
consistent with the PCAOB's methodology and approach to inspections and investigations in the U.S. and globally. The PCAOB inspections
have preliminarily identified numerous deficiencies in the audit firms in China, which are consistent with the types and number of findings
the PCAOB has encountered in other first-time inspections around the world, and the final inspection reports were issued in 2023. If
audit firms in China had been subject to such inspections in the past, such deficiencies may have been identified earlier and these audit
firms, including our auditor, may have taken remedial measures to address any such deficiencies, and the historical inability of the
PCAOB to inspect audit firms in China has deprived our investors of the benefits of such inspections. Because our auditor was not subject
to such inspections before 2022, we cannot assure you that it will have sufficient time to fully address any deficiency that may be identified
as part of the inspection process to improve future audit quality. The inability of the PCAOB to conduct complete inspections of auditors
in China before 2022 may have made it more difficult to evaluate the effectiveness of our auditor's audit procedures or quality
control procedures as compared to auditors outside of China that are subject to PCAOB inspections, which could cause investors or potential
investors in our ADSs to lose confidence in the quality of the Group's consolidated financial statements.
In
addition, while the PCAOB announced in December 2022 and November 2023 that it secured complete access to inspect and investigate registered
public accounting firms headquartered in China, we cannot assure you that the PCAOB will continue to have such access in the future.
If the PCAOB is not able to inspect and investigate completely auditors in China for any reason, such as any change in the position of
the governmental authorities in China in the future, our investors may be deprived of the benefits of such inspections again.
Our
ADSs will be prohibited from trading on the OTC in the United States under the Holding Foreign Companies Accountable Act, as amended,
or the HFCAA if the PCAOB is unable to inspect or fully investigate auditors located in China at any point in the future.
The
Holding Foreign Companies Accountable Act, or the HFCAA, was signed into law on December 18, 2020 and amended pursuant to the Consolidated
Appropriations Act, 2023 on December 29, 2022. The HFCAA states that if the SEC determines that we are an issuer that has filed audit
reports issued by a registered public accounting firm that has not been subject to inspection for the PCAOB, or a covered issuer, for
two consecutive years, the SEC shall prohibit our shares or ADSs from being traded on a national securities exchange or in the over-the-counter
trading market in the United States.
The
SEC and the PCAOB have adopted new rules to implement the HFCAA. Specifically, on November 5, 2021, the SEC announced the approval of
the PCAOB's new rule related to the PCAOB's responsibilities under the HFCAA, which provides a framework for the PCAOB to
use when determining, as contemplated under the HFCAA, whether it is unable to inspect or investigate completely registered public accounting
firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction. On December 2, 2021,
the SEC announced the adoption of final amendments to implement the submission and disclosure requirement of the HFCAA following its
interim final amendments announced in March 2021. The adopting release establishes the SEC's procedures for identifying covered
issuers and for prohibiting the trading of covered issuers' securities. The SEC will identify covered issuers as early as possible
after companies file their annual reports for fiscal years beginning after December 18, 2020 and on a rolling basis, and will impose
a trading prohibition on an issuer after it is identified as a covered issuer for three consecutive years. The final amendments also
include requirements to disclose information, including the auditor's name and location, the percentage of shares of the issuer
owned by governmental entities, whether governmental entities in the applicable foreign jurisdiction with respect to the auditor have
a controlling financial interest with respect to the issuer, the name of each official of the Chinese Communist Party who is a member
of the board of the issuer, and whether the articles of incorporation of the issuer contains any charter of the Chinese Communist Party.
Furthermore,
pursuant to the HFCAA, the PCAOB issued a report on December 16, 2021, notifying the SEC of its determination, or the 2021 determinations,
that it is unable to inspect or investigate completely registered public accounting firms headquartered in mainland China or Hong Kong.
The PCAOB identified our previous auditor, PricewaterhouseCoopers Zhong Tian LLP, as one of the registered public accounting firms that
the PCAOB is unable to inspect or investigate completely. In March 2022, the SEC issued its first "conclusive list of issuers identified
under the HFCAA," indicating that those companies are now formally subject to the delisting provisions if they remain on the list
for three consecutive years. After we filed our annual report on Form 20-F for the fiscal year ended December 31, 2021 that included
an audit report issued by our previous auditor on May 2, 2022, the SEC conclusively identified us as an SEC-identified issuer on June
1, 2022. As such, we are required to satisfy additional disclosure requirements for SEC-identified issuers that are also foreign issuers
in this annual report. See "Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections."
62
However,
following the Statement of Protocol signed between the PCAOB and the CSRC and the MOF in August 2022 and the on-site inspections and
investigations conducted by the PCAOB staff in Hong Kong from September to November 2022, the PCAOB Board voted in December 2022 to vacate
the previous 2021 determinations, and as a result, our auditor is no longer a registered public accounting firm that the PCAOB is unable
to inspect or investigate completely as of the date of this annual report or at the time of issuance of the audit report included herein.
As such, we do not expect to be identified as an SEC-identified issuer again in 2023. However, the PCAOB may change its determinations
under the HFCAA at any point in the future. In particular, if the PCAOB finds its ability to completely inspect and investigate registered
public accounting firms headquartered in mainland China or Hong Kong is obstructed by the PRC authorities in any way in the future, the
PCAOB may act immediately to consider the need to issue new determinations consistent with the HFCAA. We cannot assure you that the PCAOB
will always have complete access to inspect and investigate our auditor, or that we will not be identified as an SEC-identified issuer
again.
If
we are identified as an SEC-identified issuer again, we cannot assure you that we will be able to change our auditor or take other remedial
measures in a timely manner, and if we were to be identified as an SEC-identified issuer for two consecutive years, our securities (including
our shares and ADSs) will not be permitted for trading "over-the-counter." If our securities are prohibited from trading
in the OTC market in the United States, there is no certainty that we will be able to list on a non-U.S. exchange or that a market for
our shares will develop outside of the United States. Such a prohibition or any threat thereof would substantially impair your ability
to sell or purchase our ADSs when you wish to do so. Also, such a prohibition or any threat thereof would significantly affect our ability
to raise capital on terms acceptable to us, or at all, which would have a material adverse impact on our business, financial condition,
and prospects. Moreover, the implementation of the HFCAA and other efforts to increase the U.S. regulatory access to audit information
could cause investor uncertainty as to China-based issuers and the market price of the securities of China-based issuers, including us,
could be adversely affected.
Risks
Relating to the ADSs
The
trading price of the ADSs may be volatile, which could result in substantial losses to you.
Our
ADSs were listed on NASDAQ Global Select Market (the "Nasdaq"), since our SEC-registered initial public offering in September
2018. We received a delisting notice from Nasdaq on March 14, 2023. On April 12, 2023, the staff of the Nasdaq Stock Market LLC filed
a Form 25 Notification of Delisting with the SEC to delist us from Nasdaq, and the delisting became effective 10 days after filing the
Form 25.
The
OTC Market is a significantly more limited market than Nasdaq. The quotation of our ADSs on the OTC Market may result in a less liquid
market available for existing and potential stockholders to trade our ADSs, could depress the trading price of our ADSs and could have
a long-term adverse impact on our ability to raise capital in the future.
The
trading prices of the ADSs have been, and are likely to continue to be, volatile and could fluctuate widely due to factors beyond our
control. This may happen because of broad market and industry factors, like the performance and fluctuation in the market prices or the
underperformance or deteriorating financial results of other listed companies based in China. The securities of some of these companies
have experienced significant volatility since their initial public offerings, including, in some cases, substantial price declines in
the trading prices of their securities. The trading performances of other Chinese companies' securities after their offerings,
including technology companies and mobile content platform companies, may affect the attitudes of investors toward Chinese companies
listed in the United States, which consequently may impact the trading performance of the ADSs, regardless of our actual operating performance.
In addition, any negative news or perceptions about inadequate corporate governance practices or fraudulent accounting, corporate structure
or matters of other Chinese companies may also negatively affect the attitudes of investors towards Chinese companies in general, including
us, regardless of whether we have conducted any inappropriate activities. Furthermore, securities markets may from time to time experience
significant price and volume fluctuations that are not related to the Group's operating performance, which may have a material
and adverse effect on the trading price of the ADSs.
63
In
addition to the above factors, the price and trading volume of the ADSs may be highly volatile due to multiple factors, including the
following:
●
regulatory
    developments affecting us or our industry;
●
announcements
    of studies and reports relating to the quality of our credit offerings or those of our competitors;
●
changes
    in the economic performance or market valuations of other mobile content platform companies;
●
actual
    or anticipated fluctuations in the Group's quarterly results of operations and changes or revisions of the Group's expected
    results;
●
changes
    in financial estimates by securities research analysts;
●
conditions
    in the markets for mobile content and targeted advertising and marketing services;
●
announcements
    by the Group or our competitors of new product and service offerings, acquisitions, strategic relationships, joint ventures, capital
    raisings or capital commitments;
●
additions
    to or departures of our senior management;
●
fluctuations
    of exchange rates between the Renminbi and the U.S. dollar;
●
release
    or expiry of lock-up or other transfer restrictions on our outstanding shares or the ADSs; and
●
sales
    or perceived potential sales of additional ordinary shares or ADSs.
The
delisting of our ADSs from Nasdaq may continue to have a material adverse effect on the trading and price of our ADSs, and we cannot
assure you that our ADSs will be relisted, or that once relisted, they will remain listed.
On
April 12, 2023, the staff of the Nasdaq Stock Market LLC filed a Form 25 Notification of Delisting with the SEC to delist us from Nasdaq,
and the delisting became effective 10 days after filing the Form 25. The delisting of our ADSs from Nasdaq has had and may continue to
have a material adverse effect on us by, among other things, causing investors to dispose of our ADSs and limiting:
●
the
    liquidity of our ADSs;
●
the
    market price of our ADSs;
●
the
    number of institutional and other investors that will consider investing in our ADSs;
●
the
    availability of information concerning the trading prices and volume of our ADSs;
●
the
    number of broker-dealers willing to execute trades in our ADSs; and
●
our
    ability to obtain equity or debt financing for the continuation of our operations.
The
lack of an active trading market may limit the liquidity of an investment in our ADSs, meaning you may not be able to sell our ADSs you
own at times, or at prices, attractive to you. Any of these factors may materially and adversely affect the price of our ADSs.
64
There
are no independent directors on our board, which may create a potential conflict of interest.
We
are not subject to listing requirements of any national securities exchange and, as a result, we are not at this time required to
have any "independent directors" on our board. On May 11, 2023, both of our independent directors resigned due to
personal reasons. Following such resignation, our board of directors resolved to dissolve our audit, compensation and nominating and
corporate governance committees on May 12, 2023. The functions that would have been performed by such committees are performed by
our board of directors instead. Since all three directors on our board are executive officers, namely Eric Siliang Tan, our
co-founder and chairman, Bing Xu, our chief executive officer and chief financial officer, and Jianfei Dong, our co-president, the
lack of independent directors on our board could create a potential conflict of interest in that our directors have the authority to
determine issues concerning management compensation, nominations, and audit that may conflict with the interest of our
shareholders.
If
securities or industry analysts do not publish research or publish inaccurate or unfavorable research about the Group's business,
the market price for the ADSs and trading volume could decline.
The
trading market for the ADSs will depend in part on the research and reports that securities or industry analysts publish about us or
the Group's business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts
who covers us downgrades the ADSs or publishes inaccurate or unfavorable research about the Group's business, the market price
for the ADSs would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly,
we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume for the ADSs to decline.
Because
we do not expect to pay cash dividends in the foreseeable future, you may not receive any return on your investment unless you sell your
Class A ordinary shares or ADSs for a price greater than that which you paid for them.
We
currently intend to retain most, if not all, of our available funds and any future earnings to fund the development and growth of the
Group's business. As a result, we do not expect to pay any cash dividends in the foreseeable future. See "Item 8. Financial
Information — A. Consolidated Statements and Other Financial Information — Dividend Policy." Therefore, you should
not rely on an investment in the ADSs as a source for any future dividend income.
Our
board of directors has complete discretion as to whether to distribute dividends. Even if our board of directors decides to declare and
pay dividends, the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations
and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial
condition, contractual restrictions and other factors deemed relevant by our board of directors. Accordingly, the return on your investment
in the ADSs will likely depend entirely upon any future price appreciation of the ADSs. There is no guarantee that the ADSs will appreciate
or even maintain the price at which you purchased the ADSs. You may not realize a return on your investment in ADSs and you may even
lose your entire investment in ADSs.
Substantial
future sales or perceived potential sales of ADSs in the public market could cause the price of the ADSs to decline.
Sales
of the ADSs in the public market, or the perception that these sales could occur, could cause the market price of the ADSs to decline
significantly. As of December 31, 2023, we had 46,920,018 Class A ordinary shares and 32,937,193 Class B ordinary shares outstanding.
All ADSs representing our Class A ordinary shares sold in our initial public offering and follow-on public offering are freely transferable
by persons other than our "affiliates" without restriction or additional registration under the U.S. Securities Act of 1933,
as amended, or the Securities Act. All of the other Class A ordinary shares outstanding are available for sale subject to volume and
other restrictions as applicable under Rule 144 and Rule 701 under the Securities Act. To the extent a large number of shares are converted
to ADSs and sold into the market, the market price of the ADSs could decline significantly.
Certain
holders of our ordinary shares have the right to cause us to register under the Securities Act the sale of their shares. Registration
of these shares under the Securities Act would result in ADSs representing these shares becoming freely tradable without restriction
under the Securities Act immediately upon the effectiveness of the registration. Sales of these ADSs in the public market could cause
the price of the ADSs to decline significantly.
65
You,
as holders of ADSs, may have fewer rights than holders of our ordinary shares and must act through the depositary to exercise those rights.
Holders
of ADSs do not have the same rights as our shareholders and may only exercise the voting rights with respect to the underlying Class
A ordinary shares in accordance with the provisions of the deposit agreement. Under our amended and restated memorandum and articles
of association, the minimum notice period required to convene a general meeting will be seven calendar days. When a general meeting is
convened, you may not receive sufficient notice of a shareholders' meeting to permit you to withdraw your Class A ordinary shares
to allow you to cast your vote with respect to any specific matter. In addition, the depositary and its agents may not be able to send
information to you or carry out your voting instructions in a timely manner. We will make all reasonable efforts to cause the depositary
to extend voting rights to you in a timely manner, but there can be no assurance that you will receive the voting materials in time to
ensure that you can instruct the depositary to vote your ADSs. Furthermore, the depositary and its agents will not be responsible for
any failure to carry out any instructions to vote, for the manner in which any vote is cast or for the effect of any such vote. As a
result, you may not be able to exercise your right to vote and you may lack recourse if your ADSs are not voted as you requested. In
addition, in your capacity as an ADS holder, you will not be able to call a shareholders' meeting.
Your
right to participate in any future rights offerings may be limited, which may cause dilution to your holdings.
We
may from time to time distribute rights to our shareholders, including rights to acquire our securities. However, we cannot make rights
available to you in the U.S. unless we register both the rights and the securities to which the rights relate under the Securities Act
or an exemption from the registration requirements is available. Under the deposit agreement, the depositary will not make rights available
to you unless both the rights and the underlying securities to be distributed to ADS holders are either registered under the Securities
Act or exempt from registration under the Securities Act. We are under no obligation to file a registration statement with respect to
any such rights or securities or to endeavor to cause such a registration statement to be declared effective and we may not be able to
establish a necessary exemption from registration under the Securities Act. Accordingly, you may be unable to participate in our rights
offerings in the future and may experience dilution in your holdings.
You
may not receive cash dividends if the depositary decides it is impractical to make them available to you.
The
depositary will pay cash distributions on the ADSs only to the extent that we decide to distribute dividends on our Class A ordinary
shares or other deposited securities, and we do not have any present plan to pay any cash dividends in the foreseeable future. See "Dividend
Policy." To the extent that there is a distribution, the depositary has agreed to pay to you the cash dividends or other distributions
it or the custodian receives on our Class A ordinary shares or other deposited securities after deducting its fees and expenses. You
will receive these distributions in proportion to the number of Class A ordinary shares your ADSs represent. However, the depositary
may, at its discretion, decide that it is inequitable or impractical to make a distribution available to holders of ADSs. For example,
the depositary may determine that it is not practicable to distribute certain property through the mail, or that the value of certain
distributions may be less than the cost of mailing them. In these cases, the depositary may decide not to distribute such property to
you.
We
will continue to incur increased costs as a result of being a public company, which could lower our profits or make it more difficult
to run the Group's business.
As
a public company, we have incurred significant legal, accounting and other expenses that we did not incur as a private company to ensure
that we comply with the various requirements on corporate governance practices imposed by the Sarbanes-Oxley Act of 2002 as well as rules
subsequently implemented by the SEC. For example, we have adopted policies regarding internal control and disclosure controls and procedures.
We have also incurred additional costs associated with our public company reporting requirements. We expect that these rules and regulations
will continue to cause us to incur elevated legal and financial compliance costs, devote substantial management effort to ensure compliance
and make some corporate activities more time-consuming and costly. We are currently evaluating and monitoring developments with respect
to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may
incur or the timing of such costs.
66
In
the past, shareholders of a public company often brought securities class action suits against the company following periods of instability
in the market price of that company's securities. If we were involved in a class action suit, it could divert a significant amount
of our management's attention and other resources from the Group's business and operations, which could harm the Group's
results of operations and require the Group to incur significant expenses to defend the suit. Any such class action suit, whether or
not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully
made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition
and results of operations.
You
may be subject to limitations on transfer of your ADSs.
Your
ADSs are transferable on the books of the depositary. However, the depositary may close its transfer books at any time or from time to
time when it deems expedient in connection with the performance of its duties. In addition, the depositary may refuse to deliver, transfer
or register transfers of ADSs generally when our books or the books of the depositary are closed, or at any time if we or the depositary
deems it advisable to do so because of any requirement of law or of any government or governmental body, or under any provision of the
deposit agreement, or for any other reason.
The
dual-class structure of our ordinary shares may adversely affect the trading market for the ADSs.
S&P
Dow Jones has announced changes to its eligibility criteria for inclusion of shares of public companies on certain indices, including
the S&P 500, to exclude companies with multiple classes of shares from being added to such indices. In addition, several shareholder
advisory firms have announced their opposition to the use of multiple class structures. As a result, the dual class structure of our
ordinary shares may prevent the inclusion of the ADSs representing our Class A ordinary shares in such indices and may cause shareholder
advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital
structure. Any such exclusion from indices could result in a less active trading market for the ADSs. Any actions or publications by
shareholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the value
of the ADSs.
Our
amended and restated memorandum and articles of association contain anti-takeover provisions that could discourage a third party from
acquiring us, which could limit our shareholders' opportunity to sell their shares, including Class A ordinary shares represented
by ADSs, at a premium.
Our
amended and restated memorandum and articles of association contain provisions that limit the ability of others to acquire control of
our company or cause us to engage in change-of-control transactions. These provisions could have the effect of depriving our shareholders
of an opportunity to sell their shares at a premium over prevailing market prices by discouraging third parties from seeking to obtain
control of our company in a tender offer or similar transaction. For example, our board of directors has the authority, without further
action by our shareholders, to issue preferred shares in one or more series and to fix their designations, powers, preferences, privileges,
and relative participating, optional or special rights and the qualifications, limitations or restrictions, including dividend rights,
conversion rights, voting rights, terms of redemption and liquidation preferences, any or all of which may be greater than the rights
associated with our ordinary shares. Preferred shares could be issued quickly with terms calculated to delay or prevent a change in control
of our company or make removal of management more difficult. If our board of directors decides to issue preferred shares, the price of
the ADSs may fall and the voting and other rights of the holders of our ordinary shares and the ADSs may be materially and adversely
affected.
67
Certain
judgments obtained against us may not be enforceable.
We
are an exempted company with limited liability incorporated under the laws of the Cayman Islands. Substantially all of our assets are
located outside the United States. In addition, substantially all of our directors and executive officers and the experts named in this
annual report reside outside the United States, and most of their assets are located outside the United States. As a result, it may be
difficult or impossible for you to bring an action against us or them in the United States, in the event that you believe that your rights
have been infringed under the U.S. federal securities laws or otherwise. Even if you are successful in bringing an action of this kind,
there are significant legal and other obstacles to obtaining information needed for such actions. For example, in China, according to
Article 177 of the PRC Securities Law, which became effective in March 2020, no overseas securities regulator is allowed to directly
conduct investigation or evidence collection activities within the territory of the PRC. Accordingly, without the consent of the competent
PRC securities regulators and relevant authorities, no organization or individual may provide the documents and materials relating to
securities business activities to overseas parties. See also "— Risks Relating to the ADSs — You may face difficulties
in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated
under Cayman Islands law" for risks associated with investing in us as a Cayman Islands company. Furthermore, the laws of the Cayman
Islands, China or other relevant jurisdiction may render you unable to enforce a judgment against our assets or the assets of our directors
and officers and/or their assets.
You
may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because
we are incorporated under Cayman Islands law.
We
are an exempted company with limited liability incorporated under the laws of the Cayman Islands. Our corporate affairs are governed
by our memorandum and articles of association, the Companies Act of the Cayman Islands (as amended) and the common law of the Cayman
Islands. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary duties of
our directors to us under Cayman Islands law are governed by the memorandum and articles of association of the Company, the Companies
Act and the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial
precedent in the Cayman Islands (as compared to the U.S. laws) as well as from the common law of England, the decisions of whose courts
are of persuasive authority, but are not binding, on a court in the Cayman Islands (except for those decisions handed down from the Judicial
Committee of the Privy Council to the extent that these have been appealed from the Cayman Islands courts). The rights of our shareholders
and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or
judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands have a less developed body of securities
laws than the United States. Some states in the United States, such as Delaware, have more fully developed and judicially interpreted
bodies of corporate law than the Cayman Islands. In addition, if shareholders want to proceed against the Company outside of the Cayman
Islands, they will need to demonstrate that they have standing to initiate a shareholder derivative action in a federal court of the
United States. Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United
States. The Cayman Islands courts are also unlikely to recognize or enforce against us judgments of courts of the United States based
on certain civil liability provisions of securities laws of the United States, or to impose liabilities against us, in original actions
brought in the Cayman Islands, based on certain civil liability provisions of securities laws of the United States that are penal in
nature. There is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the
Cayman Islands will in certain circumstances recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction
without retrial on the merits.
Shareholders
of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records or to obtain
copies of lists of shareholders of these companies. Our directors have discretion under the amended and restated memorandum and articles
of association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but
are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed
to establish any facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy
contest.
Certain
corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies
incorporated in other jurisdictions, such as the United States. To the extent we choose to follow home country practice with respect
to corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations
applicable to U.S. domestic issuers.
68
As
a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated
in the U.S.
ADSs
holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable
outcomes to the plaintiff(s) in any such action.
The
deposit agreement governing the ADSs representing our Class A ordinary shares provides that, to the fullest extent permitted by law,
ADS holders waive the right to a jury trial of any claim they may have against us or the depositary arising out of or relating to our
shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws.
If
we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable based
on the facts and circumstances of that case in accordance with applicable U.S. state and federal law. To our knowledge, the enforceability
of a contractual pre-dispute jury trial waiver in connection with claims arising under the U.S. federal securities laws has not been
finally adjudicated by the United States Supreme Court. However, we believe that a contractual pre-dispute jury trial waiver provision
is generally enforceable, including under the laws of the State of New York, which govern the deposit agreement. In determining whether
to enforce a contractual pre-dispute jury trial waiver provision, courts will generally consider whether a party knowingly, intelligently
and voluntarily waived the right to a jury trial. We believe that this is the case with respect to the deposit agreement and the ADSs.
Accordingly, ADS holders, including holders that acquired ADSs in a secondary transaction, are subject to these provisions of the deposit
agreement to the extent permitted by applicable law. It is advisable that you consult legal counsel regarding the jury waiver provision
before investing in the ADSs.
If
you or any other holders or beneficial owners of ADSs bring a claim against us or the depositary in connection with matters arising under
the deposit agreement or the ADSs, including claims under U.S. federal securities laws, you or such other holder or beneficial owner
may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against
us and/or the depositary. If a lawsuit is brought against us and/or the depositary under the deposit agreement, it may be heard only
by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result
in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in any
such action.
Nevertheless,
if this jury trial waiver provision is not enforced, to the extent a court action proceeds, it would proceed under the terms of the deposit
agreement with a jury trial. No condition, stipulation or provision of the deposit agreement or ADSs serves as a waiver by any holder
or beneficial owner of ADSs or by us or the depositary of compliance with any substantive provision of the U.S. federal securities laws
and the rules and regulations promulgated thereunder.
We
are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempted from certain provisions
applicable to U.S. domestic public companies.
Because
we qualify as a foreign private issuer under the Exchange Act, we are exempted from certain provisions of the securities rules and regulations
in the United States that are applicable to United States domestic issuers, including: (i) the rules under the Exchange Act requiring
the filing with the SEC of quarterly reports on Form 10-Q or current reports on Form 8-K; (ii) the sections of the Exchange Act regulating
the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; (iii) the sections
of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders
who profit from trades made in a short period of time; and (iv) the selective disclosure rules by issuers of material nonpublic information
under Regulation FD.
We
are required to file an annual report on Form 20-F within four months of the end of each fiscal year. However, the information we are
required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC
by United States domestic issuers. As a result, you may not be afforded the same protections or information that would be made available
to you were you investing in a U.S. domestic issuer.
69
We
may be or may become a passive foreign investment company, or PFIC, which could result in adverse United States tax consequences to United
States investors.
Based
on the composition of our income and assets and the valuation of our assets, including goodwill, we do not believe
we were a passive foreign investment company, or a PFIC, for our most recent taxable year, although there can be no assurance in this regard.
In
general, we will be a PFIC for any taxable year in which:
●
at
    least 75% of our gross income is passive income, or
●
at
    least 50% of the value (generally determined based on a quarterly average) of our assets is attributable to assets that produce or
    are held for the production of passive income, which generally includes cash.
The
determination of whether we are a PFIC is made annually. Accordingly, it is possible that we may become a PFIC in the current or any
future taxable year due to changes in our asset or income composition. The calculation of the value of our assets will be based, in part,
on the quarterly market value of our ADSs. In this regard, the market value of our ADSs has been volatile and has recently declined significantly.
In
addition, there is uncertainty as to the treatment of the Group's corporate structure and ownership of the Group VIEs for United
States federal income tax purposes. For United States federal income tax purposes, we consider ourselves to own the equity of the Group
VIEs. If it is determined, contrary to our view, that we do not own the equity of the Group VIEs for United States federal income tax
purposes (for instance, because the relevant PRC authorities do not respect these arrangements), we may be treated as a PFIC.
If
we are a PFIC for any taxable year during which you hold the ADSs or Class A ordinary shares, our PFIC status could result in adverse
United States federal income tax consequences to you if you are a United States Holder, as defined under "Item 10. Additional Information
— E. Taxation — Certain United States Federal Income Tax Considerations." For example, if we are or become a PFIC,
you may become subject to increased tax liabilities under United States federal income tax laws and regulations, and will become subject
to burdensome reporting requirements. See "Item 10. Additional Information — E. Taxation — Certain United States Federal
Income Tax Considerations — Passive Foreign Investment Company." There can be no assurance that we will not be a PFIC for
the current or any future taxable year.
ITEM
    4.
INFORMATION
    ON THE COMPANY
A.
History
    and Development of the Company
The
Group launched its flagship mobile application,
Qutoutiao
, in June 2016, the Group's mobile literature application,
Midu
Novels
, in May 2018, and
Midu Lite
, which combines a loyalty program with the standard offerings from Midu Novels, in May
2019. We primarily operate the Group's business through certain of the Group VIEs, Shanghai Jifen and Big Rhinoceros Horn, and
their subsidiaries. To facilitate financing offshores, we incorporated Qtech Ltd. in July 2017. Through a series of transactions, Qtech
Ltd. then became our ultimate holding company. On July 5, 2018, Qtech Ltd. was renamed to Qutoutiao Inc.
We
currently conduct the Group's business primarily through the following subsidiaries, the Key VIEs and their subsidiaries:
●
Shanghai
    Jifen, a Key VIE, primarily engages in the operation of our
Qutoutiao
mobile application;
●
Big
    Rhinoceros Horn, a Key VIE, primarily engaged in the operation of our
Midu Novels
and
Midu Lite
mobile application;
70
●
Anhui
    Zhangduan, a subsidiary of Shanghai Jifen, primarily engages in content management;
●
Beijing
    Qukandian Internet Technology Co., Ltd., or Beijing Qukandian, a subsidiary of Shanghai Jifen, primarily engages in content procurement;
●
Shanghai
    Dianguan Internet Technology Co., Ltd., or Shanghai Dianguan, our subsidiary that primarily provides advertising and marketing services;
●
Shanghai
    Quyun, our subsidiary, primarily engages in technology R&D;
●
Shanghai
    Chenxing, a subsidiary of Shanghai Quyun, primarily engages in technology R&D;
●
Shanghai
    Zhicao, our subsidiary, primarily engages in technology R&D;
●
Beijing
    Churun Internet Technology Co., Ltd., or Beijing Churun, primarily engages in the operation of live-streaming business;
●
Beijing
    Supreme Pole International Sports Development Co., Ltd., or Beijing Supreme Pole, a subsidiary of Beijing Churun; and
●
Shanghai
    Ququanquan Information Technology Co., Ltd., or Shanghai Ququanquan, a Key VIE, primarily engages in software and information technology
    services.
On
September 14, 2018, our ADSs commenced trading on the NASDAQ Global Select Market under the symbol "QTT." We issued and sold
an aggregate of 13,800,000 ADSs (including 1,800,000 ADSs sold upon the full exercise of the underwriters' option to purchase additional
ADSs) in our initial public offering, representing 3,450,000 Class A ordinary shares, raising approximately US$85.8 million in net proceeds
after deducting underwriting commissions and the offering expenses payable by us. On April 5, 2019, we completed a follow-on public offering
of an aggregate of 10,000,000 ADSs, comprising 3,327,868 ADSs issued and sold by us and 6,672,132 ADSs sold by certain selling shareholders,
representing an aggregate of 2,500,000 Class A ordinary shares. We raised approximately US$31.0 million in net proceeds, after deducting
underwriting discounts and commissions and the offering expenses payable by us. We did not receive any of the proceeds from the sale
of ADSs by the selling shareholders.
On
December 10, 2021, we effected a change of the ratio of our ADSs to Class A ordinary shares from the then ADS ratio of four (4) ADSs
to one (1) Class A ordinary share to a new ADS ratio of two (2) ADS representing five (5) Class A ordinary shares.
On
September 14, 2022, we received a written notice from Nasdaq, indicating our failure to comply with the minimum MVPHS requirement for
the previous 30 consecutive business days.
On
September 28, 2022, we received a written notice from Nasdaq, indicating the closing bid price of our ADS is below the minimum bid price
of US$1.00 per share requirement for the previous 30 consecutive business days.
On
January 19, 2023, we received a
written
notice
from
Nasdaq
, indicating our
failure to file
the
Interim Financials on Form 6-K with the SEC.
On
March 14, 2023, we received a delisting notice from Nasdaq for our failure to comply with the minimum MVPHS requirement for the previous
30 consecutive business days. On April 12, 2023, the staff of the Nasdaq Stock Market LLC filed a Form 25 Notification of Delisting with
the SEC to delist us from Nasdaq, and the delisting became efffective 10 days after filing the Form 25.
Our
principal executive offices are located at Building No. 2, Shanghai Pudong Software Park, 519 Yi De Road, Pudong New Area, Shanghai,
200124, People's Republic of China. Our telephone number at this address is +86-21-5889-0398. Our registered office in the Cayman
Islands is located at the offices of Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands.
Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York,
N.Y. 10168, United States.
71
B.
Business
Overview
Overview
The
Group operates a mobile content platform in China with a mission to bring fun and value to its users. The Group's eponymous mobile
application,
Qutoutiao
, meaning "fun headlines" in Chinese, applies artificial intelligence-based algorithms to deliver
customized feeds of articles and short videos to users based on their unique profiles, interests and behaviors.
Qutoutiao
has
attracted a large group of users, many of whom are from lower-tier cities in China. They enjoy
Qutoutiao
's fun and entertainment-oriented
content as well as its social-based user loyalty program. Since its beginning as a news aggregator,
Qutoutiao
has evolved and
developed significantly on the content side and now also has a rich offering in short video content, online games and live-streaming.
Midu, first launched in May 2018 as
Midu Novels
and with an alternative version
Midu Lite
launched one year later, pioneered
provision of free online literature supported by advertising. It became one of the market leaders of the free online literature industry.
The Group has also been developing standalone short video applications and mobile games among the many other initiatives in motion since
early 2019 to further diversify the range of products its users can enjoy and the ways in which it can bring value to its users. Although
the Group had been under market expansion pressure in 2021 with further downward trend in 2022 and 2023, the Group's mobile applications
still gained a certain level of success and popularity among Chinese mobile internet users, with combined average MAUs of approximately
8.5 million, combined average DAUs of approximately 2.9 million and average daily time spent per DAU of approximately 41.8 minutes in
the three months ended December 31, 2023.
The
Group represents the new generation of technology-driven content platforms. Historically, users were accustomed to consuming content
passively as the media dictated content curation with little or no personalization. However, as the volume and the diversity of content
available on the Internet have grown exponentially, users are demanding content personalization which is only achievable through technology.
We believe the Group's technology brings relevant information and entertainment to users, stimulates their desire to read, and
ultimately improves the knowledge exchange in society.
Since
the Group's inception, it has strategically targeted users from lower-tier cities in China because of the enormous long-term growth
opportunities in this underserved market, given the significant under-penetration of mobile phones as well as the significant under-usage
of mobile applications. We believe that mobile users in lower-tier cities tend to have a slower pace of life and spend more time on the
Internet given limited offline entertainment venues. Moreover, they enjoy rapidly growing disposable income and bear much lower financial
burdens due to lower housing prices and living expenses. These factors have given rise to a significant need for mobile entertainment
while also creating high monetization potentials. Users from lower-tier cities tend to have different interests and preferences in comparison
to users from tier-1 and tier-2 cities.
Qutoutiao
's light entertainment-oriented and easily digestible content is designed
to resonate with such users and provides the Group with an advantage to capture this underserved market.
The
Group operates an innovative user account system and gamified user loyalty program. Registered users can earn loyalty points by referring
new users to register on
Qutoutiao
, by consuming content or by engaging in activities on
Qutoutiao
. Although loyalty points
only translate into trivial monetary amounts, they foster users' loyalty and emotional connection to
Qutoutiao
as compared
to other platforms. The gamified loyalty point system not only helps the Group keep users more engaged and enhance user stickiness, but
also enables the Group to track users' long-term behaviors and optimize content recommendation, as almost all of the Group's
DAUs are logged-on users.
Covering
a broad range of topics,
Qutoutiao
is focused on humor, stories and other light entertainment content that delight and
inspire. The Group's content is generally sourced from third-party professional media companies under licensing arrangements
. To improve the efficiency of its business processes, the
Group changed its strategy to focus on developing other content sourcing channels and closed its online content upload system in the
second half of 2022.
72
The
Group introduced a separate mobile application,
Midu Novels
, in May 2018 which offers users free literature online. We further
introduced
Midu Lite
in May 2019, which includes a loyalty program in addition to the standard offerings of
Midu Novels
.
They both feature an innovative free-to-read model that appeals to the online literature reading population, especially those who are
keen to read but have a low willingness to pay, who account for the vast majority of online readers in China, and thus having been turned
away by the paid-only model of the traditional online literature industry. Supported by advertising, the Group is able to offer its users
a comprehensive selection of literature covering a wide range of genres for free. While
Midu Novels
have been very effective in
targeting the existing reading population,
Midu Lite
has drawn in readers having little or no experience with online literature
who subsequently develop a passion for reading. Therefore, the two applications together have achieved broader coverage of the market
from a product perspective, and form the two strategic pillars with equal importance in our long-term vision for the online literature
market.
The
Group currently generates revenues primarily by providing advertising and marketing services. The Group has maintained a strong focus
on R&D since its founding and materially enhanced its proprietary advertising platform's monetization efficiency. This has
been achieved by enhanced algorithms and the conversion to an oCPC system.
The
Group's net revenues decreased from RMB4,339.6 million in 2021 to RMB1,083.0 million in 2022 primarily due to the disruptions from
the COVID-19 pandemic and weakness of macro environment in internet and technology sector, which adversely impacted on advertising demands,
and further decreased to RMB745.6 million (US$105.0 million) in 2023 primarily due to macroeconomic downturn and customer advertising
budget constraints. We have made significant progress on cost optimization and budgeting process to improve operating margin. The Group
incurred net losses attributable to Qutoutiao Inc. of RMB1,239.6 million in 2021, RMB914.8 million in 2022 and RMB185.3 million (US$26.1
million) in 2023. Non-GAAP net losses attributable to Qutoutiao Inc., which represented net losses attributable to Qutoutiao
Inc. before
share-based compensation expenses, were RMB1,039.4 million in 2021, RMB969.3 million in 2022 and RMB292.0 million (US$41.1 million) in
2023.
The
Group's Mobile Applications
The
Group primarily delivers content through
Qutoutiao
, which is the Group's flagship mobile application and means "fun
headlines" in Chinese.
Qutoutiao
aggregates articles and videos and presents real-time customized feeds to users based on
each user's profile, behavior and social relationships.
Feeds
are presented to users on both the main page of
Qutoutiao
and the topic pages. Both the main page and the topic pages are customized
for each user using the Group's content recommendation engine. Topic pages include, among others, videos, entertainment, humor,
anecdote, relationship, family, health, food and pets. A user may also search for content or follow specific content providers. Users
may save their favorite content pages as well as indicate the content pages that they dislike.
The
Group promotes social interaction among users to engage them more closely with the content they have viewed as well as with each other.
Users may post comments and engage in discussions with other users by responding to comments. A user can also share content through a
variety of means, including emails, messaging applications or social networks.
The
Group launched its mobile literature application,
Midu Novels
, in May 2018, which offers users free literature supported by advertising.
Unlike the traditional paid-only model in the online literature industry, which charges users fees for most content offered, users of
Midu Novels
can enjoy their favorite literature under an innovative free-to-read model. The Group's users have access to
a comprehensive selection of literature covering a wide range of genres, including romance, fantasy, science fiction, history and other
genres for free. The Group classifies the content genres with multi-dimensional reading tags which the Group's users can choose
to follow. The Group is able to offer its users free literature as it primarily monetizes through advertisements that its advertising
customers place on
Midu Novels
. The Group's AI-powered content recommendation engine coupled with its strong data analytics
capabilities also enable the Group to improve user experience and increase the time its users spend on
Midu Novels
by making personalized
recommendation and delivering to them literature that caters to their interest.
The
Group launched
Midu Lite
in May 2019, which combines a loyalty program with the standard offerings from
Midu Novels
. The
differentiated product design has led to
Midu Lite
attracting an incremental reading population whose needs have not been well
addressed by
Midu Novels
previously. As a result, we have observed minimal user overlap between the two versions.
73
The
table below sets forth key operating metrics relating to the Group's mobile applications. For more information on the key operating
metrics, see "Item 5. Operating and Financial Review and Prospects — A. Operating Results — Key Operating Metrics."
For the Year Ended December 31,
2022
2023
(in millions, except for daily time spent data)
Combined Average MAUs during the period
31.4
8.5
Combined Average DAUs during the period
9.9
2.9
New Installed Users
76.5
17.2
Average daily time spent per DAU during the period (minutes)
40.9
41.8
For the Year Ended December 31,
2022
2023
(in RMB)
Average net revenue per DAU per day
0.43
0.69
User Engagement Expenses per DAU per day
0.07
0.04
User Acquisition Expenses per New Installed User
2.66
6.86
User
Account Systems and Loyalty Programs
The
Group offers user loyalty programs on its mobile applications. Registered users can earn loyalty points if they become active users,
refer others who later register and become active users, or engage in various activities while logged in.
Accumulated
loyalty points, if exceeding a certain threshold, can be withdrawn by the user in the form of cash by directly crediting the user's
electronic wallet. The Group has the sole discretion in determining the withdrawal threshold and the exchange rate between loyalty points
and the monetary value available to be withdrawn. Similar programs have long been in place for various industries such as airlines, hospitality
and credit cards. They have proven to be effective in enhancing user loyalty and engagement all around the world. The Group's loyalty
programs serve exactly the same purpose by strengthening users' connection to the Group's products and services. Consuming
content, rather than earning loyalty points, is the main purpose for the Group's users, the same as in other industries such as
airlines, hospitality and credit cards where earning loyalty points is a secondary consideration after the services-in-demand. However,
there could occasionally be cases of abuse by a small number of users, and the Group has put in place mechanisms for detection and prevention.
See "Item 3. Key Information — D. Risk Factors — Risks Relating to Our Industry and Business — The Group's
ability to prevent the misuse of its user loyalty programs while ensuring their efficacy in user acquisition and engagement will have
a material effect as to the Group's business, results of operations and financial condition."
We
have set forth in the table below the percentage of DAUs of the Group's mobile applications that primarily attract users through
loyalty programs and the percentage of DAUs of mobile applications that primarily attract users through content for each period presented.
For the Year Ended December 31,
2022
2023
DAUs of loyalty program inclined apps
41.5
%
59.3
%
DAUs of other apps
58.5
%
40.7
%
74
Referral-based
Loyalty Points
The
Group's registered users earn loyalty points when they invite others to download and register on its mobile applications. After
an invited user registers with the Group, the existing registered user is eligible to receive loyalty points or cash credits. The Group
is thus able to leverage the embedded social relationships of each user and prompt its users to voluntarily invite their families and
friends to become the Group's registered users.
Engagement-based
Loyalty Points
A
user is eligible to receive loyalty points for engaging in various activities on the Group's mobile applications. Such activities
include viewing and sharing content, providing valuable comments and encouraging inactive users to continuously re-engage with the Group's
mobile applications. The Group also creates fun tasks such as daily missions to tap into the competitive reward psyche of users.
The
Group's Content
The
Group strives to become the light entertainment content platform of choice for a growing base of users. We believe that light entertainment-oriented
and easily digestible content resonates with mobile users, and the Group primarily delivers content that can be viewed by users during
a short period of time. The articles on the Group's platform generally contain both images and short texts and can be read within
one minute; and a majority of the videos on the Group's platform run less than two minutes. In the three months ended December
31, 2023, the average daily time spent per DAU for the Group's mobile applications was approximately 41.8 minutes. The Group aims
to deliver quality and relevant content to users, and content sourcing, management and recommendation are among the core focuses of the
Group's operations.
Content
Sourcing
The
Group sources content from a few professional media outlets under a licensing arrangement.
The
Group's mobile literature applications,
Midu Novels
and
Midu Lite
, primarily source content from traditional PC-based
online literature platforms which grant the Group permits to publish their literature content on the Group's platforms for a fee.
The Group curates quality literature content that caters to its users' interests based on the Group's analysis of users'
profiles and their reading histories. As of December 31, 2023, the Group offers more than 220,543 pieces of literature on
Midu Novels
and
Midu Lite
.
To
improve the efficiency of its business processes, the Group changed its strategy to focus on developing other content sourcing channels
and closed its online content upload system in the second half of 2022.
Content
Management
As
a gatekeeper for the Group's platform, the Group's content management system is designed to ensure both the quality and appropriateness
of information presented to users, which include content and comment postings. Content may be declined for quality reasons, such as videos
or pictures of low resolution or duplicative content. The Group also declines content and comment postings that appear to violate relevant
laws and regulations or are otherwise inappropriate for the Group's platform. The Group undertakes an efficient and thorough screening
process that involves both algorithm-based screening and manual review. The Group has also implemented a complaint procedure that enables
the Group to identify inappropriate content utilizing its users' feedback.
●
Algorithm-based
    Screening
. The Group applies algorithms to screen texts as well as images and videos. The Group's system screens texts
    based on pre-set keywords, and it utilizes artificial intelligence to identify inappropriate images and videos. The screening system
    automatically declines content that does not meet the standards of the Group's platform and flags suspicious content for manual
    review by the Group's content management team.
75
●
Manual
    Review
. The Group's content management team, which consisted of 82 employees as of December 31, 2023, is responsible for
    monitoring all information before delivery through the Group's platform. The content management team reviews suspicious content
    identified in the algorithm-based screening process and makes the final decision as to whether to decline such content. Given the
    complexity and diversity of information submitted to the Group's platform, the Group's content management team also reviews
    all content that has not earlier been flagged up in the algorithm-based screening process.
●
Complaint
    Procedure
. A user may submit a complaint about a particular piece of content through the Group's mobile applications. The
    user is prompted to identify the basis for the complaint, such as duplication to pre-existing content, violation of law, factual
    mistake, low quality or plagiarism. The user also needs to provide a written commentary to support the complaint. The Group removes
    the relevant content if it concludes that the complaint is valid. In addition, while the complaint is under review, the Group may
    also temporarily block the relevant content from being further delivered until the Group can investigate the complaint and reach
    a conclusion.
Content
Recommendation
The
Group's platform intelligently delivers personalized light entertainment content to users. The content recommendation process involves
the following components.
●
Content
    Tagging
. Each piece of content is multi-tagged with references to the key topics it covers. Before submitting an article or video,
    the content provider may provide up to six tags. Such tags range from general topics such as "entertainment news" to
    specific topics such as the name of an actor. The Group utilizes both algorithm-based screening and manual review to further refine
    such tags. Furthermore, the Group's smart video tagging technology uses deep learning that further increases the accuracy of
    tags. The Group's technology also automatically selects and displays to users the most appropriate "cover images"
    for videos. We believe the Group's technology has the potential to improve the quality and relevance of video content shown
    to its users, thereby enhancing user experience.
●
Interest
    and Social Graphs
. Through an automated process, the Group develops interests and social graphs for each user based on the user's
    profile, behavior and social relationships. User profile data are provided by users when registering for an account on the Group's
    mobile applications. In addition, the Group is also able to gain a fairly accurate picture of a user's profile, including age,
    gender and location, based on the user's behavior on the Group's platform. The user's behavior also provides the
    Group with a granular view of the topics and content characteristics that could be of interest to the user. In addition, the interest
    and social graphs take into account the user's social relationships with other users and such other users' interests
    and behaviors.
●
Recommendation
.
    The Group's content recommendation engine suggests content based on each user's interests and social graphs, and continuously
    receives behavioral data inputs to update and refine its recommendations in real time to identify content that is most likely of
    interest to each user.
Monetization
The
Group places advertisements on its main pages, topic pages as well as content pages. We believe that the Group's differentiated
user base represents an attractive demographic target for businesses.
The
Group has an in-house advertising platform, which is a full-fledged and technology-driven advertising exchange capable of not only monetizing
internet media traffic generated in-house but also that originating from third-party media platforms which operate a programmatic advertising
system. It has a programmatic advertising system that utilizes a bidding system for advertising customers to bid for the targeted audience
on mainly the Group's platform. The Group's programmatic advertising system considers a wide range of parameters to determine
which advertisement to show, including price bid, predicted click-through rate, predicted user conversion metrics and content relevance,
to dynamically maximize the Group's advertising customer's return on investment (ROI) as well as its revenue potential. The
Group's advertising technology aims to maximize its revenue potential by rewarding the more relevant advertisement with a more
prominent position, despite the potentially lower price bid of such advertisement. The Group actively monitors the advertisements placed
to help ensure their relevance.
76
Customers
for the Group's programmatic advertising system are comprised of advertising agents and end advertisers. The Group has its own
sales personnel who are responsible for supporting and monitoring the performance of advertising agents and to attract advertising customers
to use the Group's programmatic advertising system directly. The Group enters into standard agreements with advertising agents
generally for a term of one year. The Group's advertising agents are responsible for identifying end advertisers, confirming payments
and setting up accounts on the Group's programmatic advertising system for advertising customers. The Group provides ongoing training
to advertising agents to help them become familiarized with the functionalities and capabilities of the Group's programmatic advertising
system. These advertising agents are responsible for collecting and submitting the relevant documentation and licenses from advertising
customers for the Group's approval to open accounts on the Group's programmatic advertising system, and are also liable for
any infringement of third-party rights or violation of regulatory requirements caused by advertisements placed by their end advertisers.
Through
collaboration with third-party merchandise suppliers, the Group offers an online marketplace on
Qutoutiao
in which users merchandise
offered by third-party merchandise suppliers. The Group does not carry any inventory, and each merchandise supplier merchandise directly
to users. A user pays the purchase price for a merchandise to the Group. The Group deducted its commission related to the merchandise
and remitted the remainder to the relevant merchandise supplier.
Technology
The
Group has focused on and will continue to invest in its technological infrastructure. The Group's business is supported by the
following key technologies.
●
Interest
    and Social Graphing
. Through an automated process, the Group develops interest and social graphs for each user based on such
    person's profile, behavior and social relationships. The Group assesses the user's desired content characteristics through
    technologies including natural language processing, image analysis, and content tagging. The interest and social graphs take into
    account the user's social relationships with other users and such other users' interests, including their behaviors.
    The Group continuously refines each user's graphs based on the user's behavior over time through artificial intelligence.
●
Content
    Recommendation Engine
. The Group's content recommendation engine recommends content based on user behavior, and continuously
    receives behavioral data inputs to update and refine its recommendations in real time to identify content that is most likely of
    interest to each user. The Group's content recommendation engine is capable of processing large quantities of data, and currently
    can handle several billion inputs per day. In addition, new content is aggregated and recommended in real time from among millions
    of new contents added, reducing the possibility that the Group's users are missing the content that may interest them when
    they next update their view in the Group's mobile application.
●
Advertising
.
    The Group's advertising technology enables advertising customers to bid for audience and automatically deliver relevant, targeted
    promotional links to users. The Group's system rewards more relevant advertisements with more prominent positions, despite
    the potentially lower priced bids of such advertisements. The Group's audience segmentation technology helps ensure the relevance
    of advertisements shown to users by analyzing their interests through browsing activity, viewed content and commenting history. In
    addition, the Group has the ability to predict click-through rates for advertisements using logistic regression, gradient boosting
    decision tree and linear and nonlinear modeling algorithms. Enhanced precision of these click-through rate projections can help maximize
    the cost effectiveness of customers' advertising budgets. The Group's oCPC system further takes into consideration customers'
    overall return requirements by assessing their desired end results in the context of their budgets and the availabilities of relevant
    advertising inventories, providing a holistic solution to their marketing needs rather than a simple product amid their marketing
    strategy.
77
●
Content
    Screening Technology
. The Group's text screening system screens information based on pre-set keywords. The Group utilizes
    artificial intelligence to identify inappropriate or objectionable content from images, speeches and videos, significantly increasing
    efficiency over manual review. The Group also applies deep learning methods to analyze complex visual content. Through big data and
    continuous training, the Group's system is able to monitor and identify objectionable visual content with a high degree of
    accuracy. The screening system automatically declines content that does not meet the standards of the Group's platform and
    flags suspicious content for manual review by the Group's content management team.
●
Fraud
    Detection
. The Group's fraud detection technology focuses on ensuring that the Group's user loyalty programs
    are not abused by fraudulent users or activities. The Group's anti-fraud system employs self-encoding and deep learning methods
    such as sophisticated neural networks in analyzing users' behaviors as well as the locations of and the data from their devices
    to detect fraud. The Group's anti-fraud system assigns a fraud score to users based on the inputs it receives, with higher
    scores signifying a greater suspicion of fraudulent activity. The Group also utilizes artificial intelligence methods including decision
    trees, random decision forests, naive Bayes classifier, Gaussian mixed model, and logistic regression to maximize the predictive
    accuracy of the Group's anti-fraud system while minimizing the need for manual review.
Marketing
and Promotion
The
Group grows its user base through advertisements and paid-for traffic on mobile channels. We intend to continue to implement innovative
and cost-effective marketing initiatives. Historically, the Group also expanded its user base through word-of-mouth referrals by existing
users. For more information on the Group's user loyalty programs, see "— User Account Systems and Loyalty Programs
— Referral-based Loyalty Points."
Competition
The
industry the Group operates in is highly competitive and rapidly changing due to the fast growing market and technological developments.
The Group's ability to compete successfully depends on many factors, including the quality and relevance of the Group's content,
the robustness of the Group's technology platform, user experience, brand recognition and reputation, the value of the Group's
services to advertising customers and its relationship with content providers.
The
Group competes with other mobile content platform companies for user traffic. The Group's primary competitors include content aggregators
such as Jinritoutiao (operated by Bytedance), Kuaibao (operated by Tencent) and Yidianzixun (an affiliate of Phoenix News). We believe
the Group has differentiated itself from other content aggregators because of its focus on light entertainment content and users from
lower-tier cities. To a lesser extent, the Group also competes with mobile news portals such as Tencent News, SINA News, Sohu News, NetEase
News and Phoenix News. We believe such mobile news portals tend to concentrate on current affairs such as political and economic news.
As such, their content offerings tend to differ from the Group's. The Group also competes with other mobile literature applications,
such as iReader, QQ Reading, Qimao Free Novels and Fanqie Novels, as well as mobile literature applications that have a business model
similar to the Group's. To a much lesser extent, the Group competes with traditional PC-based online literature platforms. We believe
the Group has differentiated itself from other online literature applications and platforms because it is able to offer high quality
online literature for free with effective recommendation algorithms helping readers to discover books they enjoy, and the Group can efficiently
monetize the traffic through its proprietary programmatic advertising system.
Intellectual
Property
We
regard the Group's intellectual property as critical to its success. Such intellectual properties include trademarks, patents,
domain names, copyrights, know-how and proprietary technologies. We currently rely on trademarks, copyrights, trade secret law and confidentiality,
invention assignment and non-compete agreements with the Group's employees and others to protect the Group's proprietary
rights. As of December 31, 2023, the Group had registered 873 trademarks, including trademark for "Qutoutiao," and owned
21 patents in the PRC. The Group was the registered holder of 141 domain names in the PRC, and had been granted 867 software copyrights
and 48 artwork copyrights as of the same date.
78
Insurance
The
Group provides social security insurance including pension insurance, unemployment insurance, work-related injury insurance and medical
insurance for the Group's employees. The Group also purchased employer's liability insurance and additional commercial health
insurance to increase insurance coverage of its employees. In addition, we maintain directors and officers liability insurance for our
directors and officers. The Group does not maintain property insurance policies covering its equipment and other property that are essential
to its business operation to safeguard against risks and unexpected events. The Group does not maintain business interruption insurance
or general third-party liability insurance, nor does it maintain product liability insurance or key-man insurance. We consider the Group's
insurance coverage to be sufficient for its business operations in China.
C.
Regulations
Licenses
and Permissions Requirements
The
below table sets forth the material permissions and/or licenses the Group has obtained for its main operations in China. Except as disclosed
in "Item Key Information — D. Risk Factors — Risk Related to Our Business and Industry — The Group's inability
to fully comply with Audio-visual Program Provisions may expose it to administrative sanctions, which would materially and adversely
affect the Group's business, results of operations and financial condition" and "— The Group may be adversely
affected by the complexity, uncertainties and changes in PRC regulation of Internet businesses and companies, including limitations on
its ability to own key assets such as its mobile applications," the Group has received all material permissions and approvals that
are, or may be, required for the Group's main operations in China, including the main operations of the Key VIEs. No material permission
or approval for the Group has been denied by relevant authorities in China. Given the uncertainties of interpretation and implementation
of relevant laws and regulations and the enforcement practice by relevant government authorities, we may be required to obtain additional
licenses, permits, filings or approvals for the functions and services of our platform in the future, and may not be able to maintain
or renew our current licenses, permits, filings or approvals. In addition, rules and regulations in China can change quickly with little
advance notice. Uncertainties due to evolving laws and regulations could impede the ability of a China-based issuer, such as us, to obtain
or maintain permits or licenses required to conduct business in China. In the absence of required permits or licenses, governmental authorities
could impose material sanctions or penalties on us.
Company
    Name
Name
    of Permission/License
Governing
    Government Authority
Grant
    Date
Expiration
    Date
Shanghai
    Jifen
Value-added
    Telecommunications Service License (the "VAT License")
Shanghai
    Communications Administration
September
    23, 2022
September
    25, 2027
Shanghai
    Jifen
Network
    Cultural Business Permit
Shanghai
    Municipal Administration of Culture and Tourism
October
    21, 2022
October
    21, 2025
Shanghai
    Jifen
Registration
    in the National Internet Audio-visual Platforms Information Management System
National
    Radio and Television Administration
January
    18, 2023
June
    30, 2024
Shanghai
    Jifen
Radio
    and Television Programme Production Business Permit
Radio
    and Television Station of Shanghai
April
    1, 2023
March
    31, 2025
Shanghai
    Jifen
Internet
    News Information Services License
Cyberspace
    Administration of China
July
    30, 2022
July
    29, 2025
Big
    Rhinoceros Horn
Value-added
    Telecommunications Service License (the "VAT License")
Shanghai
    Communications Administration
December 29, 2023
March
8, 2029
Big
    Rhinoceros Horn
Network
    Cultural Business Permit
Shanghai
    Municipal Administration of Culture and Tourism
December
    17, 2021
December
    17, 2024
Big
    Rhinoceros Horn
Publication
    Operation License
Shanghai
    Municipal Bureau of Press and Publication
May 11, 2023
April
30, 2027
79
Company
    Name
Name
    of Permission/License
Governing
    Government Authority
Grant
    Date
Expiration
    Date
Big
    Rhinoceros Horn
Radio
    and Television Programme Production Business Permit
Radio
    and Television Station of Shanghai
April
    1, 2023
March
    31, 2025
Beijing
    Supreme Pole
Value-added
    Telecommunications Service License (the "VAT License")
Beijing
    Communications Administration
November
    25, 2020
September
    28, 2025
Beijing
    Supreme Pole
Network
    Cultural Business Permit
(1)
Beijing
    Municipal Administration of Culture and Tourism
June
    1, 2022
June
    10, 2025
Beijing
    Supreme Pole
License
    for Publication of Audio-Visual Programs through Information Network
(2)
National
    Radio and Television Administration
October
    31, 2021
October
    31, 2024
Beijing
    Supreme Pole
Publication
    Operation License
Beijing
    Municipal Bureau of Press and Publication
August 28, 2023
April
    30, 2028
Shanghai
    Xike
Value-added
    Telecommunications Service License (the "VAT License")
(3)
Shanghai
    Communications Administration
October
13, 2023
November
    30, 2028
Shanghai
    Xike
Network
    Cultural Business Permit
Shanghai
    Municipal Administration of Culture and Tourism
March
4, 2024
March
4, 2027
Shanghai
    Xike
Radio
    and Television Programme Production Business Permit
(4)
Radio
    and Television Station of Shanghai
April
    1, 2023
March
    31, 2025
Shanghai
    Manchuan Information Technology Co., Ltd.
Value-added
    Telecommunications Service License (the "VAT License")
Shanghai
    Communications Administration
April
    28, 2023
November
    9, 2025
Shanghai
    Manchuan Information Technology Co., Ltd.
Network
    Cultural Business Permit
Shanghai
    Municipal Administration of Culture and Tourism
April
10, 2024
July 17, 2026
Shanghai
    Manchuan Information Technology Co., Ltd.
Radio
    and Television Programme Production Business Permit
Radio
    and Television Station of Shanghai
April
9, 2024
March
    31, 2025
Shanghai Ququanquan Information Technology Co., Ltd.
Value-added Telecommunications Service License (the "VAT
    License")
(5)
Shanghai Communications Administration
September 30, 2020
September 30, 2025
Notes:
(1)
In
    the process of modification registration with regard to the
registered
    address.
(2)
In
    the process of modification registration with regard to the
registered
    address
and the domain name.
(3)
In the process of modification registration with regard to the legal representative
(4)
In the process of modification registration with regard to the legal representative.
(5)
In the process of modification registration with regard to the legal representative.
Summary
of Significant Rules and Regulations
The
following is a summary of the most significant rules and regulations that affect the Group's business activities in China or the
rights of our shareholders to receive dividends and other distributions from us.
Foreign
Investment Law
On
March 15, 2019, the National People's Congress of the PRC adopted the
Foreign Investment Law
, which came into force on January
1, 2020. On December 26, 2019, the State Council issued the Implementation Rules of the Foreign Investment Law, which came into effect
on January 1, 2020, to clarify and elaborate relevant provisions of the Foreign Investment Law. The Foreign Investment Law defines the
"foreign investment" as the investment activities in China conducted directly or indirectly by foreign investors in the following
manners: (i) the foreign investor, by itself or together with other investors establishes foreign invested enterprises in China; (ii)
the foreign investor acquires shares, equities, asset tranches, or similar rights and interests of enterprises in China; (iii) the foreign
investor, by itself or together with other investors, invests and establishes new projects in China; (iv) the foreign investor invests
through other approaches as stipulated by laws, administrative regulations or otherwise regulated by the State Council. The Foreign Investment
Law keeps silent on how to define and regulate the VIEs, while adding a catch-all clause that "other approaches as stipulated by
laws, administrative regulations or otherwise regulated by the State Council" can fall into the concept of "foreign investment,"
which leaves uncertainty as to whether the foreign investor's controlling PRC onshore variable interest entities via contractual
arrangements will be recognized as "foreign investment." Pursuant to the Foreign Investment Law, PRC governmental authorities
will regulate foreign investment by applying the principle of pre-entry national treatment together with a "negative list,"
which will be promulgated by or promulgated with approval by the State Council. Foreign investors are prohibited from making any investments
in the industries which are listed as "prohibited" in such negative list; and, after satisfying certain additional requirements
and conditions as set forth in the "negative list," are allowed to make investments in the industries which are listed as
"restricted" in such negative list. For any foreign investor that fails to comply with the negative list, the competent authorities
are entitled to ban its investment activities, require such investor to take measures to correct its non-compliance and impose other
penalties.
80
Regulations
on Value-added Telecommunications Services
The
Telecommunications Regulations of the PRC
, or the Telecom Regulations, implemented on September 25, 2000 and amended on July 29,
2014 and February 6, 2016, are the primary PRC law governing telecommunication services and set out the general framework for the provision
of both "basic telecommunication services" and "value-added telecommunication services" by domestic PRC companies.
"Value-added telecommunication services" is defined as telecommunications and information services provided through public
networks, and, according to the Telecom Regulations, operators of value-added telecommunications services shall obtain operating licenses
prior to commencing operations from the Ministry of Industry and Information Technology, or the MIIT, or its provincial level counterparts.
The
Catalogue of Telecommunications Business
, or the Catalogue, which was issued as an attachment to the Telecom Regulations and revised
and promulgated on June 6, 2019, further identifies information services and online data processing and transaction processing services
as value-added telecommunications services. The Group engages in business activities that are value-added telecommunications services
as defined and described by the Telecom Regulations and the Catalogue.
On
March 1, 2009, the MIIT issued the
Measures on the Administration of Telecommunications Business Operating Permits
, or the Telecom
License Measures, which initially became effective on April 10, 2009 and was amended on July 3, 2017, effective on September 1, 2017,
to supplement the Telecom Regulations. The Telecom License Measures provide that there are two types of telecommunications operating
licenses for operators in China, one for basic telecommunications services and one for value-added telecommunications services. A distinction
is also made to licenses for value-added telecommunications services as to whether a license is granted for "intra-provincial"
or "trans-regional" (inter-provincial) activities. The license will detail the permitted activities of the enterprise to
which it was granted. An approved telecommunication services operator must conduct its business (whether basic or value-added) in accordance
with the specifications recorded in its telecommunications operating License.
The
Group's current and future business activities include providing information services and content to users through its mobile applications
including
Qutoutiao
,
Midu Novels
,
Midu Lite
and providing online data processing and transaction processing services
and providing 1v1 audio and video real-time communication service within mobile applications, all of which might be regarded as value-added
telecommunications services under the Catalogue. Certain of the Group VIEs have been granted the VAT Licenses which authorize relevant
companies' provision of information services through the Internet. Please refer to "— Licenses and Permissions Requirements"
for more details. All of the licenses are also subject to annual inspection.
Regulations
on Foreign Direct Investment in Value-Added Telecommunications Companies
Investment
activities in China by foreign investors are principally governed by the Special Administrative Measures (Negative List) for Foreign
Investment Access, or the Negative List and the Industry Guidelines on Encouraged Foreign Investment, or the Encouraging Catalog, which
were promulgated and were amended from time to time by the MOFCOM and the NDRC. The Negative List and Encouraging Catalog classify the
industries into three categories with regard to foreign investment: (i) "encouraged," (ii) "restricted" and (iii)
"prohibited."
The
current effective negative list is the Special Administrative Measures (Negative List) for Foreign Investment Access (2021 Version),
or the 2021 Negative List, which became effective on January 1, 2022. Industries that are not listed in the 2021 Negative List are permitted
areas for foreign investments and are generally open to foreign investment unless specifically restricted by other PRC regulations. Some
restricted industries are limited to equity or contractual joint ventures, while in some cases Chinese partners are required to hold
majority interests in such joint ventures. In addition, projects in the restricted category may be subject to higher-level government
approval requirements. Foreign investors are not allowed to invest in industries in the prohibited category.
81
In
addition, foreign direct investment in telecommunications companies in China is governed by the Provisions on the Administration of Foreign-Invested
Telecommunications Enterprises, or the FITE Regulations, which were issued by the State Council on December 11, 2001, became effective
on January 1, 2002 and amended and issued on September 10, 2008, on February 6, 2016 and on March 29, 2022 (became effective on May 1,
2022). Pursuant to the FITE Regulations and the 2021 Negative List, subject to undertakings for opening telecommunication industries
made by China for joining World Trade Organization, the ultimate foreign equity ownership in a value-added telecommunications services
provider cannot exceed 50%, except for e-commerce, domestic multiparty communications, store-and-forward and call centers. Furthermore,
the prior FITE Regulations used to require that, for a foreign investor to own any equity interest in a value-added telecommunication
business in China, it must satisfy a number of stringent performance and operational experience requirements, including demonstrating
a good track record and experience in operating a value-added telecommunications business, and obtain approvals from the MIIT and the
MOFCOM or their authorized local counterparts, which retain considerable discretion in granting approvals. Although the previous requirement
of good track record and experience has been cancelled in the newly modified FITE Regulation since May 1, 2022, this modification is
relatively new and uncertainties exist in relation to its interpretation and implementation.
On
July 13, 2006, the MIIT issued the Notice of the Ministry of Information Industry on Intensifying the Administration of Foreign Investment
in Value-added Telecommunications Services, or the MIIT Notice, which reiterates certain provisions of the FITE Regulations. In addition
to the provisions stated in FITE Regulations, the MIIT Notice further provide that a domestic company that holds a license for the provision
of Internet information services, or an ICP license, is prohibited from leasing, transferring or selling the ICP license to foreign investors
in any form, and from providing any assistance, including providing resources, sites or facilities, to foreign investors to conduct value-added
telecommunications businesses illegally in China. The MIIT Notice also requires each ICP license holder to have appropriate facilities
for its approved business operations and to maintain such facilities in the regions covered by its license, and specifically, with regard
to the domain names and trademarks, the MIIT Notice required that trademarks and domain names that are used in the provision of Internet
content services must be owned by the ICP license holder or its shareholders. One of the Group VIEs, Shanghai Jifen, which holds the
ICP license, owns the Group's major domain names, and holds or has applied for registration in the PRC of trademarks related to
the Group's business and owns and maintains facilities that we believe are appropriate for the Group's business operations.
In
view of these restrictions on foreign direct investment in the value-added telecommunications sector, the Group established various domestic
consolidated affiliated entities to engage in value-added telecommunications services. For a detailed discussion of the Group VIEs and
their subsidiaries, please refer to "Item 4. Information on the Company — D. Organizational Structure." Due to a lack
of interpretative materials from the relevant PRC governmental authorities, there are uncertainties regarding whether PRC governmental
authorities would consider the Group's corporate structure and contractual arrangements to constitute foreign ownership of a value-added
telecommunications business. For details, please refer to "Item 3 Key Information — D. Risk Factors — Risks Relating
to Our Industry and Business — If the PRC government deems that the contractual arrangements in relation to the Group VIEs do not
comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation
of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those
operations. In addition, our ADSs may significantly decline in value or become worthless if we are unable to assert our contractual control
over the assets of the Group VIEs." In order to comply with PRC regulatory requirements, the Group operates a portion of its business
through the Group VIEs and their subsidiaries, with which we have contractual relationships but in which we do not have an actual ownership
interest. If the Group's current ownership structure is found to be in violation of current or future PRC laws, rules or regulations
regarding the legality of foreign investment in the PRC Internet sector, we could be subject to severe penalties.
82
Regulations
on the Provision of Internet Content
Regulation
on Internet Information Services
The
Administrative Measures on Internet Information Services
, or the Internet Content Measures, which was promulgated by the State
Council on September 25, 2000 and amended on January 8, 2011, set out guidelines on the provision of Internet information services. The
Internet Content Measures classifies Internet information services into commercial Internet information services and non-commercial Internet
information services, and commercial Internet information services refer to services that provide information or services to Internet
users with charge. A provider of commercial Internet information services must obtain an ICP License, and, prior to the application for
such ICP License from the MIIT or its local branch at the provincial or municipal level, entities providing online information services
regarding news, publishing, education, medicine, health, pharmaceuticals and medical equipment must procure the consent of the national
authorities responsible for such areas. As a provider of commercial Internet information services, Shanghai Jifen, Big Rhinoceros Horn
and other relevant entities have been granted the ICP Licenses as mentioned above, which authorize relevant companies' provision
of information services via the Internet.
On
January 8, 2021, the CAC issued the
Administrative Measures on Internet Information Services (Draft for Public Comments)
, or the
Draft Measures, which states that the provider of Internet information services for cultural, publishing and audio-visual programs shall
obtain permission from relevant departments and the entities that engage in Internet news and information services shall submit an application
to the network information department. As of the date of this annual report, the Draft Measures has not been enacted.
In
addition to the approval and license requirements, various ministries and agencies in the PRC, including the MIIT, the News Office
of the State Council, the Ministry of Culture and Tourism and the General Administration of Press and Publication, have promulgated
multiple measures relating to internet content, all of which specifically prohibit internet activities that result in the
dissemination of any content that infringes the legal rights of others, is found to contain pornography, promotes gambling or
violence, instigates crimes, undermines public morality or the cultural traditions of the PRC, or compromises state security or
secrets. For example, the Internet Content Measures specifies a list of prohibited content. Internet information providers are
prohibited from producing, copying, publishing or distributing information that is humiliating or defamatory to others or that
infringes the legal rights of others. Internet information providers that violate these measures may face criminal charges or
administrative sanctions, such as fines and revoking any relevant business operation licenses. Internet information providers must
monitor and control the information posted on their websites. If any prohibited content is found, they must remove the content
immediately, keep a record of such content and report to the relevant authorities. On December 15, 2019, the CAC promulgated the
Provisions on Ecological Governance of Network Information Content, which became effective on March 1, 2020, to further regulate the
network information and content. On November 29, 2021, the Office of the Ministry of Culture and Tourism issued the Opinions on
Strengthening the Protection of Minors in the Network Cultural Market, which propose the entities to strengthen the construction of
online content, explore the establishment of the review and judgment standards of the content unsuitable for minors to access,
continue to improve the ability to identify illegal content models and improve the professionalism and effectiveness of manual audit
to block and clean up the harmful content timely and effectively such as cult, pornography, illegal missionary, dangerous behavior,
negative values and so on. On October 16, 2023, the State Council issued the Regulation on the Protection of Minors in Cyberspace
which took effect on January 1, 2024. The Regulation provides that the organization or individual that produces, reproduces,
releases or disseminates the information that may affect the physical and mental health of minors, such as information that may
cause or induce minors to imitate unsafe acts, to commit acts in violation of social morality, to produce extreme emotions or to
develop bad hobbies shall give a conspicuous reminder before displaying such information and the providers of cyber products and
services, personal information handlers, manufacturers and sellers of intelligent terminal products shall abide by laws,
administrative regulations and the relevant provisions of the State, respect social moralities, follow business ethics, act in good
faith, fulfill the obligation of protecting minors in cyberspace, assume social responsibilities and cooperate with the relevant
authorities in carrying out the supervision and inspection involving the protection of minors in cyberspace in accordance with the
law. Regulation on Internet News Dissemination Pursuant to the
Provisions for the Administration of Internet News Information
Services
promulgated by the CAC, which was issued on May 2, 2017 and became effective on June 1, 2017, an Internet news
information services license shall be obtained from CAC by the service provider for the provision of internet news information
services to the public in a variety of ways, including offering platforms for such dissemination. "News information" as
mentioned therein includes reports and comments relating to social and public affairs such as politics, economy, military affairs
and foreign affairs, as well as relevant reports and comments on social emergencies. The service providers shall meet various
qualifications and requirements as listed in such regulation, and further, to provide Internet-based news information services, the
service providers are also required to complete formalities for ICP License or filing with the competent telecommunications
authorities in accordance with the law. In practice, Internet news information service providers that are not state-owned, such as
our company, are required to introduce a state-owned shareholder in order to apply for the Internet news information services
license.
In
addition to the above, such regulation also stipulates that no organization may establish Internet-based news information service agencies
in the form of Sino-foreign joint ventures, Sino-foreign cooperative ventures or wholly foreign-owned enterprises. Any cooperation involving
Internet-based news information services and between Internet-based news information service agencies and foreign-invested enterprises,
or FIEs, shall be reported to the national CAC for security assessment.
83
The
Group is required to obtain an Internet news information services license from CAC for the dissemination of news through the Group's
mobile application. On July 30, 2019, Shanghai Jifen Culture Communications Co., Ltd., or Shanghai Jifen, one of the Group VIEs, obtained
an Internet News Information Services License from CAC.
Regulation
on Online Transmission of Audio-visual Programs
On
April 13, 2005, the State Council promulgated Decisions on the Entry of the Non-state owned Capital into the Cultural Industry, according
to which non-state-owned capital and foreign investors are generally not allowed to conduct the business of transmitting audio-visual
programs via information network.
On
December 20, 2007, the NRTA (previously known as SART, GAPPRFT and SARFT) and MIIT jointly issued the Administrative Provisions for the
Internet Audio-Video Program Service, or the Audio-visual Program Provisions, which came into effect on January 31, 2008 and was amended
on August 28, 2015. The Audio-visual Program Provisions define "Internet audio-visual programs services" as the production,
edition and integration of audio-video programs, the supply of audio-video programs to the public via the Internet, and the provision
of upload and audio-video programs transmission services to a third party. Entities engaging in Internet audio-visual programs services
must obtain an internet audio-visual program transmission license, which will only be issued to state-owned or state-controlled entities.
According to the Categories of the Internet Audio-Video Program Services (Trial) modified by the NRTA on March 10, 2017, "aggregation
of Internet audio-visual programs", which means "editing and arranging the Internet audio-visual programs on the same website
and providing searching and watching services to public users", falls into the definition of the aforementioned "Internet
audio-visual programs services."
On
March 31, 2009, the NRTA promulgated the Notice on Strengthening the Administration of the Content of Internet Audio-Visual Programs,
which reiterates the pre-approval requirements for the internet audio-visual programs, including those on mobile network (if applicable),
and prohibits internet audio-visual programs containing violence, pornography, gambling, terrorism, superstition, or other prohibited
elements.
The
NRTA issued the Supplemental Notice on Improving the Administration of Online Audio-visual Content Including Internet Drama and Micro
Films on January 2, 2014. This notice emphasizes that entities producing online audio-visual content, such as internet drama and micro
films, must obtain a Radio and Television Program Production and Operation License, and that online audiovisual content service providers
cannot release any internet drama or micro films that were produced by any entity lacking such license. For internet drama or micro films
produced and uploaded by individual users, the online audio-visual service providers transmitting such content will be deemed responsible
as a producer. Further, under this notice, online audio-visual service providers can only transmit content uploaded by individuals whose
identity has been verified and such content shall comply with the relevant content management rules. This notice also requires that online
audio-visual content, including internet drama and micro films, to be filed with the relevant authorities before release.
In
March 2018, the SAPPRFT issued the Notice on Further Regulating the Transmission Order of Internet Audio-visual Programs, which requires
that, among others, audio-visual platforms shall: (i) not produce or transmit programs intended to parody or denigrate classic works,
(ii) not re-edit, re-dub, re-caption or otherwise ridicule classic works, radio and television programs, or original internet audio-visual
programs without authorization, (iii) not transmit re-edited programs which unfairly distort the original content, (iv) strictly monitor
the adapted content uploaded by platform users and not provide transmission channels for illicit content, (v) immediately take down unauthorized
content upon receipt of complaints from copyright owners, radio and television stations, or film and television production institutions,
(vi) strengthen the administration of movie trailers and prevent improper broadcasting of movie clips and trailers prior to authorized
release, and (vii) strengthen the administration of sponsorship and endorsement for internet audio-visual programs. Pursuant to this
notice, the provincial branches of SAPPRFT shall have the authority to supervise radio and television stations and websites that offer
audio-visual programs within its jurisdiction and require them to further improve their content management systems and implement relevant
management requirements.
84
On
January 9, 2019, the China Net-casting Services Association, or the CNSA, issued the Regulations on Administration of Network Short Video
Platforms, pursuant to which a network platform is required to obtain the Audio-Visual Permit and relevant qualifications to provide
short video services, and to strictly operate within the scope of such permit. The network short video platform is required to establish
a chief-editor content management and responsibility system, and all content of a short video, including but not limited to its title,
description, bullet-chats and comments shall be reviewed in advance before the content is broadcasted. Furthermore, the number of content
reviewers a platform is required to host should, in principle, be more than one-thousandth of the number of short videos newly broadcasted
on the platform per day. The content reviewers are expected to have high political awareness and professionality. On the same day, CNSA
issued the Censoring Criteria for Network Short Video Content, which was amended in December 2021 and set forth certain details of content
prohibited to be broadcasted, such as violence, pornography, gambling, terrorism, and other illegal or immoral content.
According
to the Administrative Provisions on Online Audio-Visual Information Services, promulgated jointly by the CAC, the MCT and the NRTA on
November 18, 2019 and became effective on January 1, 2020, online audio-visual information service providers shall authenticate user's
real identity information based on organization code, identity card number, mobile phone number, etc. Online audio-visual information
service providers shall not serve users who fail to provide their real identity information. Online audio-visual information service
providers shall strengthen the management of the audio-visual information posted by users, deploy and apply identification technologies
for illegal and non-real audio and video; if any user is found to produce, post or disseminate content prohibited by laws or regulations,
the transmission of such information shall be ceased, and disposal measures such as deletion shall be taken to prevent the information
from spreading, and such service providers shall save relevant records, and report to the CAC, the MCT, the NRTA, etc.
Although
the Group has been taking measures to ensure compliance, it may not be able to fully comply with Audio-visual Program Provisions. See
"Item 3. Key Information — D. Risk Factors — Risks Relating to Our Industry and Business — The Group's
inability to fully comply with Audio-visual Program Provisions may expose it to administrative sanctions, which would materially and
adversely affect the Group's business, results of operations and financial condition."
Regulations
Related To Online Live Streaming Services
On
November 4, 2016, the CAC issued the
Administrative Regulations on Online Live Streaming Services
, or the Online Live Streaming
Regulations, which came into effect on December 1, 2016. According to the Online Live Streaming Regulations, all online live streaming
service providers shall take various measures during operation of live streaming services, including, but not limited to: (i) establish
platforms for reviewing live streaming content, conducting classification and grading management according to the online live streaming
content categories, user scale and others, add tags to graphics, video, audio or broadcast tag information for platforms; (ii) conduct
verification on online live streaming users with valid identification information (e.g., authentic mobile phone numbers) and validate
the registration of online live streaming publishers based on their identification documents (such as identity documents, business licenses
and organization code certificates); (iii) examine and verify the authenticity of the identification information of online live streaming
service publishers, classify and file such identification information records with the Internet information offices at the provincial
level where they are located and provide such information to relevant law enforcement departments upon legal request; (iv) enter into
a service agreement with the users of online live streaming services of which the essential clauses shall be under guidance of Internet
information offices at the provincial level, to clarify the rights and obligations of the parties and require them to comply with the
laws, regulations and platform conventions; and (v) establish a credit-rating system and a blacklist system, to provide management and
services according to such credit rating, prohibit re-registration of accounts by online live streaming service users on the black list
and promptly report such users to relevant Internet information offices.
On
September 2, 2016, the State Administration of Press, Publication, Radio, Film and Television, or the SAPPRFT (currently known as the
NRTA), issued the Circular on Issues concerning Strengthening the Administration of Online Live Streaming of Audio-Visual Programs, or
the Online Live Streaming Circular. According to the Online Live Streaming Circular, appropriate Audio-Visual Permit is a prerequisite
for online audio-visual live streaming of general cultural events of social communities, sports events, important political, military,
economic, social, and cultural events. Relevant information about specific activities to be streamed shall be filled in advance to the
provincial counterparts of the SAPPRFT. Online audio-visual live streaming service providers shall censor and tape such programs and
retain them for at least 60 days for future check by the administrative departments; and they shall have an emergency plan in place to
replace programs in violation of laws and regulations. Bullet-screen comments shall be forbidden in the live streaming of important political,
military, economic, social, sports and cultural events. Special censor shall be appointed for bulletscreen comments in the live streaming
of general cultural events of social communities and sports events. Hosts, guests and targets hired or invited by online audio-visual
live streaming programs shall meet the following requirements: (i) patriotic and law-abiding; (ii) good public reputation and social
image, no scandals and misdeeds; and (iii) dress, hairstyle, language and actions are consistent with public order and good morals, and
not drawing topics with vulgar content or content inappropriate to discuss in public.
85
According
to the Measures for the Administration of Cyber Performance Business Operations, promulgated by the Ministry of Culture on December 2,
2016 and became effective on January 1, 2017, a cyber-performance business entity engaging in cyber performance business operations shall,
in accordance with the Internet Culture Provisions, apply to the cultural administrative department at the provincial level for an Internet
Cultural Business Licenses, or ICB License, and the license shall specify the scope of its cyber performance. A cyber-performance business
entity shall indicate the number of its ICB License in a conspicuous position on its homepage. According to the 2021 Negative List, foreign
investors are prohibited from investing in an entity holding an ICB License (except for music). Consequently, foreign investors are prohibited
from investing in businesses that carry out and operate the short video and live streaming and online game via platform(s), as these
businesses are deemed as businesses subject to foreign-investment prohibition by virtue of the platform's need to obtain an ICB
License (except for music).
According
to the Notice on Strengthening the Management of Internet Live Streaming Service issued by the Office of the National "Anti-pornography
and Anti-illegal" Working Group, MIIT, the Ministry of Public Security, MCT, NRTA and CAC on August 1, 2018, live streaming service
providers shall perform website ICP filing procedures with the competent telecommunication department according to law, and live streaming
service providers involved in operating telecommunication business and internet news information, network performance, live streaming
of audio-visual programs and other businesses shall apply to the relevant departments to obtain licenses for telecommunication business
operation, internet news information services, network culture operation, and Audio-Visual Permit, etc., and within 30 days of the live
streaming service going online, shall carry out public security registration procedures in accordance with relevant regulations with
the public security authorities.
According
to Circular 78 issued by the NRTA on November 12, 2020, platforms providing online show live streaming or e-commerce live streaming services
shall register their information and business operations by November 30, 2020 on the National Internet Audio-visual Platforms Information
Management System. The overall ratio of front-line content analysts to live streaming rooms shall be 1:50 or higher on such platforms.
The training for content analysts shall be strengthened and content analysts who have passed the training shall be registered in the
system. A platform shall report the number of its live streaming rooms, streamers and content analysts to the provincial branch of the
NRTA on a quarterly basis. If celebrities or persons of non-PRC nationality intend to open live streaming rooms on a platform, they shall
also report to competent authorities in advance. Online show live streaming platforms shall tag content and streamers by category. A
streamer cannot change the category of the programs offered in his or her live streaming room without prior approval from the platform.
In
order to further strengthen the standardized management of the online live streaming industry, the CAC, the National Office of Anti-Pornography
and Anti-Illegal, the MIIT, the Ministry of Public Security, or the MPS, the MCT, the SAMR and the NRTA jointly issued the Circular on
the Guiding Opinions on Strengthening Standardized Management of Online Live Streaming on February 9, 2021, which further states that
live-streaming platforms which carry out commercial online performances shall hold the ICB License, and go through ICP record-filing
and live streaming platforms which provide online audio-visual program services must obtain the Audio-Visual Permit (or complete the
registration on the National Internet Audio-visual Platforms Information Management System) and complete the ICP filing procedure.
On
March 25, 2022, the CAC, the SAT and the SAMR jointly issued Opinions on Further Regulating Profit-making Behaviors of Webcast to Promote
the Healthy Development of the Industry, which provides that online live streaming platforms shall, on a semi-annual basis, submit to
the cyberspace administration at the provincial level and the competent tax authorities in the places where they are located information
such as the personal identity of an online live streaming publisher who engages in online live streaming for profit, his or her live
streaming account, online nickname, account name, type of income, and profitability and cooperate with cyberspace, market regulation,
taxation and other authorities to conduct supervision and inspection according to the relevant laws.
86
The
Law of the PRC on the Protection of Minors (Revised in 2020) promulgated on October 17, 2020 and effective on June 1, 2021, provide that,
among others, internet live streaming service providers shall not provide minors under age 16 with online live streaming publisher account
registration service, and must obtain the consent from parents or guardians and verify the identity of the minors before allowing minors
aged 16 or above to register live streaming publisher accounts.
On October 16, 2023, the State Council issued the Regulation on the Protection of Minors in Cyberspace which took effect on January 1,
2024. The Regulation provides that cyber service providers that provide minors with information release, instant messaging and other services
shall require the minors or their guardians to provide the real identity information of the minors in accordance with the law; if the
minors or their guardians refuse to provide the real identity information of the minors, cyber service providers shall not provide relevant
services for the minors. Furthermore, the online live-streaming service providers shall establish a dynamic verification mechanism for
the real identity information of an online live-streaming uploader and shall not provide online live-streaming uploading services for
minor users who do not conform to the legal provisions.
As
of the date of this annual report, the Group has completed the registration on the National Internet Audio-visual Platforms Information
Management System with our
Qutoutiao
app. Uncertainty remains as to the interpretation of the online live streaming regulations,
which may require the Group to take further actions and/or subject it to penalties. See "Item 3. Key Information — D. Risk
Factors — Risks Relating to Our Industry and Business — The Group may be adversely affected by the complexity, uncertainties
and changes in PRC regulation of Internet businesses and companies, including limitations on its ability to own key assets such as its
mobile applications."
Regulations
on Internet Publishing
On
February 4, 2016, the SAPPRFT and MIIT jointly issued the
Internet Publishing Rules
, which took effect on March 10, 2016. "Online
publications" is defined, under the Internet Publishing Rules, as digital works that are edited, produced, or processed to be published
and provided to the public through the Internet, including (a) original digital works, such as articles, pictures, maps, games, and comics;
(b) digital works with content that is consistent with the type of content that, prior to the Internet age, typically was published in
media such as books, newspapers, periodicals, audio-visual products, and electronic publications; (c) digital works in the form of online
databases compiled by selecting, arranging, and compiling other types of digital works; and (d) other types of digital works identified
by the SAPPRFT. Under the Internet Publishing Rules, Internet operators distributing such online publications through information network
are required to obtain an Internet publishing license from SAPPRFT. Wholly foreign-owned enterprises, Sino-foreign equity joint ventures
and Sino-foreign cooperative enterprises are prohibited from engaging in the provision of Internet publishing services. In addition,
project cooperation between an Internet publishing service provider and a wholly foreign-owned enterprise, Sino-foreign equity joint
venture, or Sino-foreign cooperative enterprise within China or an overseas organization or individual involving Internet publishing
services shall be subject to examination and approval by the NRTA in advance. A company that fails to comply with these rules may be
ordered to close the website or pay fines or be subject to other penalties imposed by relevant authorities.
Pursuant
to the
Administrative Regulations on Publishing
(2020 Revised) promulgated by the State Council on November 29, 2020, organizations
and individually owned businesses engaging in distribution of publications through information network such as the Internet shall obtain
a Publication Operation License pursuant to the provisions of these regulations.
Uncertainty
remains as to the interpretation of the Internet Publishing Rules which may require the Group to take further actions and/or subject
it to penalties. See "Item 3. Key Information — D. Risk Factors — Risks Relating to Our Industry and Business —
The Group may be adversely affected by the complexity, uncertainties and changes in PRC regulation of Internet businesses and companies,
including limitations on its ability to own key assets such as its mobile applications."
Regulations
on Online Advertising Services
On
October 27, 1994, the SCNPC enacted the
Advertising Law of the PRC
, which was last amended on April 29, 2021, or the New Advertising
Law, to increase the potential legal liability of providers of advertising services, and to include provisions intended to strengthen
identification of false advertising and the power of regulatory authorities. On July 4, 2016, the SAIC issued the
Interim Measures
of the Administration of Online Advertising
, or the SAIC Interim Measures, which took effect on September 1, 2016, to further regulate
Internet advertising activities.
The
New Advertising Law and the SAIC Interim Measures both provide that advertisements posted or published through the Internet may not affect
users' normal usage of a network, and advertisements published in the form of pop-up windows on the Internet must display a "close"
sign prominently and ensure one-key closing of the pop-up windows. The SAIC Interim Measures provide that all online advertisements must
be marked "Advertisement" so that viewers can easily identify them as such.
87
With
regard to the content of the advertisement, according to the above laws and regulations, any advertisement that contains false or misleading
information to deceive or mislead consumers shall be deemed false advertising. The New Advertisement Law explicitly stipulates detailed
requirements for the content of several different kinds of advertisement, including advertisements for medical treatment, pharmaceuticals,
medical instruments, health food, alcoholic drinks, education or training, products or services having an expected return on investment,
real estate, pesticides, feed and feed additives, and some other agriculture-related advertisement. Also, according to the SAIC Interim
Measures, no advertisement of such special products or services which are subject to examination by an advertising examination authority
shall be published unless it has passed such examination.
On
November 26, 2021, the SAMR publicly solicited opinions on the Measures for the Administration of Online Advertising (Draft for Comments),
or the Draft Internet Advertising Measures. On February 25, 2023, the SAMR issued the Measures for the Administration of Online Advertising,
or the Internet Advertising Measures, which took effect on May 1, 2023. The Internet Advertising Measures states that platform operators
providing Internet information services shall take measures to prevent and stop false and illegal advertisements. The Internet Advertising
Measures further strengthen the one-click-to-close requirement and prohibit advertisements for certain items on Internet media that targets
minors, including, among others, advertisements related to online games that are harmful to the physical or mental health of minors.
The
New Advertising Law, the SAIC Interim Measures and Internet Advertising Measures require the Group to monitor the advertising content
shown on the Group's mobile applications to ensure that such content is true, accurate and in full compliance with applicable laws
and regulations. However, we cannot assure you that all of the content contained in such advertisements is true and accurate as required
by the advertising laws and regulations.
Furthermore,
on November 1, 2021, the MIIT promulgated the Notice of the Ministry of Industry and Information Technology on Launching the Action for
Improvements to the Perception of Information and Communications Services, under which, internet enterprises shall set obvious and effective
close buttons in the splash ads of their apps. On September 9, 2022, the Administrative Provisions on Internet Pop-up Window Information
Notification Services was issued by the CAC, the MIIT and the SAMR, effective from September 30, 2022, which requires that pop-up ads
shall be subject to content compliance review and shall be identifiable, prominently marked as "advertisement," and users
shall be notified expressly. Besides, pop-up ads shall be able to be closed with a single click, it is not allowed to present such information
as third-party links and QR codes leading and redirecting malicious traffic by way of pop-up information push services, or induce users
to click through such services to falsify or hijack traffic.
For
details, please see "Item 3. Key Information — D. Risk Factors — Risks Relating to Our Industry and Business —
Advertisements on the Group's mobile applications may subject us to penalties and other administrative actions."
Regulation
on Mobile Internet Applications Information Services
On
June 28, 2016, the CAC issued the
Provisions on the Administration of Mobile Internet Applications Information Services
, or
the APP Provisions, which became effective on August 1, 2016 and was amended on August 1, 2022. Under the APP Provisions, an app
provider providing Internet news information services through an app shall obtain a permit for Internet news information services,
and be prohibited from carrying out Internet news information service activities without permission or beyond the permitted scope
and an app provider providing other Internet information services that must be subject to examination and approval of the competent
authority or have obtained relevant permit in accordance with the law may only provide services upon examination and approval of the
competent authority or with the relevant permit. Furthermore, an app provider that launches new technologies, a new app, and new
functions with public opinion attributes or social mobilization capabilities shall conduct security assessment in accordance with
relevant provisions of the state.
On July 21, 2023, the MIIT issued the Notice of the Ministry of Industry and Information Technology on the Record-filing of Mobile Internet
Apps which became effective on July 21, 2023. The Notice provides that the app sponsor that engages in Internet information services within
the territory of the PRC shall go through the record-filing formalities in accordance with the relevant laws and regulations. Any app
sponsor that fails to complete the record-filing formalities shall not engage in app Internet information services.
88
Regulation
on Online Cultural Products
On
February 17, 2011, the MOC issued the new
Provisional Regulations for the Administration of Online Culture
, or the New Online
Culture Regulations, which took effect on April 1, 2011 and was amended on December 15, 2017, to replace the previous regulations which
were issued by MOC on May 10, 2003. The New Online Culture Regulations apply to entities engaging in activities related to "Internet
cultural products", which include those cultural products that are produced specially for Internet use, such as online music and
entertainment, online games, online plays, online performances, online works of art and Web animations, and those cultural products that,
through technical means, produce or reproduce music, entertainment, games, plays and other artworks for Internet dissemination.
Pursuant
to the New Online Culture Regulations, commercial entities are required to apply to the relevant local branch of the MOC for an Online
Culture Operating Permit if they engage in any of the following types of activities:
●
the
    production, duplication, importation, release or broadcasting of Internet cultural products;
●
the
    dissemination of online cultural products on the Internet or transmission thereof via Internet or mobile phone networks to users'
    terminals such as computers, fixed-line or mobile phones, television sets, gaming consoles and Internet surfing service sites such
    as Internet cafés for the purpose of browsing, using or downloading such products; or
●
the
    exhibition or holding of contests related to Internet cultural products.
The
New Online Culture Regulations further classifies Internet cultural activities into commercial Internet cultural activities and non-commercial
Internet cultural activities. Entities engaging in commercial Internet cultural activities must apply to the relevant authorities for
an Internet Cultural Business License, or ICB License, while non-commercial cultural entities are only required to report to related
culture administration authorities within 60 days of the establishment of such entity. According to the 2021 Negative List, foreign investors
are prohibited from investing in an entity holding an ICB License (except for music). Consequently, foreign investors are prohibited
from investing in businesses that carry out and operate the short video and live streaming and online game via platform(s), as these
businesses are deemed as businesses subject to foreign-investment prohibition by virtue of the platform's need to obtain an ICB
License (except for music).
The
MOC issued the
Notice of Adjusting the Scope of Internet Cultural Business License and Further Regulating the Approval
on May
14, 2019. Under such notice, the MOC will no longer accept new application for certain scopes including "game products (including
issuance of virtual currencies in online games)" while the permits which have already been approved with such scope are still valid
until expiration.
Certain
of the Group VIEs have obtained the Internet Cultural Business Licenses. Please refer to "Item 4. Information on the Company —
C. Regulations — Licenses and Permissions Requirements" for more details. All of the permits are also subject to annual inspection.
Regulation
on Cybersecurity and Data Security
Internet
security in China is regulated and restricted from a national security standpoint. On July 1, 2015, the SCNPC promulgated the new
National
Security Law
, which took effect on the same date and replaced the former National Security Law promulgated in 1993. According to
the new National Security Law, the state shall ensure that the information system and data in important areas are secure and controllable.
In addition, according to the new National Security Law, the state shall establish national security review and supervision institutions
and mechanisms, and conduct national security reviews of key technologies and IT products and services that affect or may affect national
security. There are uncertainties on how the new National Security Law will be implemented in practice.
89
The
SCNPC enacted the
Decisions on the Maintenance of Internet Security
on December 28, 2000, which was amended in August 27, 2009.
Such decision makes it unlawful to: (i) gain improper entry into a computer or system of strategic importance; (ii) disseminate politically
disruptive information; (iii) leak state secrets; (iv) spread false commercial information; or (v) infringe intellectual property rights.
The Ministry of Public Security has promulgated measures as below that prohibit the use of the Internet in ways which, among other things,
result in a leakage of State secrets or distribution of socially destabilizing content. The Ministry of Public Security has supervision
and inspection rights in this regard. If an ICP license holder violates these measures, the PRC government may revoke its ICP license
and shut down its websites.
On
December 16, 1997, the Ministry of Public Security issued the
Administration Measures on the Security Protection of Computer Information
Network with International Connections
, amended on January 8, 2011, which prohibits using the Internet to leak state secrets or to
spread socially destabilizing materials. If an ICP license holder violates these measures, the PRC government may revoke its ICP license
and shut down its websites. Pursuant to the
Ninth Amendment to the Criminal Law
issued by the SCNPC on August 29, 2015 and becoming
effective on November 1, 2015, any ICP provider that fails to fulfill the obligations related to Internet information security administration
as required by applicable laws and refuses to rectify upon orders, will be subject to criminal liability for (i) any dissemination of
illegal information in large scale; (ii) any severe effect due to the leakage of the client's information; (iii) any serious loss
of evidence of criminal activities; or (iv) other severe situations, and any individual or entity that (i) sells or provides personal
information to others unlawfully, or (ii) steals or illegally obtains any personal information, will be subject to criminal liability
in severe situations.
On
November 7, 2016, the SCNPC promulgated the
PRC Cybersecurity Law
, which took effect on June 1, 2017. The PRC Cybersecurity Law
applies to the construction, operation, maintenance, and use of networks as well as the supervision and administration of Internet security
in the PRC. The PRC Cybersecurity Law defines "networks" as systems that are composed of computers or other information terminals
and relevant facilities used for the purpose of collecting, storing, transmitting, exchanging, and processing information in accordance
with certain rules and procedures. "Network operators," who are broadly defined as owners and administrator of networks and
network service providers, shall meet their cyber security obligations and shall take technical measures and other necessary measures
to protect the safety and stability of their networks. Under the Cybersecurity Law, network operators are subject to various security
protection-related obligations, including:
●
complying
    with security protection obligations in accordance with tiered requirements with respect to maintenance of the security of Internet
    systems, which include formulating internal security management rules and developing manuals, appointing personnel who will be responsible
    for Internet security, adopting technical measures to prevent computer viruses and activities that threaten Internet security, adopting
    technical measures to monitor and record status of network operations, holding Internet security training events, retaining user
    logs for at least six months, and adopting measures such as data classification, key data backup, and encryption for the purpose
    of securing networks from interference, vandalism, or unauthorized visits, and preventing network data from leakage, theft, or tampering;
●
verifying
    users' identities before signing agreements or providing services such as network access, domain name registration, landline
    telephone or mobile phone access, information publishing, or real-time communication services;
●
clearly
    indicating the purposes, methods and scope of the information collection, the use of information collection, and obtain the consent
    of those from whom the information is collected when collecting or using personal information;
●
strictly
    preserving the privacy of user information they collect, and establish and maintain systems to protect user privacy; and
●
strengthening
    management of information published by users. When the network operators discover information prohibited by laws and regulations
    from publication or dissemination, they shall immediately stop dissemination of that information, including taking measures such
    as deleting the information, preventing the information from spreading, saving relevant records, and reporting to the relevant governmental
    agencies.
90
On
November 15, 2018, the Cyberspace Administration issued the Provisions on Security Assessment of the Internet Information Services with
Public Opinion Attributes or Social Mobilization Capacity, which came into effect on November 30, 2018. The provisions require internet
information providers to conduct security assessments on their internet information services if their services include forums, blogs,
microblogs, chat rooms, communication groups, public accounts, short-form videos, online live-streaming, information sharing, mini programs
or other functions that provide channels for the public to express opinions or have the capability of mobilizing the public to engage
in specific activities. Internet information providers must conduct self-assessment on, among other things, the legality of new technology
involved in the services and the effectiveness of security risk prevention measures, and file the assessment report with the local competent
cyberspace administration authority and public security authority.
On
March 13, 2019, the Office of the Central Cyberspace Affairs Commission and the SAMR jointly issued the Notice on App Security Certification
and the Implementation Rules on Security Certification of Mobile Internet Application, which encourages mobile application operators
to voluntarily obtain app security certification, and search engines and app stores are encouraged to recommend certified applications
to users.
On
April 13, 2020, the CAC, together with 11 other government agencies, jointly issued the Cybersecurity Review Measures, or the Review
Measures. The Review Measures, under which the scope of application, reporting procedures, evaluation factors and legal responsibilities
are stipulated, was implemented on June 1, 2020 to replace the
Measures for Security Review of Cyber Products and Services (for Trial
Implementation)
issued by the CAC on May 2, 2017. According to the Review Measures, if any operator of critical information infrastructure,
or the CIIOs, which, according to the Answers to Questions on the Review Measures published by the CAC on April 27, 2020, shall include
operators of telecommunication, purchases any network product or service which may bring potential risks to or may affect national security,
shall apply for a cybersecurity review to be conducted by Cybersecurity Review Office.
In
July 2020, the SCNPC released a draft data security law, or the Draft Data Security Law, for public comment. The Draft Data Security
Law provides for data security and privacy obligations on entities and individuals carrying out data activities. The Draft Data Security
Law also introduces a national security review procedure for those data activities which may affect national security and imposes export
restrictions on certain data information.
On
June 10, 2021, the Standing Committee of the National People's Congress, or the SCNPC, promulgated the PRC Data Security Law, which
came into effect on September 1, 2021. The PRC Data Security Law imposes data security and privacy protection obligations on entities
and individuals carrying out data activities, including but not limited to the collection, storage, use, processing, transmission, provision,
and public disclosure of data. Furthermore, the PRC Data Security Law proposes to establish a data classification and hierarchical protection
system to protect data by classification and level, depending on the importance of the data in economic and social development, and the
damage caused to national security, public interests, or the legitimate rights and interests of individuals and organizations if the
data is falsified, damaged, disclosed, illegally obtained or illegally used. The law also provides a national security review procedure
for data activities that may affect national security and imposes export restrictions on certain data and information.
The
Administrative Provisions on Security Vulnerability of Network Products, or the Provisions on Security Vulnerability, was jointly promulgated
by the MIIT, the CAC and the Ministry of Public Security on July 12, 2021 and became effective on September 1, 2021. Network product
providers, network operators as well as organizations or individuals engaging in the discovery, collection, release and other activities
of network product security vulnerability are subject to the Provisions. Network product providers, network operators and network product
security vulnerability collection platforms shall establish sound unimpeded channels to receive information of security vulnerability.
Cyber product providers shall perform the obligations to manage security vulnerabilities of cyber products, ensure that security vulnerabilities
of their products are timely repaired and released in a reasonable manner and guide users of their products to take preventive measures.
In response to the PRC Cybersecurity Law, network product providers are required to report relevant information of security vulnerability
of network products with the MIIT within two days and to provide technical support for network product users. Network operators shall
take measures to examine and fix security vulnerability after discovering or acknowledging that their networks, information systems or
equipment have security loopholes. According to the Provisions on Security Vulnerability, the breaching parties may be subject to monetary
fine as regulated in accordance with the PRC Cybersecurity Law. Since the Provisions on Security Vulnerability is relatively new, uncertainties
still exist in relation to its interpretation and implementation.
91
On
July 30, 2021, the State Council of the PRC promulgated the Provisions on Protection of the Security of Critical Information Infrastructure,
which took effect on September 1, 2021. Pursuant to the Provisions on Protection of the Security of Critical Information Infrastructure,
critical information infrastructure shall mean any important network facilities or information systems of the important industry or field
such as public communication and information service, energy, communications, water conservation, finance, public services, e-government
affairs and national defense science, which may endanger national security, people's livelihood and public interest in case of
damage, function loss or data leakage. In addition, relevant administration departments of each critical industry and sector, which are
referred to as the "Protection Departments," shall be responsible for formulating eligibility criteria and identifying the
critical information infrastructure operator in the respective industry or sector. The operators shall be informed about the final determination
as to whether they are categorized as critical information infrastructure operators.
On
November 14, 2021, the CAC issued the Draft Network Data Security Management Regulations for public comments, pursuant to which, data
processors carrying out the following activities must, in accordance with the relevant national regulations, apply for a cybersecurity
review: (i) the merger, reorganization or spin-off of internet platform operators that possess a large number of data resources related
to national security, economic development and public interests that affects or may affect national security; (ii) listing in a foreign
country of data processors that process the personal information of more than one million users; (iii) listing in Hong Kong of data processors
and such listing affects or may affect national security; and (iv) other data processing activities that affect or may affect national
security. The scope of and threshold for determining what "affects or may affect national security" is still subject to uncertainty
and further elaboration by the CAC. It further requires that a data processor which processes important data or is listed overseas shall
complete an annual data security assessment either self-conducted or conducted by a data security service organization engaged, and before
January 31 of each year, submit the annual data security assessment report of the previous year to the local cyberspace affairs administration
department. As of the date of this annual report, the Network Data Security Management Regulations was released for public comment only,
and no interpretation or implementation rules for this proposed regulation have been issued by the CAC or any other PRC regulatory authorities.
It remains uncertain when the Network Data Security Management Regulations will be adopted and become effective and whether it will be
adopted as was initially proposed.
On
December 28, 2021, the CAC and 12 other PRC regulatory authorities jointly issued the revised Cybersecurity Review Measures, which became
effective from February 15, 2022. The revised Cybersecurity Review Measures require that, (i) any procurement of network products and
services by critical information infrastructure operators, which affects or may affect national security, (ii) any data processing activities
by network platform operators, which affects or may affect national security, or (iii) any network platform operators which has personal
information of more than one million users and is going to be listed abroad, shall be subject to cybersecurity review. Furthermore, the
relevant PRC governmental authorities may initiate cybersecurity review if they determine certain network products, services, or data
processing activities affect or may affect national security. If the Group was found to be in violation of applicable laws and regulations
of the PRC during such review, it could be subject to administrative penalties, such as warnings, fines, service suspension or removal
of the Group's apps from the relevant app stores. Therefore, cybersecurity review could have a material and adverse impact on the
Group's business, results of operations and financial condition. Since the measures were recently promulgated, there exist uncertainties
with respect to their interpretation and implementation.
On
September 17, 2021, the CAC, together with eight other government authorities, jointly issued the Guidelines on Strengthening the Comprehensive
Regulation of Algorithms for Internet Information Services. The guidelines provide that daily monitoring of data use, application scenarios,
and effects of algorithms must be carried out by the relevant regulators, and relevant regulators should conduct security assessments
of algorithms. The guidelines also provide that an algorithm filing system should be established, and classified security management
of algorithms should be promoted.
92
On
July 7, 2022, the CAC promulgated the Measures for the Security Assessment of Cross-Border Data Transfer, which took effect on September
1, 2022 and requires the data processor providing data overseas and falling under any of the following circumstances apply for the security
assessment of cross-border data transfer by the national cybersecurity authority through its local counterpart: (i) where the data processor
intends to provide important data overseas; (ii) where the critical information infrastructure operator and any data processor who has
processed personal information of more than 1,000,000 individuals intend to provide personal information overseas; (iii) where any data
processor who has provided personal information of 100,000 individuals or sensitive personal information of 10,000 individuals to overseas
recipients accumulatively since January 1 of the last year intends to provide personal information overseas; and (iv) other circumstances
where the security assessment of cross-border data transfer is required as prescribed by the CAC. Furthermore, the data processor shall
conduct a self-assessment on the risk of cross-border data transfer prior to applying for the foregoing security assessment, under which
the data processor shall focus on certain factors, including, among others, the legitimacy, fairness and necessity of the purpose, scope
and method of cross-border data transfer and the data processing of overseas recipients, the risks that the cross-border data transfer
may bring to national security, public interests and the legitimate rights and interests of individuals or organizations as well as whether
the cross-border data transfer related contracts or the other legally binding documents to be entered with overseas recipients have fully
included the data security protection responsibilities and obligations.
On
February 22, 2023, the CAC issued the Measures for the Standard Contract for Outbound Transfer of Personal Information, which will take
effect on June 1, 2023. It provides that the personal information handler transferring personal information abroad by entering into the
standard contract shall meet all of the following conditions: (i) it is not a critical information infrastructure operator; (ii) it processes
the personal information of less than one million individuals; (iii) it has cumulatively transferred abroad the personal information
of less than 100,000 individuals since January 1 of the previous year; and (iv) it has cumulatively transferred abroad the sensitive
personal information of less than 10,000 individuals since January 1 of the previous year and prior to the outbound transfer of personal
information, the personal information handler shall conduct a personal information protection impact assessment. Furthermore, the personal
information handler shall, within ten working days after the standard contract enters into effect, apply for filing with the cyberspace
administration at the provincial level.
On March 22, 2024, the CAC issued the Provisions on Promoting and Regulating the Cross-border Flow of Data, or the Cross-border Flow of
Data Provisions, which took effect on the same day and provides that unless the otherwise provided, the data processor shall apply for
security assessment for cross-border data transfer to the CAC through the local cyberspace administration at the provincial level if any
of the following conditions is met (i) the critical information infrastructure operator transfers personal information or important data
abroad, or (ii) the data processor other than a critical information infrastructure operator transfers important data abroad, or has,
since January 1 of the current year, transferred the personal information of more than 1 million users (excluding sensitive personal information)
or the sensitive personal information of more than 10,000 users abroad cumulatively. Furthermore, the Cross-border Flow of Data Provisions
also provides that unless the otherwise provided therein, the data processor other than a critical information infrastructure operator
who has, since January 1 of the current year, transferred the personal information of more than 100,000 users, less than 1 million users
(excluding sensitive personal information) or the sensitive personal information of more than 10,000 users abroad cumulatively shall conclude
a standard contract for outbound transfer of personal information with overseas recipients or go through the authentication for protection
of personal information in accordance with the law.
On
December 31, 2021, the CAC, the MIIT, the Ministry of Public Security, and the SAMR jointly promulgated the Administrative Provisions
on Internet Information Service Algorithm Recommendation, which took effect on March 1, 2022. The Administrative Provisions on Internet
Information Service Algorithm Recommendation, among others, implements classification and hierarchical management for algorithm recommendation
service providers based on various criteria, requires algorithm recommendation service providers to inform users of their provision of
algorithm recommendation services in a conspicuous manner, and publicize the basic principles, purpose intentions, and main operating
mechanisms of algorithm recommendation services in an appropriate manner, and requires such service providers to provide users with options
that are not specific to their personal profiles, or convenient options to cancel algorithmic recommendation services. In addition, the
Administrative Provisions on Internet Information Service Algorithm Recommendation states that an algorithm recommendation service provider
with public opinion attribute or social mobilization ability shall, within ten working days from the date of provision of services, fill
in such information as the service provider's name, service form, application field, algorithm type, algorithm self-assessment
report and content to be disclosed via the internet information service algorithm record-filing system to go through record-filing formalities.
On
September 12, 2022, the CAC issued Decision on Amending the Cybersecurity Law of the People's Republic of China (Draft), which
mainly increases penalties for violations of network operation security, user personal information protection, critical information infrastructure
security protection and network information security, and to make transferable provisions on specific liability provisions.
On November 25, 2022, the CAC issued Administrative Provisions on Deep Synthesis of Internet-based Information Services, which took effect
on January 10, 2023 and provides that the deep synthesis service providers shall implement principal responsibility for information security,
establish sound management systems for user registration, algorithmic mechanism review, scientific and technological ethics review, information
release review, data security, personal information protection, anti-telecommunication and Internet fraud, emergency response and other
management systems, and have safe and controllable technical support measures in place. In addition, the deep synthesis service providers
shall authenticate the real identity information of deep synthesis service users and shall not provide information publishing services
for deep synthesis service users who have not gone through the authentication of their real identity information.
93
On
December 8, 2022, the CAC promulgated the Administrative Measures on Data Security in the Field of Industry and Information Technology
(for Trial Implementation), or the Administrative Measures, which became effective on January 1, 2023. According to the Administrative
Measures, the data in the field of industry and information technology are divided into three levels, namely general data, important
data and core data, based on the degree of hazard caused to national security, public interests or the legitimate rights and interests
of individuals and organizations due to the tampering, destruction, leakage or illegal acquisition or illegal use of data. The data for
the degree of hazard meeting any of the following conditions is important data: (i) posing threats to politics, land, military, economy,
culture, society, science and technology, electromagnetism, network, ecology, resources, nuclear security, etc., and affecting overseas
interests, biology, outer space, polar region, deep sea, artificial intelligence and other key fields related to national security; (ii)
having a serious impact on the development, production, operation and economic interests of the field of industry and information technology;
(iii) causing major data security incidents or work safety accidents, with a serious impact on public interests or the legitimate rights
and interests of individuals and organizations, with great adverse social impact; (iv) triggering obvious cascading effects, with the
scope of impact involving multiple industries, regions or multiple enterprises within an industry, or the impact lasting for a long time,
and having a serious impact on the industrial development, technological progress, industrial ecology, etc.; and (v) other important
data evaluated and determined by the MIIT. The data for the degree of hazard meeting any of the following conditions is core data: (i)
posing serious threats to politics, land, military, economy, culture, society, science and technology, electromagnetism, network, ecology,
resources, nuclear security, etc., and seriously affecting overseas interests, biology, outer space, polar region, deep sea, artificial
intelligence and other key fields related to national security; (ii) having a significant impact on the field of industry and information
technology and the important backbone enterprises, critical information infrastructure, important resources, etc. thereof; (iii) causing
material damage to industrial production and operation, operation services of telecommunications network and Internet, development of
radio business, etc., resulting in large-scale shutdown and production suspension, large-scale radio business interruption, large-scale
network and service breakdown, loss of large amount of business handling capacity, etc.; and (iv) other core data evaluated and determined
by the MIIT. The data handlers in the field of industry and information technology, refer to industrial enterprises, software and information
technology service providers, telecommunications business operators obtaining a license for operation of telecommunications business,
entities using radio frequencies and stations and other subjects in the field of industry and information technology that independently
determine handling purposes and handling methods in the data handling activities, shall file their catalogues of important data and core
data with the local industrial regulatory authorities for the record.
The
Group has been making constant efforts to comply with the above PRC laws and regulations on cybersecurity and censorship. Any failure
or delay in the completion of the cybersecurity review procedures or any other non-compliance with the related laws and regulations may
result in fines or other penalties, including suspension of business, website closure, removal of the Group's app from app stores,
and revocation of licenses, as well as reputational damage or legal proceedings or actions against the Group, which may have a material
adverse effect on the Group's business, financial condition or results of operations. See "Item 3. Key Information —
D. Risk Factors — Risks Relating to Our Industry and Business — We may be subject to cybersecurity review by regulatory authorities
of the PRC in the future."
Regulation
on Privacy Protection
On
December 28, 2012, the SCNPC enacted the
Decision to Enhance the Protection of Network Information
, or the Information Protection
Decision, to enhance the protection of User Personal Information in electronic form. The Information Protection Decision provides that
Internet services providers must expressly inform their users of the purpose, manner and scope of the Internet services providers'
collection and use of User Personal Information, publish the Internet services providers' standards for their collection and use
of User Personal Information, and collect and use User Personal Information only with the consent of the users and only within the scope
of such consent. The Information Protection Decision also mandates that Internet services providers and their employees must keep strictly
confidential User Personal Information that they collect, and that Internet services providers must take such technical and other measures
as are necessary to safeguard the information against disclosure.
Under
the Several Provisions on Regulating the Market Order of Internet Information Services, issued by the MIIT on December 29, 2011 and became
effective on March 15, 2012, an Internet information service provider may not collect any user personal information or provide any such
information to third parties without the consent of a user, unless otherwise provided by laws or regulations. And the Internet information
service provider must expressly inform the users of the method, content and purpose of the collection and processing of such user's
personal information and may only collect and use such information as necessary for the provision of its services. An Internet information
service provider is also required to properly maintain the user's personal information, and in case of any leak or possible leak
of the user's personal information, the Internet information service provider must take immediate remedial measures and, in severe
circumstances, make an immediate report to the relevant telecommunications regulatory authority.
94
On
July 16, 2013, the MIIT issued the
Order for the Protection of Telecommunication and Internet User Personal Information
, or the
Order. Most of the requirements under the Order that are relevant to Internet services providers are consistent with the requirements
already established under the provisions discussed above, except that under the Order the requirements are often more strict and have
a wider scope. If an Internet services provider wishes to collect or use personal information, it may do so only if such collection is
necessary for the services it provides. Further, it must disclose to its users the purpose, method and scope of any such collection or
use, and must obtain consent from the users whose information is being collected or used. Internet services providers are also required
to establish and publish their protocols relating to personal information collection or use, keep any collected information strictly
confidential, and take technological and other measures to maintain the security of such information. Internet services providers are
also required to cease any collection or use of the user personal information, and de-register the relevant user account, when a given
user stops using the relevant Internet service. Internet services providers are further prohibited from divulging, distorting or destroying
any such personal information, or selling or providing such information unlawfully to other parties. The Order states, in broad terms,
that violators may face warnings, fines, and disclosure to the public and, in the most severe cases, criminal liability.
The
draft Measures on Security Assessment of Cross-Border Transfer of Personal Information and Important Data released in April 2017, which
requires the personal information should be stored within the PRC. If it is necessary to transmit data abroad due to business needs,
security assessment shall be conducted. Furthermore, for the transmission of personal information abroad, an explanation on the purpose,
scope, content and receiver of the data to be transmitted abroad, and the country or region where the receiver is located shall be given
to the owner of the personal information, and the transmission shall be consented by such owners.
The
draft Measures on Security Assessment of Cross-Border Transfer of Personal Information was released in June 2019. According to the measures,
prior to the intended cross-border data transmission, an official security assessment carried out by the PRC government authorities should
had been completed and a number of other specified criteria should had been met.
On
January 23, 2019, the Office of the Central Cyberspace Affairs Commission, the MIIT, the MPS, and the SAMR jointly issued the Notice
on Special Governance of Illegal Collection and Use of Personal Information via Apps, which restates the requirement of legal collection
and use of personal information, encourages app operators to conduct security certifications, and encourages search engines and app stores
to clearly mark and recommend those certified apps.
On
August 22, 2019, the CAC issued the Regulation on Cyber Protection of Children's Personal Information effective on October 1, 2019.
Network operators are required to establish special policies and user agreements to protect children's personal information, and
to appoint special personnel in charge of protecting children's personal information. Network operators who collect, use, transfer
or disclose personal information of children are required to, in a prominent and clear way, notify and obtain consent from children's
guardians.
On
November 28, 2019, the CAC, MIIT, the MPS and the SAMR jointly issued the Measures to Identify Illegal Collection and Usage of Personal
Information by Apps, which lists six types of illegal collection and usage of personal information, including, but not limited to "not
publishing rules on the collection and usage of personal information," "not providing privacy rules," and "collecting
and using users' personal information without consent."
On
May 28, 2020, the NPC adopted the Civil Code of the PRC, effective on January 1, 2021. According to the Civil Code, individuals have
the right of privacy. No organization or individual shall process any individual's private information or infringe an individual's
right of privacy, unless otherwise prescribed by law or with the consent of such individual or such individual's guardian. In addition,
personal information is protected by the PRC laws. Any processing of personal information shall be subject to the principles of legitimacy,
legality and necessity. An information processor must not divulge or falsify the personal information collected and stored by it, or
provide the personal information of an individual to others without the consent of such individual.
On
January 5, 2015, the SAIC promulgated the
Measures on Punishment for Infringement of Consumer Rights
and amended on October 23,
2020, pursuant to which business operators collecting and using personal information of consumers must comply with the principles of
legitimacy, propriety and necessity, specify the purpose, method and scope of collection and use of the information, and obtain the consent
of the consumers whose personal information is to be collected. Business operators may not: (i) collect or use personal information of
consumers without their consent; (ii) unlawfully divulge, sell or provide personal information of consumers to others; (iii) send commercial
information to consumers without their consent or request, or when a consumer has explicitly declined to receive such information.
95
The
MIIT issued the Notice on the Further Special Rectification of App Infringing upon Users' Personal Rights and Interests on July
22, 2020, which requires that certain conducts of app service providers should be inspected, including, among others, (i) collecting
or using personal information without the user's consent, collecting or using personal information beyond the necessary scope of
providing services, and forcing users to receive advertisements; (ii) requesting user's permission in a compulsory and frequent
manner, or frequently launching third-parties apps; and (iii) deceiving and misleading users into downloading apps or providing personal
information. It also sets forth that the period for the regulatory specific inspection on apps and that the MIIT will order the noncompliant
entities to modify their business within five business days, or otherwise the MIIT will make public announcement, remove the apps from
the app stores or impose other administrative penalties.
On
March 12, 2021, the CAC, the MIIT, the MPS and the SAMR jointly issued the Rules on the Scope of Necessary Personal Information for Common
Types of Mobile Internet Applications, or the Necessary Personal Information Rules, which came into effect on May 1, 2021. According
to the Necessary Personal Information Rules, mobile app operators shall not deny users' access to its basic functions and services
on the basis that such user disagrees with the provision of their personal information that is not necessary. The Necessary Personal
Information Rules further provides relevant scopes of necessary personal information for different types of mobile apps.
On
June 1, 2021, the Law of the PRC on the Protection of Minors (Revised in 2020), promulgated by the SCNPC, has come into effect, which
specifies stringent requirements for the protection of minors' information.
On
August 20, 2021, the SCPNC adopted the
Personal Information Protection Law
, or the Personal Information Protection Law, which
became effective on November 1, 2021. The law aims at protecting the personal information rights and interests, regulating the processing
of personal information, and promoting the reasonable use of personal information. The law requires personal information processors to
be responsible for its processing of personal information and take necessary measures to ensure the security of the personal information
processed.
On
October 26, 2021, the CAC published the Provisions on the Administrative of Account Names Information of Internet Users (Draft for Comments)
for public comments. Pursuant to these provisions, internet user account service platforms shall, among others, establish, improve and
strictly implement account name information management system, information content security system, and personal information protection
system, and establish an account name information dynamic check patrol system for the verification of real identity information, improve
their technical measures for purposes of account information legal compliance, and support account name authenticity checks. On June
27, 2022, the CAC promulgated the Administrative Provisions on the Account Information of Internet Users, which became effective on August
1, 2022. The internet information service provider shall, among others, (i) authenticate the identity information of the users who apply
for registration of relevant account and verify the account information submitted by users upon registration; and (ii) equip themselves
with professional and technical capabilities appropriate to the scale of services.
On October 16, 2023, the State Council issued the Regulation on the Protection of Minors in Cyberspace which took effect on January 1,
2024. The Regulation provides that the personal information handlers shall strictly abide by the provisions of the Cyberspace Administration
of China and relevant authorities on the scope of necessary personal information for cyber products and services, and shall not compel
minors or their guardians to consent to non-necessary personal information processing, nor shall they refuse minors to use their basic
functional services because the minors or their guardians do not agree to handle non-necessary personal information of minors or withdraw
their consent.
Regulations
Related to Intellectual Property Rights
Trademarks
On
August 23, 1982, the SCNPC promulgated the Trademark Law of the PRC, or the Trademark Law, which was amended in 1993, 2001, 2013 and
2019. The Implementation Regulation for the Trademark Law promulgated by the State Council came into effect on September 15, 2002 and
was further amended on April 29, 2014.
Under
the Trademark Law and the implementing regulation, the Trademark Office of the State Administration for Market Regulation, or the Trademark
Office, is responsible for the registration and administration of trademarks. The Trademark Office handles trademark registrations. China
has adopted a "first-to-file" principle for trademark registration. If two or more applicants apply for registration of identical
or similar trademarks for the same or similar commodities, the application that was filed first will receive preliminary approval and
will be publicly announced. Registered trademarks are valid for ten years from the date the registration is approved. A registrant may
apply to renew a registration within twelve months before the expiration date of the registration. If the registrant fails to apply in
a timely manner, a grace period of six additional months may be granted. If the registrant fails to apply before the grace period expires,
the registered trademark shall be deregistered. Renewed registrations are valid for ten years.
96
In
addition to the above, the SAIC has established a Trademark Review and Adjudication Board for resolving trademark disputes. According
to the Trademark Law, within three months since the date of the announcement of a preliminarily validated trademark, if a titleholder
is of the view that such trademark in application is identical or similar to its registered trademark for the same type of commodities
or similar commodities which violates relevant provisions of the Trademark Law, such titleholder may raise an objection to the Trademark
Office within the aforesaid period. In such event, the Trademark Office shall consider the facts and grounds submitted by both the dissenting
party and the party being challenged and shall decide on whether the registration is allowed within 12 months upon the expiration of
the announcement after investigation and verification, and notify the dissenting party and the person challenged in writing.
As
of December 31, 2023, the Group had registered 873 trademarks in the PRC, including the trademark for "Qutoutiao," and filed
1,358 trademark applications in the PRC.
Patents
The
National People's Congress adopted the
Patent Law of the People's Republic of China
in 1984 and amended it in 1992,
2000, 2008 and 2020, respectively. Under the newly issued version of the Patent Law, which became effective on June 1, 2021, a patentable
invention or utility model must meet three conditions: novelty, inventiveness and practical applicability. A patentable design shall
not be an existing design, nor shall any entity or individual has filed an application for the same design with the competent authorities
prior to the filing date and recorded in the patent documents published after the filing date. Patents cannot be granted for scientific
discoveries, rules and methods for intellectual activities, methods used to diagnose or treat diseases, animal and plant breeds, means
of nuclear transformation or substances obtained by means of nuclear transformation, etc. The Patent Office under the State Intellectual
Property Office is responsible for receiving, examining and approving patent applications. A patent is valid for a twenty-year term for
an invention, a ten-year term for a utility model and a fifteen-year term for a design, starting from the application date. Except under
certain specific circumstances provided by law, any third-party user must obtain consent or a proper license from the patent owner to
use the patent, or else the use will constitute an infringement of the rights of the patent holder.
As
of December 31, 2023, the Group had owned 20 patents and filed 74 patent applications in the PRC.
Copyrights
On
September 7, 1990, The National People's Congress promulgated the Copyright Law, which took effect on June 1, 1991 and was amended
in 2001, 2010 and 2020 (the 2020 amendment became effective on June 1, 2021). The Copyright Law extends copyright protection to Internet
activities, products disseminated over the Internet and software products. In addition, there is a voluntary registration system administered
by the China Copyright Protection Center.
In
order to further implement the Computer Software Protection Regulations, promulgated by the State Council on December 20, 2001 and amended
on January 30, 2013, which provides that a software copyright owner may register with the software registration institution recognized
by the copyright administration department of the State Council.
As
of December 31, 2023, the Group had been granted 581 software copyrights and 48 artwork copyrights in the PRC.
97
Domain
Names
The
MIIT promulgated the
Measures on Administration of Internet Domain Names
, or the Domain Name Measures, on August 24, 2017, which
took effect on November 1, 2017 and replaced
the Administrative Measures on China Internet Domain Name
promulgated by MIIT on
November 5, 2004. According to the Domain Name Measures, the MIIT is in charge of the administration of PRC Internet domain names. The
domain name registration follows a first-to-file principle. Applicants for registration of domain names shall provide the true, accurate
and complete information of their identifications to domain name registration service institutions. The applicants will become the holder
of such domain names upon the completion of the registration procedure.
As
of December 31, 2023, the Group was the registered holder of 141 domain names in the PRC.
Regulations
on Foreign Exchange
Under
the
Foreign Currency Administration Rules of the PRC
promulgated on January 29, 1996 and amended on August 5, 2008 and various
regulations issued by the State Administration of Foreign Exchange, or the SAFE, and other relevant PRC government authorities, Renminbi
is convertible into other currencies for current account items, such as trade-related receipts and payments and payment of interest and
dividends. The conversion of Renminbi into other currencies and remittance of the converted foreign currency outside the PRC for of capital
account items, such as direct equity investments, loans and repatriation of investment, requires the prior approval from the SAFE or
its local office. Payments for transactions that take place within the PRC must be made in Renminbi. Unless otherwise approved, PRC companies
may not repatriate foreign currency payments received from abroad or retain the same abroad. FIEs may retain foreign exchange in accounts
with designated foreign exchange banks under the current account items subject to a cap set by the SAFE or its local office. Foreign
exchange proceeds under the current accounts may be either retained or sold to a financial institution engaged in settlement and sale
of foreign exchange pursuant to relevant SAFE rules and regulations. For foreign exchange proceeds under the capital accounts, approval
from the SAFE is generally required for the retention or sale of such proceeds to a financial institution engaged in settlement and sale
of foreign exchange.
Pursuant
to the
Circular of the SAFE on Further Improving and Adjusting Foreign Exchange Administration Policies for Direct Investment
,
or the SAFE Circular 59 promulgated by SAFE on November 19, 2012, which became effective on December 17, 2012 and was further amended
on May 4, 2015, October 10, 2018 and December 30, 2019, approval is not required for opening a foreign exchange account and depositing
foreign exchange into the accounts relating to the direct investments. SAFE Circular 59 also simplified foreign exchange-related registration
required for the foreign investors to acquire the equity interests of PRC companies and further improve the administration on foreign
exchange settlement for FIEs.
On
February 13, 2015, the SAFE promulgated
the Circular on Simplifying and Improving the Foreign Currency Management Policy on Direct
Investment
, or the SAFE Circular 13, effective from June 1, 2015, which was amended on December 30, 2019. The SAFE Circular 13 cancels
the administrative approvals of foreign exchange registration of direct domestic investment and direct overseas investment and simplifies
the procedure of foreign exchange-related registration. Pursuant to SAFE Circular 13, investors should register with banks for direct
domestic investment and direct overseas investment.
The
SAFE promulgated the Notice of the State Administration of Foreign Exchange on Reforming the Administration of Foreign Exchange
Settlement of Capital of Foreign-invested Enterprises, or Circular 19, effective on June 1, 2015 which was amended on December 30,
2019 and on March 23, 2023. According to Circular 19, the flow and use of the Renminbi capital converted from foreign currency denominated registered
capital of a foreign-invested company is regulated such that Renminbi capital may not be used for the issuance of Renminbi entrusted
loans except for which permitted under business operation scope, the repayment of inter-enterprise loans or the repayment of banks
loans that have been transferred to a third party.
SAFE
promulgated the Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign Exchange
Settlement Management Policy of Capital Account, or Circular 16, effective on June 9, 2016 and amended on December 4, 2023, which reiterates some of the rules set
forth in Circular 19, but changes the prohibition against using Renminbi capital converted from foreign currency-denominated
registered capital of a foreign-invested company to issue Renminbi entrusted loans to a prohibition against using such capital to
issue loans to non-associated enterprises.
98
On
October 23, 2019, SAFE promulgated the Circular of the State Administration of Foreign Exchange on Further Promoting the
Facilitation of Cross-Border Trade and Investment, or SAFE Circular 28, which became effective on the same day and was amended on December 4, 2023. SAFE Circular 28
allows non-investment foreign-invested enterprises to use their capital funds to make equity investments in China as long as such
investments do not violate the currently effective Negative List and the target investment projects are genuine and in compliance
with laws. In addition, SAFE Circular 28 stipulates that qualified enterprises in certain pilot areas may use their capital income
from registered capital, foreign debt, and overseas listing for the purpose of domestic payments without providing authenticity
certifications to the relevant banks in advance for those domestic payments.
Regulations
on Dividend Distribution
The
principal laws and regulations regulating the dividend distribution of dividends by FIEs in the PRC include the
Company Law of the
PRC
, as amended in 2018 and Foreign Investment Law promulgated by SCNPC on March 15, 2019 and came into effect on January 1, 2020
and its implementation regulations that took effect on the same day.
Under
the current regulatory regime in the PRC, FIEs in the PRC may pay dividends only out of their retained earnings, if any, determined in
accordance with PRC accounting standards and regulations. A PRC company is required to set aside as statutory reserve funds at least
10% of its after-tax profit, until the cumulative amount of such reserve funds reaches 50% of its registered capital unless laws regarding
foreign investment provide otherwise. A PRC company shall not distribute any profits until any losses from prior fiscal years have been
offset. Profits retained from prior fiscal years may be distributed together with distributable profits from the current fiscal year.
As
of December 31, 2023, our wholly foreign-owned subsidiaries, Shanghai Quyun and Shanghai Zhicao, had incurred losses and would not be
able to pay dividends to our offshore entities until they generate accumulated profits and meet the requirements for statutory reserve
funds.
Regulations
on Taxation
Enterprise
Income Tax
On
March 16, 2007, the SCNPC promulgated the
Law of the PRC on Enterprise Income Tax
which was amended on December 29, 2018, and
on December 6, 2007, the State Council enacted the
Regulations for the Implementation of the Law on Enterprise Income Tax
(collectively,
the "EIT Law"), which was amended on April 23, 2019. Under the EIT Law, both resident enterprises and non-resident enterprises
are subject to tax in the PRC. Resident enterprises are defined as enterprises that are established in China in accordance with PRC laws,
or that are established in accordance with the laws of foreign countries but are actually or in effect controlled from within the PRC.
Non-resident enterprises are defined as enterprises that are organized under the laws of foreign countries and whose actual management
is conducted outside the PRC, but have established institutions or premises in the PRC, or have no such established institutions or premises
but have income generated from and inside the PRC. Under the EIT Law and relevant implementing regulations, a uniform corporate income
tax rate of 25% is applied. However, if non-resident enterprises have not formed permanent establishments or premises in the PRC, or
if they have formed permanent establishment or premises in the PRC but there is no actual relationship between the relevant income derived
in the PRC and the established institutions or premises set up by them, enterprise income tax is set at the rate of 10% with respect
to their income sourced from inside the PRC.
Value-added
Tax
The
Provisional Regulations of the PRC on Value-added Tax
, or the VAT Regulations, were promulgated by the State Council on December
13, 1993 and were last amended on November 19, 2017. The
Detailed Rules for the Implementation of the Provisional Regulations of the
PRC on Value-added Tax
(Revised in 2011) were promulgated by the Ministry of Finance on December 25, 1993 and were last amended
on October 28, 2011 (collectively with the VAT Regulations, the "VAT Law"). According to the VAT Law, all enterprises and
individuals engaged in the sale of goods, the provision of processing, repair and replacement services, and the importation of goods
within the territory of the PRC must pay value-added tax. For taxpayers selling or importing goods other than those specifically listed
in the VAT Law, the value-added tax rate is 17%.
99
On
November 16, 2011, the MOF and the SAT promulgated the
Pilot Plan for Imposition of Value-Added Tax to Replace Business Tax
, to
lay out main content of the pilot scheme for the reform of levying value-added tax in place of business tax. Further on March 23, 2016,
the MOF and the SAT jointly promulgated the
Notice on Fully Promoting the Pilot Plan for Replacing Business Tax by Value-Added Tax
,
which became effective on May 1, 2016 and was amended on July 11, 2017 and on March 20, 2019. Pursuant to the above mentioned notices,
VAT is generally imposed in lieu of business tax in the modern service industries, including the VATS, on a nationwide basis. VAT of
a rate of 6% applies to revenue derived from the provision of some modern services. Unlike business tax, a taxpayer is allowed to offset
the qualified input VAT paid on taxable purchases against the output VAT chargeable on the modern services provided.
On
November 19, 2017, the State Council promulgated the Decision of State Council on Abolition of the Provisional Regulations of the PRC
on Business Tax and Revision of the Provisional Regulations of the PRC on Value-added Tax, which took effective on the same date, to
formally abolish the Provisional Regulations of the People's Republic of China on Business Tax and amend the VAT Regulations accordingly.
On
March 20, 2020, Shanghai Chenxing performed record-filing for VAT tax invoice of software products and licenses of software products
and was subject to the VAT rate of 13%. As of the date of this annual report, Shanghai Chenxing is the only company in the Group that
is subject to the VAT rate of 13%. Besides that, as of December 31, 2023, our PRC subsidiaries, the Group VIEs and their subsidiaries
were generally subject to the VAT rate of 6%.
Withholding
Tax
The
EIT Law provides that since January 1, 2008, an income tax rate of 10% will normally be applicable to dividends declared to non-PRC resident
investors which do not have an establishment or place of business in the PRC, or which have such establishment or place of business but
the relevant income is not effectively connected with the establishment or place of business, to the extent such dividends are derived
from sources within the PRC.
Pursuant
to an Arrangement Between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation
and the Prevention of Fiscal Evasion with respect to Taxes on Income, or the Double Tax Avoidance Arrangement, and other applicable PRC
laws, if a Hong Kong resident enterprise is determined by the competent PRC tax authority to have satisfied the relevant conditions and
requirements under such Double Tax Avoidance Arrangement and other applicable laws, the 10% withholding tax on the dividends the Hong
Kong resident enterprise receives from a PRC resident enterprise may be reduced to 5%. However, based on the Circular on Certain Issues
with Respect to the Enforcement of Dividend Provisions in Tax Treaties, or the SAT Circular 81, issued on February 20, 2009 by the SAT,
if the relevant PRC tax authorities determine, at their discretion, that a company benefits from such reduced income tax rate due to
a structure or arrangement that is primarily tax-driven, such PRC tax authorities may adjust the preferential tax treatment.
Regulations
on Employment
Labor
Law and Labor Contract Law
The
Labor Law, which was promulgated on July 5, 1994 and amended on December 29, 2018, and the
Labor Contract Law of the PRC
, or the
Labor Contract Law, which took effect on January 1, 2008 and was amended on December 28, 2012, are primarily regulating rights and obligations
of employer and employee relationships, including the establishment, performance and termination of labor contracts. Pursuant to the
Labor Contract Law, labor contracts shall be concluded in writing if labor relationships are to be or have been established between employers
and employees. Employers are prohibited from forcing employees to work above certain time limit and employers shall pay employees for
overtime work in accordance to national regulations. In addition, employee wages shall be no lower than local standards on minimum wages
and shall be paid to employees timely. Violations of the Labor Contract Law and the Labor Law may result in the imposition of fines and
other administrative and criminal liability in the case of serious violations.
100
Regulations
on Social Insurance and Housing Fund
Under
the
Social Insurance Law of the PRC
that was promulgated by the SCNPC on October 28, 2010, came into force as of July 1, 2011
and was amended on December 29, 2018 and the Interim Regulations on the Collection and Payment of Social Insurance Premiums that was
promulgated by the State Council on and came into force as of January 22, 1999 and was amended on March 24, 2019, employers are
required to pay basic endowment insurance, unemployment insurance, basic medical insurance, employment injury insurance, maternity
insurance and other social insurance for its employees at specified percentages of the salaries of the employees, up to a maximum
amount specified by the local government regulations from time to time. Where an employer fails to fully pay social insurance
premiums, relevant social insurance collection agency shall order it to make up for any shortfall within a prescribed time limit,
and may impose a late payment fee at the rate of 0.05% per day of the outstanding amount from the due date. If such employer still
fails to make up for the shortfalls within the prescribed time limit, the relevant administrative authorities shall impose a fine of
1 to 3 times the outstanding amount upon such employer.
In
accordance with the
Regulations on the Management of Housing Fund,
which was promulgated by the State Council in 1999 and amended
in 2002 and 2019, employers must register at the designated administrative centers and open bank accounts for depositing employees'
housing funds. Employer and employee are also required to pay and deposit housing funds, with an amount no less than 5% of the monthly
average salary of the employee in the preceding year in full and on time.
Regulations
on Employee Share Incentive Plans
Pursuant
to the
Notice of Issues Related to the Foreign Exchange Administration for Domestic Individuals Participating in Stock Incentive Plan
of Overseas Listed Company
, or SAFE Circular 7, which was issued by the SAFE on February 15, 2012, employees, directors, supervisors,
and other senior management participating in any share incentive plan of an overseas publicly-listed company who are PRC citizens or
who are non-PRC citizens residing in China for a continuous period of not less than one year, subject to a few exceptions, are required
to register with SAFE through a domestic agency as regulated in SAFE Circular 7.
In
addition, the SAT has issued certain circulars concerning employee stock options and restricted shares, including the
Circular on
Issues Concerning the Individual Income Tax on Share-option Incentives
, or the Circular 461, which was promulgated and took
effective on August 24, 2009 and was amended on April 18, 2011. Under Circular 461 and other relevant laws and regulations, employees working in the PRC who exercise
stock options or are granted restricted shares will be subject to PRC individual income tax. The PRC subsidiaries of an overseas
listed company are required to file documents related to employee stock options and restricted shares with relevant tax authorities
and to withhold individual income taxes of employees who exercise their stock options or purchase restricted shares. If the
employees fail to pay or the PRC subsidiaries fail to withhold income tax in accordance with relevant laws and regulations, the PRC
subsidiaries may face sanctions imposed by the tax authorities or other PRC governmental authorities.
Regulations
Related to Mergers and Acquisitions and Overseas Listings
M&A
Rules
On
August 8, 2006, six PRC governmental and regulatory agencies, including MOFCOM and the China Securities Regulatory Commission, or the
CSRC, promulgated the
Rules on Acquisition of Domestic Enterprises by Foreign Investors
, or the M&A Rules, governing the mergers
and acquisitions of domestic enterprises by foreign investors that became effective on September 8, 2006 and was revised on June 22,
2009 and was amended on April 18, 2011. The M&A Rules, among other things, require that offshore special purpose vehicles that are
controlled by PRC companies or individuals and that have been formed for overseas listing purposes through acquisitions of PRC domestic
interest held by such PRC companies or individuals using shares of such special purpose vehicles or shares held by its shareholders as
considerations to obtain the approval of the CSRC prior to publicly listing and trading of such special purpose vehicle's securities
on an overseas stock exchange.
101
SAFE
Circular 37
Under
the Circular of the State Administration of Foreign Exchange on Issues Concerning the Foreign Exchange Administration over the
Overseas
Investment and Financing and Round-trip Investment by Domestic Residents via Special Purpose Vehicles
, or the SAFE Circular 37, issued
by the SAFE and effective on July 4, 2014, PRC residents are required to register with the local SAFE branch prior to the establishment
or control of an offshore special purpose vehicle, or the SPV, which is defined as offshore enterprises directly established or indirectly
controlled by PRC residents for offshore equity financing with the enterprise assets or interests they hold in China. An amendment to
registration or subsequent filing with the local SAFE branch by such PRC residents is also required if there is any change in basic information
of the offshore company or any material change with respect to the capital of the offshore company. At the same time, the SAFE has issued
the Operation Guidance for the Issues Concerning Foreign Exchange Administration over Round-trip Investment regarding the procedures
for SAFE registration under the SAFE Circular 37, which became effective on July 4, 2014 as an attachment of Circular 37.
Under
the relevant rules, failure to comply with the registration procedures set forth in the SAFE Circular 37 may result in bans on the foreign
exchange activities of the relevant onshore company, including the payment of dividends and other distributions to its offshore parent
or affiliates, and may also subject relevant PRC residents to penalties under PRC foreign exchange administration regulations.
Mr.
Eric Siliang Tan and Mr. Lei Li have completed their initial SAFE registration pursuant to SAFE Circular 37 in 2017, with Innotech Group
Holdings Ltd. and News Optimizer (BVI) Ltd. being separately registered as the respective "special purpose vehicle." After
transferring all shares in Innotech Group Holdings Ltd. to the trust of which himself is also a beneficiary, Mr. Eric Siliang Tan, as
well as all the other beneficiaries of the trust who are PRC residents are required to complete relevant registrations pursuant to SAFE
Circular 37. We have notified substantial beneficial owners of our ordinary shares and the beneficiaries of the trust who we know are
PRC residents of their filing obligation, including the obligation to make updates under SAFE Circular 37, and the beneficial owners
have undertaken to complete relevant registrations as soon as such registration is practical with local SAFE. Nevertheless, we may not
be aware of the identities of all of our beneficial owners who are PRC residents, and we do not have control over our beneficial owners
and there can be no assurance that all of our PRC-resident beneficial owners will comply with SAFE Circular 37 and subsequent implementation
rules, and there is no assurance that the registration under SAFE Circular 37 and any amendment will be completed in a timely manner,
or will be completed at all. See "Item. 3 Key Information — D. Risk Factors — Risks Relating to Our Industry and Business
— PRC regulations relating to investments in offshore companies by PRC residents may subject our PRC-resident beneficial owners
or our PRC subsidiaries to liability or penalties, limit our ability to inject capital into our PRC subsidiaries or limit our PRC subsidiaries'
ability to increase their registered capital or distribute profits."
Regulations
on Overseas Listing
On
July 6, 2021, Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law was jointly issued by the General
Office of the Communist Party of China Central Committee and the General Office of the State Council, which steps-up scrutiny of overseas
listings by companies and calls for strengthening cooperation in cross-border regulation, improving relevant laws and regulations on
cyber security, cross-border data transmission and confidential information management, including the confidentiality requirement and
file management related to the issuance and listing of securities overseas, enforcing the primary responsibility of the enterprises for
information security of China-based overseas listed companies and promoting the construction of relevant regulatory systems to deal with
the risks and incidents faced by China-based overseas-listed companies. As these opinions are recently issued, official guidance and
related implementation rules have not been issued yet and the interpretation of these opinions remains unclear at this stage. We cannot
assure you that any new rules or regulations promulgated in the future will not impose additional requirements on us.
On
December 24, 2021, the CSRC published the draft Regulations of the State Council on the Administration of Overseas Issuance and Listing
of Securities by Domestic Companies (Draft for Comments) (the "Administrative Provisions") and the draft Measures for the
Record-Filing of Overseas Issuance and Listing of Securities by Domestic Companies (Draft for Comments) (the "Filing Measures"),
or collectively, the Draft Overseas Listing Regulations for public comments, which set out the new regulatory requirements and filing
procedures for domestic companies seeking direct or indirect listing in overseas markets. On February 17, 2023, the CSRC, as approved
by the State Council, released Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the
Overseas Listing Trial Measures and relevant guidelines, which came into effect on March 31, 2023.
102
The
Overseas Listing Trial Measures stipulate that domestic companies that seek to offer and list securities in overseas markets shall strictly
comply with laws, regulations and relevant provisions concerning national security in spheres of foreign investment, cybersecurity, and
data security, and earnestly fulfill their obligations to protect national security. Domestic companies seeking to list abroad must carry
out relevant security review procedures if their businesses involve such supervision. It further requires that subsequent securities
offerings and listings of an issuer in other overseas markets than where it has offered and listed shall be filed with the CSRC within
three working days after the relevant application is submitted overseas. And upon the occurrence of any of the material events specified
below after an issuer has offered and listed securities in an overseas market, the issuer shall submit a report thereof to CSRC within
three working days after the occurrence and public disclosure of the event: (i) change of control; (ii) investigations or sanctions imposed
by overseas securities regulatory agencies or other relevant competent authorities; (iii) change of listing status or transfer of listing
segment; (iv) voluntary or mandatory delisting. Given that the Overseas Listing Trial Measures were recently promulgated, there remain
substantial uncertainties as to their interpretation, application, and enforcement and how they will affect our operations and our future
financing. Moreover, an overseas offering and listing is prohibited under circumstances if (i) it is prohibited by PRC laws, (ii) it
may constitute a threat to or endanger national security as reviewed and determined by competent PRC authorities, (iii) in the past three
years, the Chinese operating entities, and their controlling shareholders or actual controllers have committed crimes such as corruption,
bribery, embezzlement, misappropriation of property or undermining the order of the socialist market economy, (iv) the domestic company
intending to make the securities offering and listing is suspected of committing crimes or major violations of laws and regulations,
and is under investigation according to law, and no conclusion has yet been made thereof, or (v) there are material ownership disputes
over equity held by the domestic company's controlling shareholder or by other shareholders that are controlled by the controlling
shareholder and/or actual controller.
The
Overseas Listing Trial Measures further stipulate that a fine between RMB1 million and RMB10 million may be imposed if an applicant fails
to fulfill the filing requirements with the CSRC.
On
the same day, the CSRC circulated the Notice on Administration Arrangements for the Filing of Overseas Listings by Domestic Enterprises
and the relevant CSRC Answers to Reporter Questions on the official website of CSRC, which, among others, state that the companies that
have already been listed on overseas stock exchanges are not required to make immediate filings for its listing yet need to make filings
for subsequent offerings in accordance with the Overseas Listing Trial Measures and the relevant guidelines.
On
February 24, 2023, the CSRC, the MOF, the National Administration of State Secrets Protection and the National Archives Administration
of China jointly issued the Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and
Listing of Securities by Domestic Enterprises, or the Confidentiality and Archives Provisions, which took effect on March 31, 2023, regulating
the secrets protection and archives administration behaviors relevant to the overseas listing.
103
D.
Organizational
                                            Structure
The
following diagram illustrates the Group's corporate structure with our principal subsidiaries, the Key VIEs and their subsidiaries
as of the date of this annual report. Except as otherwise specified, equity interests depicted in this diagram are held as to 100%. The
relationships between Shanghai Quyun, Shanghai Zhicao, the Key VIEs and their respective shareholders as illustrated in this diagram
are governed by contractual arrangements and do not constitute equity ownership.
(1)
Mr.
    Eric Siliang Tan, Mr. Lei Li, Tianjin Shanshi Technology L.P. and Shanghai Xinpai Management Consulting Co., Ltd., an affiliate of
    The Paper, hold 64.35%, 14.85%, 19.80% and 1% equity interest in Shanghai Jifen, respectively.
Tianjin
    Shanshi Technology L.P. is controlled by Mr. Eric Siliang Tan.
(2)
Shanghai
    Dianguan operates our in-house advertising platform.
(3)
Include
    Beijing Qukandian, Shanghai Xike, Shanghai Tuile Information Technology Service Co., Ltd., Tianjin Quwen Internet Technology Co.,
    Ltd., Shanghai Xixia and Anhui Zhangduan Network Technology Co., Ltd.
Shanghai
    Jifen holds 39.9% equity interest in Shanghai Xiaoqiao Information Technology Co., Ltd.
(4)
Shanghai
    Miaoliang Information Technology Co., Ltd. and Shanghai Zishu Information Technology Co., Ltd. held 60% and 40% equity interest in
    Big Rhinoceros Horn, respectively.
(5)
Mrs.
Yunhong Li and Mrs. Mengdie Hua held 60% and 40% equity interest in Beijing Churun, respectively.
(6)
Mainly
    include Beijing Supreme Pole.
(7)
Mr.
    Yang Hong and Mr. Yukun Wang hold 60% and 40% equity interest in Shanghai Ququanquan, respectively.
Contractual
Arrangements among Our Key WFOEs, the Key VIEs and Their Respective Shareholders
PRC
laws and regulations place certain restrictions on foreign investment in and ownership of internet-based businesses. Accordingly, we
conduct the Group's operations mainly through Shanghai Jifen, Big Rhinoceros Horn, Beijing Churun, Shanghai Ququanquan, which we
collectively refer to as the Key VIEs, and their subsidiaries. We effectively control the Key VIEs through a series of contractual arrangements
with the Key VIEs, their respective shareholders and Shanghai Quyun or Shanghai Zhicao, as applicable, as described in more detail below,
which collectively enables us to:
●
exercise
    effective control over the Key VIEs and their subsidiaries;
●
receive
    substantially all the economic benefits of the Key VIEs; and
●
have
    an exclusive option to purchase all or part of the equity interests and assets of the Key VIEs when and to the extent permitted by
    PRC law.
104
As
a result of these contractual arrangements, we are the primary beneficiary of the Key VIEs and their subsidiaries. We have consolidated
their financial results in our consolidated financial statements in accordance with U.S. GAAP. In the opinion of King & Wood Mallesons,
our PRC legal counsel:
●
the
    ownership structures of Shanghai Quyun and Shanghai Zhicao, or our Key WFOEs, and the Key VIEs in China, do not violate any applicable
    PRC law, regulation, or rule currently in effect; and
●
the
    contractual arrangements among our Key WFOEs, the Key VIEs and their respective shareholders governed by PRC laws are valid, binding
    and enforceable in accordance with their terms and applicable PRC laws, rules, and regulations currently in effect, and will not
    violate any applicable PRC law, regulation, or rule currently in effect.
However,
we have been further advised by our PRC legal counsel, King & Wood Mallesons, that there are substantial uncertainties regarding
the interpretation and application of current and future PRC laws, rules and regulations. In particular, in January 2015, the MOFCOM
published a discussion draft of the proposed Foreign Investment Law, or the 2015 Draft, for public review and comments. The 2015 Draft
was replaced by the draft
Foreign Investment Law (2018)
, which was published by the SCNPC in December 2018 and further amended
in January 2019. The new Foreign Investment Law was approved by the National People's Congress on March 15, 2019 and came into
effect on January 1, 2020. Among other things, the 2015 Draft expands the definition of foreign investment and introduces the principle
of "actual control" in determining whether a company is considered a foreign-invested enterprise, or an FIE. Under the 2015
Draft, VIEs would also be deemed as FIEs, if they are ultimately "controlled" by foreign investors, and be subject to restrictions
on foreign investments. However, the relevant terms with regard to the VIE structure in the 2015 Draft have been removed in their entirety
in the newly effective Foreign Investment Law and there are significant uncertainties as to how the control status of the Key VIEs would
be determined under the Foreign Investment Law, and furthermore, whether any of the businesses that we currently operate or plan to operate
in the future through any of the Key VIEs would be subject to any foreign investment restrictions or prohibitions under the "negative
list" then effective.
Accordingly,
the PRC regulatory authorities may in the future take a view that is contrary to the opinion of our PRC legal counsel. We have been further
advised by our PRC legal counsel that if the PRC government finds that the agreements that establish the structure for operating the
Group's business do not comply with PRC government restrictions on foreign investment in the aforesaid business the Group engages
in, the Group could be subject to severe penalties including being prohibited from continuing operations. Our ADSs may significantly
decline in value or become worthless if we are unable to effectively assert contractual control over the assets and operations of the
Key VIEs. See "Item 3. Key Information — D. Risk Factors — Risks Relating to Our Corporate Structure."
All
the agreements under our contractual arrangements are governed by PRC laws and provide for the resolution of disputes through arbitration
in China. For additional information, see "Item 3. Key Information — D. Risk Factors — Risks Relating to Our Corporate
Structure — Any failure by the Group VIEs or their respective shareholders to perform their obligations under our contractual arrangements
with them would have a material adverse effect on the Group's business." Such arbitration provisions have no effect on the
rights of our shareholders to pursue claims against us under United States federal securities laws.
The
following is a summary of the currently effective contractual arrangements by and among our Key WFOEs, the Key VIEs and their subsidiaries,
and their respective shareholders.
105
Agreements
that Provide Us with Effective Control over the Key VIEs and Their Subsidiaries
Equity
Interest Pledge Agreements
. Pursuant to the equity interest pledge agreements, each shareholder of the Key VIEs has pledged all of
such shareholder's equity interest in such Key VIE as a security interest to respectively guarantee such Key VIE and its shareholders'
performance of their obligations under the relevant contractual arrangement, which include the voting rights proxy agreement, loan agreement,
exclusive technology and consulting service agreement and exclusive option agreement. If the Key VIEs or any of their respective shareholders
breaches their contractual obligations under these agreements, our Key WFOEs, as pledgee, will be entitled to certain rights regarding
the pledged equity interests. In the event of such breaches, our Key WFOEs' rights include being paid in priority with the equity
interest of the relevant Key VIE based on the monetary valuation that such equity interest is converted into or from the proceeds from
auction or sale of the equity interest. Each of the shareholders of the Key VIEs agrees that, during the term of the equity interest
pledge agreements, such shareholder shall not transfer the equity interest, place or permit the existence of any security interest or
other encumbrance on the equity interest or any portion thereof, without the prior written consent of the relevant Key VIE, except for
the performance of the relevant contractual agreement. Our Key WFOEs are entitled to receive dividends distributed on the equity interest
of the relevant Key VIEs, and the shareholders of such Key VIE may receive dividends distributed on the equity interest only with prior
written consent of the Key WFOEs, as applicable. The equity interest pledge agreements remain effective until all obligations under the
relevant contractual agreements have been fully performed and all secured indebtedness have been fully paid.
Voting
Rights Proxy Agreements
. Pursuant to the voting rights proxy agreements, each shareholder of the Key VIEs has irrevocably authorized
the Key WFOEs, as applicable, to exercise the following rights relating to all equity interests held by such shareholder in the relevant
Key VIE during the term of the voting rights proxy agreement: to act on behalf of such shareholder as its exclusive agent and attorney
with respect to all matters concerning its shareholding in the relevant Key VIE, including without limitation: (1) proposing and attending
shareholders' meetings of the relevant Key VIE; (2) exercising all the shareholder's voting rights such shareholder is entitled
to under the laws of China and the relevant Key VIE's articles of association, including but not limited to designate and appoint
on behalf of such shareholder the directors and other senior management members of the relevant Key VIE. Under most of the voting rights
proxy agreements, during the period that each of our Key WFOEs and the Key VIEs remains in operation, the voting rights proxy agreements
shall be irrevocable and continuously effective.
Spousal
Consent Letters
. Pursuant to the spousal consent letters, each spouse unconditionally and irrevocably waives any rights or entitlements
whatsoever to such shares and assets that may be granted to him or her pursuant to applicable laws and undertakes not to make any assertion
of rights to such shares and assets. Each spouse agrees and undertakes that he or she will take all necessary actions to ensure the proper
performance of the contractual arrangements, and will be bound by the contractual arrangements in case he or she obtains any equity of
the Key VIEs due to any reason.
Agreements
that Allow Us to Receive Economic Benefits from the Key VIEs and Their Subsidiaries
Exclusive
Technology and Consulting Service Agreements
. Under the exclusive technology and consulting service agreements, the Key VIEs appoint
our Key WFOEs, as applicable, as their exclusive services provider to provide the Key VIEs with comprehensive technical support, business
support and relevant consulting services during the term of the exclusive technology and consulting service agreements. In return, our
Key WFOEs are entitled to receive a monthly service fee from the relevant Key VIEs at an amount to be determined at the sole discretion
of our Key WFOEs. Our Key WFOEs shall have exclusive and proprietary ownership, rights and interests in any and all intellectual properties
arising out of or created during the performance of the exclusive technology and consulting service agreements. Under most of the exclusive
technology and consulting service agreements, unless terminated in accordance with the provisions of the exclusive technology and consulting
service agreements or in accordance with written decision of our Key WFOEs, the terms of the exclusive technology and consulting agreements
are indefinite.
Agreements
that Provide Us with the Option to Purchase the Equity Interest in the Key VIEs
Loan
Agreement
. Our Key WFOEs have entered into loan agreements with each shareholder of the relevant Key VIEs. Pursuant to the loan agreements,
our Key WFOEs have granted an interest-free loan to each shareholder of the relevant Key VIEs, the amount of which are to be separately
agreed to between our Key WFOEs and the relevant Key VIEs in writing, which may only be used by such shareholder for the purpose of capital
contribution to such Key VIE as to its business development. Our Key WFOEs also have agreed to provide the relevant Key VIEs with unconditional
financial support pursuant to the loan agreement. The shareholders of the Key VIEs pledge all of their share equity in the relevant Key
VIE as security for the outstanding loans. Unless otherwise agreed by all the parties of the loan agreement, the term of the loan is
the earlier of ten years, the end of our Key WFOEs' operation or the end of the relevant Key VIEs' operation. Our Key WFOEs
also have the right to accelerate the date of maturity of such loans at their sole discretion. Upon maturity, our Key WFOEs or their
designated third party may purchase the equity interests in the relevant Key VIEs held by the shareholders of such Key VIE at a price
equal to the lowest allowable amount for a similar transaction pursuant to relevant PRC laws, rules and regulations instead of cash repayment.
The loan agreements also prohibit the shareholders of the Key VIEs from entering into any transactions that could materially affect the
assets, liabilities, interests or operations of such Key VIE or its subsidiaries without prior written consent from the relevant Key
WFOE.
106
Exclusive
Option Agreements
. Pursuant to the exclusive option agreements, each of the Key VIEs' shareholders has irrevocably granted
the relevant Key WFOE an unconditional and exclusive right to purchase, or designate one or more persons agreed by the board of directors
of the relevant Key WFOE to purchase the equity interests in such Key VIE then held by its shareholders once or at multiple times at
any time in part or in whole at the relevant Key WFOE's sole and absolute discretion to the extent permitted by PRC laws. The purchase
price of the optioned interests shall be the minimum price permitted under PRC laws when the relevant Key WFOE exercises equity interest
purchase option. The shareholders of the Key VIEs have agreed the consideration received from the exercise of such equity interest purchase
option shall be used to settle the outstanding loans under the loan agreements as described above and/or transferred back to the relevant
WFOE as permitted under relevant PRC laws. Under most of the exclusive option agreements, the Key VIEs and their respective shareholders
have agreed that, without the relevant Key WFOE's prior written consent, such Key VIE shall not, among others, in any manner supplement,
change or amend its articles of association; increase or decrease its registered capital, change its structure of registered capital
in other manners; sell, transfer, mortgage or dispose of in any other manner any legal or beneficial interest in the equity interests
in such Key VIE held by such shareholders, or allow the encumbrance thereon; entry into, inherit, or tolerant any existence of any loan
or other debtor-creditor relationship with any third party; enter into any material contract outside the ordinary course of business;
merge with any other persons or make any investments exceeding US$2 million; or distribute dividends. The exclusive option agreements
shall remain effective until all the equity interest held by the shareholders in such Key VIE has been transferred to our Key WFOEs or
the person designated by our Key WFOEs.
Supplemental
Agreement to the Contractual Arrangements in Connection with The Paper
In
August 2018, Shanghai Quyun, Shanghai Jifen, Mr. Tan, Mr. Li, Tianjin Shanshi Technology Partnership (Limited Partnership) and Shanghai
Xihu Culture Communication Co., Ltd. entered into a supplemental agreement as to the contractual arrangements as described above, pursuant
to which, Mr. Tan, Mr. Li, Tianjin Shanshi Technology Partnership (Limited Partnership) and Shanghai Xihu Culture Communication Co.,
Ltd. agreed to be bound by the existing contractual arrangements as described above as to their equity interests (99% in total) in Shanghai
Jifen. As Shanghai Xinpai is not a party to the existing contractual arrangements, it is not bound by such arrangements, nor does it
have any obligation to perform or assume any liability under the contractual arrangements. In contrast to what we have been granted by
other shareholders of Shanghai Jifen under the contractual arrangements, the voting rights over these 1% equity interests are held by
Shanghai Xinpai itself and we have not been granted the authorization of the voting rights over such 1% equity interests. Accordingly,
we are not able to request Shanghai Xinpai to sell or pledge such 1% equity interests in the way agreed under existing contractual arrangements.
Despite
the above, The Paper will not absorb the losses allocation, if any, from Shanghai Jifen. Unless otherwise instructed and approved by
the competent governmental authority, The Paper may not transfer its equity interests in Shanghai Jifen to any third party. Based on
the foregoing, we believe Shanghai Quyun, our wholly-owned PRC subsidiary, still controls and is the primary beneficiary of Shanghai
Jifen as it continues to have a controlling financial interest in Shanghai Jifen pursuant to ASC 810-10-25-38A.
Supplemental
Agreement II to the Contractual Arrangements
Mr.
Tan obtained equity interests representing 64.35% of Shanghai Jifen's share capital following Shanghai Xihu Culture Communication
Co., Ltd. transferred 19.8% of equity interests in Shanghai Jifen to him in July 2022. On July 13, 2022, Shanghai Quyun, Shanghai Jifen
and Mr. Tan entered into Supplemental Agreement II, pursuant to which, Mr. Tan agreed to be bound by the existing contractual arrangements
as described above as to his 64.35% equity interests in Shanghai Jifen. Accordingly, we still have the above contractual arrangements
on equity interests representing 99% of Shanghai Jifen's share capital.
107
Cash
Transfers Through Our Organization
The
following table sets forth a summary of cash transfers that have occurred between our subsidiaries and the Group VIEs for the years ended
December 31, 2021, 2022 and 2023, respectively:
Year Ended December 31,
2021
2022
2023
(RMB in thousands)
Cash paid by the Group VIEs to our subsidiaries under service agreements
(756,962
)
(376,184
)
(571,434
)
Cash received by the Group VIEs from our subsidiaries under service agreements
188,798
236,903
420,855
Cash received by the Group VIEs from our subsidiaries for intra-Group financing
137,515
606,146
66,034
We
are subject to restrictions on currency exchange. In particular, the PRC government imposes controls on the convertibility of Renminbi
into foreign currencies and, in certain cases, currency remittance out of the PRC. Since the Group receives substantially all of its
revenues in Renminbi and cash flow will be denominated in Renminbi, any existing and future restrictions on currency exchange may limit
the Group's ability to utilize cash generated in Renminbi to fund the Group's business activities outside of the PRC or pay
dividends in foreign currencies to our shareholders, including holders of the ADSs, and may limit our ability to obtain foreign currency
through debt or equity financing for our PRC subsidiaries and the Group VIEs. In addition, there are certain limitations on the ability
of our PRC subsidiaries and the Group VIEs to distribute earnings to our offshore holding companies and the U.S. investors. In particular,
each of our PRC subsidiaries, the Group VIEs and their subsidiaries are required to set aside at least 10% of its net income each year
to fund certain statutory reserves until the cumulative amount of such reserves reaches 50% of its registered capital. These reserves,
together with the registered capital, are not distributable as cash dividends. See "Item 3. Key Information — D. Risk Factors
— Risks Relating to Our Corporate Structure — We rely to a significant extent on dividends and other distributions on equity
paid by our principal operating subsidiaries and the Group VIEs to fund offshore cash and financing requirements. Any limitation on the
ability of our PRC operating subsidiaries or the Group VIEs to make payments to us could materially and adversely affect our ability
to conduct the Group's business."
E.
Facilities
The
Group's corporate headquarters are located in Shanghai, China, where it leased approximately 3,211 square meters of office space
as of December 31, 2023. The Group also maintained other leased offices in Beijing and Wuhu City in Anhui Province, totaling approximately
1,069 square meters. We believe that the Group has the adequate facilities to accommodate its operational needs.
ITEM
                                            4A.
UNRESOLVED
                                            STAFF COMMENTS
None.
ITEM
5.
OPERATING
                                            AND FINANCIAL REVIEW AND PROSPECTS
You
should read the following discussion and analysis of the Group's financial condition and results of operations in conjunction with
the Group's consolidated financial statements and the related notes included elsewhere in this annual report. This discussion may
contain forward-looking statements based upon current expectations that involve risks and uncertainties. The Group's actual results
may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set
forth under "Item 3. Key Information — D. Risk Factors" or in other parts of this annual report.
108
A.
Operating
                                            Results
Overview
The
Group operates a mobile content platform in China with a mission to bring fun and value to its users. The Group's eponymous mobile
application,
Qutoutiao
, meaning "fun headlines" in Chinese, applies artificial intelligence-based algorithms to deliver
customized feeds of articles and short videos to users based on their unique profiles, interests and behaviors.
Qutoutiao
has
attracted a large group of users, many of whom are from lower-tier cities in China. They enjoy
Qutoutiao
's fun and entertainment-oriented
content as well as its social-based user loyalty program. Midu, first launched in May 2018 as Midu Novels and with an alternative version
Midu Lite launched one year later, pioneered the provision of free online literature supported by advertising. It has grown tremendously
and has been one of the leaders of the free online literature industry. Although the Group had been under its market expansion pressure
in 2021 with further downward trend in 2022 and 2023, the Group's mobile applications still gained a certain level of success and
popularity among Chines mobile internet users, with combined average MAUs of approximately 8.5 million, combined average DAUs of approximately
2.9 million and average daily time spent per DAU of approximately 41.8 minutes in the three months ended December 31, 2023.
The
Group's sizable user base has provided it with strong monetization potentials. The Group currently generates revenue primarily
by providing advertising and marketing services. The Group places advertisements on the main pages, topic pages as well as content pages
of its mobile applications. The Company has an in-house advertising platform with a technology driven system that has powered the Group's
advertising solutions while reducing the use of third-party advertising platforms.
The
Group also sells advertising and marketing solutions to advertising agents or advertising customers directly. The Group's differentiated
user base represents an attractive demographic target for businesses. The Group launched its integrated and customized marketing solution
services to its customers in 2019 to enhance the Group's monetization ability.
The
Group also generates revenue by providing agent and platform service between the advertising customers and third-party advertising platforms.
The Group provides a variety of content formats offered by its mobile applications to capture additional monetization opportunities.
The additional content formats include paid content such as memberships to the Group's online literature platforms, online games,
live-streaming, and short videos.
The Group's net revenues decreased from RMB4,339.6 million in 2021
to RMB1,083.0 million in 2022 primarily due to the disruptions from the COVID-19 pandemic and weakness of macro environment in internet
and technology sector, which adversely impacted on advertising demands, and further decreased to RMB745.5 million (US$105.0 million) in
2023 primarily due to macroeconomic downturn and customer advertising budget constraints. The Group incurred net losses attributable to
Qutoutiao Inc. of RMB1,239.6 million in 2021, RMB914.8 million in 2022 and RMB185.3 million (US$26.1 million) in 2023. Non-GAAP net losses
attributable to Qutoutiao Inc., which represented net losses attributable to Qutoutiao Inc. before share-based compensation expenses,
were RMB1,039.4 million in 2021, RMB844.7 million in 2022 and RMB148.0 million (US$20.8 million) in 2023.
Key
Factors Affecting Our Results of Operations
We
believe the most significant drivers for the Group's revenues are user engagement and its ability to monetize. On the other hand,
we believe the most significant drivers behind the Group's costs and expenses are those related to its user acquisition and engagement
efforts, and to a lesser extent R&D and content procurement.
User
Base and Level of Engagement
The
size of the Group's revenue is affected by the size of its user base both on its applications and external medias, and the level
of engagement of its users, which contribute to the Group's ability to attract advertising customers to its advertising and marketing
services. A change in the number of DAUs and the amount of time they spend on the Group's platform will lead to change in the number
of advertisements served and potential clicks and impressions from users. User engagement in turn will depend on the quality and attractiveness
of content on the Group's platform and the Group's continued ability to fine tune its understanding of users to deliver content
that is most likely to interest them. The Group's ability to maintain high user engagement will also be affected by its planned
introduction of new content formats, users' reception to them and the growth in the volume of such content. Users' engagement
with these new content formats will not only help drive demand for the Group's advertising and marketing services but also create
further monetization opportunities.
109
The
Group's Ability to Monetize
The
Group's current financial condition and results of operations depend substantially on the demand for its advertising and marketing
solutions. Demand for the Group's advertising and marketing solutions will be affected by the size of the Group's user base
and their continued engagement. Such demand will also be dependent on the Group's ability to enhance the efficacy of its advertising
and marketing solutions through technology and an even deeper understanding of the Group's user base. The Group operates a proprietary
programmatic advertising system and directly sells its advertising and marketing solutions to advertising customers.
The
Group's user base, which has attracted a large number of advertising agents and advertising customers, has provided a solid basis
for us to achieve a high monetization capability. To endeavor towards such a goal, the Group has taken certain steps, such as improving
the efficiency of its platform, to drive advertising conversion, which involves algorithm improvement driven by data collection and analytics
and conversion to an oCPC system. The Group has been forming partnerships with advertising customers from an expanding range of industries
and offering an increasing variety of formats such as brand advertising in order to provide more comprehensive solutions for the Group's
customers. The Group has also managed to diversify its revenue streams by generating income from non-advertising activities such as live-streaming
and membership fees, thanks to the diversification of content formats available from the Group's mobile applications.
Cost
of User Acquisition and Engagement
The
Group offers loyalty programs on its mobile applications. The cost of users' loyalty points associated with the Group's user
loyalty programs is recognized as sales and marketing expenses. A majority of such cost of users' loyalty points is currently associated
with engagement-based loyalty points to promote user engagement and retention, with the remainder related to referral-based loyalty points
to acquire new users. The Group designs its user loyalty programs to ensure the cost of the loyalty points provided is appropriate in
relation to the overall economics of the Group's business model. The Group's ability to operate loyalty programs effectively
will have an effect on its results of operations. The Group also engages a variety of other online and offline marketing channels to
acquire users and promote brand awareness in combination with its user loyalty programs. These efforts may also affect the Group's
overall user acquisition and engagement costs in the future.
Content
Procurement
The
Group encourages its content providers to actively contribute quality content that will resonate with the Group's users by implementing
a system in which fees paid to them are related to the number of views of the content they contribute. These fees are accounted for as
part of the Group's cost of revenues. The Group's ability to balance its content procurement cost while ensuring content
providers continue to contribute content that is attractive to users will affect the Group's results of operations going forward.
The Group will also need to manage the relevant content cost while taking into account its revenue potential to ensure value is realized.
Seasonality
The
Group generates most of its revenues from providing advertising and marketing services. The advertising industry in China experiences
seasonality. Historically, advertising spending and user activities on the Group's platform tend to be the lowest in the first
quarter of each calendar year due to long holidays around the Lunar New Year, during which users tend to spend more time with family
and celebrations offline and less time online, including on the Group's mobile applications. In addition, advertising customers,
such as those in the e-commerce industry, may also reduce their advertising spending during the holidays around the Lunar New Year due
to reduced consumer spending or reduced or suspended production and logistics activities by manufacturers or other service providers.
We believe this seasonality affects the Group's quarterly results, especially its results of operations in the first quarter of
each year. For example, the Group's net revenues in the first quarter may be lower than those of other quarters, and may experience
a slower rate of growth or even decline from the last quarter in the prior year. On the other hand, the Group's cost of revenues
and operating expenses as a percentage of its net revenues may be higher in the first quarter as compared to other quarters, which may
lead to lower profit margin.
110
Impact
of the COVID-19 Pandemic
The
COVID-19 pandemic has impacted and may continue to impact the Group's results of operations. The COVID-19 pandemic has negatively
affected the global and Chinese economy as well as the advertising market in China since the beginning of 2020, and put constraint on
the advertising budget of the Group's advertising customers, which has had and may continue to have an adverse impact on our business
and results of operations.
We
have been closely monitoring the impact of COVID-19 on macro economy and advertising market in general, as well as the impact on the
Group's business, results of operations and financial condition. The extent to which COVID-19 may continue to impact the Group's
results is uncertain and difficult to predict and will depend on future developments, including the duration, severity and reach of the
COVID-19 pandemic, and actions taken to contain the outbreak or treat its impacts. For additional details, see "Item 3. Key Information
— D. Risk Factors — Any catastrophe, including natural catastrophes and outbreaks of health pandemics and other extraordinary
events, could disrupt the Group's business operation. For example, the COVID-19 pandemic may have a material adverse effect on
the Group's business, results of operations and financial condition, as well as the trading price of the ADSs."
Key
Operating Metrics
We
regularly review a number of key operating metrics to evaluate the Group's business and measure our performance. The table below
sets forth key operating metrics relating to the Group's mobile applications.
For the Year Ended December 31,
2022
2023
(in millions, except for daily time spent data)
Combined Average MAUs during the period
31.4
8.5
Combined Average DAUs during the period
9.9
2.9
New Installed Users
76.5
17.2
Average daily time spent per DAU during the period (minutes)
40.93
41.8
Average net revenues per DAU per day (RMB)
0.43
0.69
User Engagement Expenses per DAU per day
0.07
0.04
User Acquisition Expenses per New Installed User
2.66
6.86
We
view combined average MAUs and combined average DAUs as measures of the size of active user base and user engagement. Combined average
MAUs and combined average DAUs generally experienced a downward trend in 2022 and 2023 primarily because the Group adjusted the pace
of its operation expansion and paid closer attention to the quality and profile of the Group's user base than its absolute size
and growth. Since the Group had a lower level of combined average MAUs and combined average DAUs in 2023 than in 2022, its advertising
and marketing revenue decreased on a year-over-year basis.
We
monitor the number of new installed users closely to maintain a sizable user base. The steep downward trend in the number of new installed
users during 2022 and 2023 was primarily due to the fact that the Group adjusted the pace of its operation expansion and paid closer
attention to quality and profile of the user base than to its absolute size and growth.
We
monitor average daily time spent per DAU to measure the level of user engagement on the Group's platform. We had a relatively stable
level of average daily time spent per DAU in 2022 and 2023.
We
monitor average net revenues per DAU per day, or ARPU, to measure the Group's ability to monetize. In general, the Group generally
had a higher level of ARPU in 2023 compared with 2022 primarily due to improvement in the efficiency of monetization.
We
use user engagement expenses per DAU per day to measure our user engagement efforts and reliance on loyalty programs. There is a decrease
in user engagement expenses per DAU per day starting in 2023 compared with 2022, primarily due to our cost saving strategy.
111
We
use user acquisition expenses per new installed user to measure our efforts to acquire new users. The Group adjusted the pace of its
operation expansion and purposefully purchased high-quality users, which led to an increase in such metric in 2023.
Non-GAAP
Financial Measure
Non-GAAP
net loss attributable to Qutoutiao Inc. represents net loss attributable to Qutoutiao Inc. before share-based compensation expenses.
We use such non-GAAP financial measure in evaluating the Group's results of operation and for financial and operational decision-making
purposes. We believe that such non-GAAP financial measure helps identify underlying trends in the Group's business that could otherwise
be distorted by the effect of such share-based compensation expenses that the Group includes in cost of revenues, total operating expenses
and net loss attributable to Qutoutiao Inc. We believe that such non-GAAP financial measure also provides useful information about the
Group's operating results, enhances the overall understanding of the Group's past performance and future prospects and allows
for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.
The
non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. It should not be considered
in isolation or construed as alternatives to net loss or any other measure of performance or as an indicator of the Group's operating
performance. Investors are encouraged to review the historical non-GAAP financial measure in light of the most directly comparable GAAP
measures, as shown below. The non-GAAP financial measure presented here may not be comparable to similarly titled measures presented
by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures
to the Group's data. We encourage investors and others to review the Group's financial information in its entirety and not
rely on a single financial measure.
The
table below sets forth a reconciliation of the non-GAAP financial measure for the periods indicated:
Year Ended December 31,
2021
2022
2023
RMB
RMB
RMB
US$
(in thousands)
Net loss attributable to Qutoutiao Inc.
(1,239,617
)
(914,767
)
(185,313
)
(26,101
)
Add: share-based compensation expenses:
Cost of revenues
1,187
392
240
34
Research and development
102,838
46,811
25,471
3,587
Sales and marketing
32,122
5,601
1,960
276
General and administrative
64,039
17,301
9,638
1,358
Non-GAAP net loss attributable to Qutoutiao Inc.
(1,039,431
)
(844,662
)
(148,005
)
(20,846
)
Key
Components of the Group's Results of Operations
Revenues
The
Group generates most of its revenues from advertising and marketing services. The following table sets forth a breakdown of the Group's
revenues, both in absolute amount and as a percentage of its net revenues, for the years indicated.
Year Ended December 31,
2021
2022
2023
RMB
%
RMB
%
RMB
US$
%
(in thousands, except for percentages)
Revenues:
Advertising and marketing revenues
4,090,383
94.3
839,377
77.5
56
9,568
80,223
7
6.4
Other revenue
249,220
5.7
243,668
22.5
175,988
24,788
2
3.6
Net revenues
4,339,603
100.0
1,083,045
100.0
745,557
105,011
100.0
(1)
Revenues
                                            from transactions with related parties are set forth below for the periods indicated:
112
Year Ended December 31,
2021
2022
2023
RMB
RMB
RMB
US$
(in thousands)
Advertising and marketing revenue
40,263
2,451
16
2
The
Group charges its advertising and marketing services mainly on an optimized cost-per-click, or oCPC, basis, and in certain circumstances,
on an optimized cost-per-thousand-impressions, or oCPM, basis.
The
Group recognizes advertising and marketing revenues from its proprietary advertising platform on a gross basis as clicks are delivered
on an oCPC basis. The Group also engages certain other advertising agents in selling its advertising and marketing solutions to its advertising
customers.
In
addition, the Group collaborates with various third-party advertising platforms to place advertisements on the Group's platform.
Under the Group's arrangements with these advertising platforms, these advertising platforms are the Group's customers and
the Group's performance obligation is to provide traffic to these advertising platforms. As such, the Group recognizes advertising
and marketing revenues based on the net amount as impressions or clicks are delivered on an oCPC or oCPM basis. The Group started reducing
the utilization of third-party advertising platforms in 2017 and we expect such collaboration to continue to decrease in the future as
the Group further increases direct sales of its advertising and marketing solutions.
Other
revenue includes revenues from providing agent and platform service between the advertising customers and third-party advertising platforms
by facilitating the advertising customers to select third-party advertising platforms to display their advertisements. The Group recognizes
revenues from the advertising customers based on the net amount equal to certain agreed percentage of the gross revenue earned by the
third-party advertising platforms when impressions or clicks are successfully delivered.
Other
revenue also includes revenues from live-streaming and online games. The Group started to offer live-streaming content in January 2019.
Users can access our mobile applications and view the live-streaming content for free. We generate revenues when users purchase and send
in-show virtual items to broadcasters, and when users become members by paying membership fees. Game related revenues are mostly generated
from the consumption of virtual items by game players through the Group's platform and from the placement of advertising. The Group
generally offers mobile games developed by third-party game developers non-exclusively, and the Group shares payments from users or advertisers
with such game developers.
Cost
of Revenues
Cost
of revenues consists primarily of (i) bandwidth and server costs, (ii) costs incurred to vendors and suppliers for advertising and marketing
services, (iii) content procurement costs paid to third-party professional media companies and freelancers, (iv) direct cost related
to in-house content, rental cost, depreciation, salary and welfare for cost personnel and other miscellaneous costs, (v) costs incurred
for mobile gaming and live streaming content, and (vi) cultural development fee and surcharges. The Group is subject to a cultural development
fee on the provision of advertising services in the PRC. The applicable tax rate prior to June 30, 2019 was 3% of the net advertising
revenues, and was changed to 1.5% from July 1, 2019 to December 31, 2024, according to the relevant preferential tax policy. Due to the
COVID-19 pandemic, the Group was exempted from the cultural development fee for 2020 and such exemption period has been further extended
until December 31, 2021.
Cost
of revenues from transactions with related parties are set forth below for the years indicated:
Year Ended December 31,
2021
2022
2023
RMB
%
RMB
%
RMB
US$
%
(in thousands, except for percentages)
Cost of revenues-related party
103,286
2.4
14,564
1.3
345
49
0.0
113
Operating
Expenses
The
following table sets forth our operating expenses, both in absolute amount and as a percentage of our net revenues, for the years indicated.
Year Ended December 31,
2021
2022
2023
RMB
%
RMB
%
RMB
US$
%
(in thousands, except for percentages)
Operating expenses
(1)
:
Research and development expenses
551,612
12.7
184,604
17.0
1
06,592
15,013
14.3
Sales and marketing expenses
3,483,773
80.3
560,716
51.8
188,700
26,578
25.3
General and administrative expenses
431,913
10.0
155,445
14.4
5
5,853
7,867
7.5
Total operating expenses
4,467,298
103.0
900,765
83.2
351,145
49,458
4
7.1
(1)
Operating
                                            expenses from transactions with related parties are set forth below for the years indicated:
Year Ended December 31,
2021
2022
2023
RMB
%
RMB
%
RMB
US$
%
(in thousands, except for percentages)
Sales and marketing-related party
15,840
0.4
7,945
0.7
-
-
-
Research
and Development Expenses
. The Group's research and development expenses consist primarily of salaries and benefits for the
Group's research and development personnel, including share-based compensation, rental expenses, IT service fees and deprecation
of office premises and servers utilized by the Group's research and development personnel.
Sales
and Marketing Expenses
. The Group's sales and marketing expenses consist primarily of user engagement expenses, user acquisition
expenses and other sales and marketing expenses.
User
engagement expenses consist of the costs of engagement-based loyalty points associated with our user loyalty programs to promote user
engagement and retention for the Group's mobile applications. Cost of users' loyalty points is comprised of amount of loyalty
points redeemed by users during a specific period and the change in estimated liabilities as to accumulated unredeemed loyalty points
during such period. Pursuant to the Group's user agreements, the Group can adjust at any time the minimum amount of loyalty points
that must be earned before users can redeem their loyalty points. As such, change to such threshold in any specific period will affect
the amount of sales and marketing expenses recorded during such period. For additional information on the accounting policy of our loyalty
programs, see Note 2(v) to our audited consolidated financial statements included elsewhere in this annual report.
User
acquisition expenses consist of the costs of both word-of-mouth referrals and third-party marketing.
Other
sales and marketing expenses represent advertising and marketing expenses through third-party online and offline channels to promote
brand recognition, short mobile messaging expenses and salaries and benefits for the Group's sales and marketing personnel, including
share-based compensation.
General
and Administrative Expenses
. The Group's general and administrative expenses consist primarily of salaries and benefits for
our general and administrative personnel, including share-based compensation, office expense and professional service fees.
114
Share-based
Compensation
The
following table sets forth the effect of share-based compensation expenses on the Group's operating costs and expenses line items,
both in an absolute amount and as a percentage of the Group's revenues, for the years presented.
Year Ended December 31,
2021
2022
2023
RMB
%
RMB
%
RMB
US$
%
(in thousands, except for percentages)
Cost of revenues
1,187
0.0
392
0.0
240
34
0.0
Research and development expenses
102,835
2.4
46,811
4.4
25,470
3,588
3.4
Sales and marketing expenses
32,122
0.7
5,601
0.5
1,960
276
0.3
General and administrative expenses
64,039
1.5
17,301
1.6
9,638
1,357
1.3
Total
200,183
4.6
70,105
6.5
37,308
5,255
5.0
See
Note 15 to our audited consolidated financial statements included elsewhere in this annual report for a description of what the Group
accounts for the compensation cost from share-based payment transactions.
Taxation
Cayman
Islands
We
are an exempted company with limited liability incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, we are
not subject to tax based upon profits, income, gains or appreciations, and there is no taxation in the nature of inheritance tax or estate
duty.
There
are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable
on instruments executed in, or brought within the jurisdiction of the Cayman Islands. In addition, the Cayman Islands does not impose
withholding tax on dividend payments. No stamp duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies
except those which hold interests in land in the Cayman Islands. The Cayman Islands is not a party to any double tax treaties that are
applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman
Islands.
Payments
of dividends and capital in respect of the ADSs or ordinary shares will not be subject to taxation in the Cayman Islands and no withholding
will be required on the payment of a dividend or capital to any holder of the ADSs or ordinary shares, nor will gains derived from the
disposal of the ADSs or ordinary shares be subject to Cayman Islands income or corporation tax.
Hong
Kong
Our
subsidiary incorporated in Hong Kong is subject to Hong Kong profits tax at the rate of 8.25% for profit of up to HK$2.0 million and 16.5%
for the remainder of taxable income. Hong Kong does not impose a withholding tax on dividends.
China
Generally,
our subsidiaries and the Group VIEs and their subsidiaries in China are subject to enterprise income tax on their taxable income in China
at a rate of 25%. The enterprise income tax is calculated based on the entity's global income as determined under PRC tax laws
and accounting standards.
On
March 20, 2020, Shanghai Chenxing performed record-filing for VAT tax invoice of software products and licenses of
software products and were subject to the VAT rate of 13%. As of the date of this annual report, Shanghai Chenxing is the only company
in the Group that is subject to the VAT rate of 13%. Besides that, the Group's revenues are subject to value-added tax at a rate
of approximately 6%. The provision of advertising services in China is subject to a cultural development fee. The fee was charged at
an applicable rate of 3% of the net advertising revenues prior to June 30, 2019, which was reduced to 1.5% commencing on July 1, 2019,
according to a preferential tax policy issued on June 12, 2019 by the government of Shanghai. The preferential policy is said to be in
effect until December 31, 2024. Moreover, pursuant to the Announcement on the Supporting Tax and Fee Policy for Film Industry and Other
Industries issued by the MOF and the SAT on May 13, 2020, the cultural development fee was waived from January 1, 2020 until December
31, 2020. Pursuant to the Announcement on the Extension of Certain Tax Preferential Policies in Response to COVID-19 Epidemic, the exemption
period of the cultural development fee was extended until December 31, 2021.
115
Any
dividends paid by our wholly foreign-owned subsidiaries in China to our intermediary holding company in Hong Kong will be subject to
a withholding tax rate of 10%, unless the relevant Hong Kong entity satisfies all the requirements under the Arrangement between the
Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion
with respect to Taxes on Income and receives approval from the relevant tax authority, in which case the dividends paid to the Hong Kong
subsidiary would be subject to withholding tax at the standard rate of 5%.
If
our holding company in the Cayman Islands or any of our subsidiaries outside of China were deemed to be a "resident enterprise"
under the PRC Enterprise Income Tax Law, it would be subject to enterprise income tax on its worldwide income at a rate of 25%.
Critical
Accounting Estimates
Our
discussion and analysis of the Group's financial condition and results of operations relate to the Group's consolidated financial
statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make
estimates and judgments that affect the reported amounts of assets, liabilities, revenues, costs and expenses, and related disclosures.
On an ongoing basis, we evaluate our estimates based on historical experience and on various other assumptions that are believed to be
reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and
liabilities that are not readily apparent from other sources.
We
consider an accounting estimate to be critical if: (1) the accounting estimate requires us to make assumptions about matters that were
highly uncertain at the time the accounting estimate was made, and (2) changes in the estimate that are reasonably likely to occur from
period to period, or use of different estimates that we reasonably could have used in the current period, would have a material impact
on our financial condition or results of operations. There are other items within the Group's financial statements that require
estimation but are not deemed critical, as defined above. Changes in estimates used in these and other items could have a material impact
on our financial statements.
For
a detailed discussion of our significant accounting policies and related judgments, please see Note 2 to our audited consolidated financial
statements included elsewhere in this annual report. You should read the following description of critical accounting estimates in conjunction
with the Group's consolidated financial statements and other disclosures included in this annual report.
Expected
Credit Losses
Nature
of estimate: Effective January 1, 2020, we adopted Accounting Standards Update (ASU) No. 2016-13, "Financial Instruments —
Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which requires the Group to record the full
amount of expected credit losses for the life of a financial asset at the time it is originated or acquired and adjusted for changes
in expected lifetime credit losses subsequently, which requires earlier recognition of credit losses.
Assumptions
:
The provision for credit losses is estimated mainly based on past collection experience as well as consideration of current and future
economic conditions. We estimate the expected credit losses for financial assets with similar risk characteristics on a pool basis. When
assigning customers into different credit risk levels, factors like capital condition, reputation, industry, collection history, and
external credit references of the customers are considered. The key assumptions used in the process of estimating the provision for expected
credit losses include customer pool assignment, the historical loss rate for each customer pool, and the application of macroeconomic
forecasts. The estimate of expected credit losses is sensitive to our assumptions in these factors.
Our
estimate of the key assumptions did not change significantly throughout the periods presented.
See
Note 2 to our audited consolidated financial statements included elsewhere in this annual report for more information regarding expected
credit losses.
116
Results
of Operations
The
following tables set forth a summary of the Group's consolidated results of operations for the years presented, in absolute amount
and as a percentage of the Group's revenues. This information should be read together with the Group's consolidated financial
statements and related notes included elsewhere in this annual report. The operating results in any year are not necessarily indicative
of the results that may be expected for any future period.
Year Ended December 31,
2021
2022
2023
RMB
%
RMB
%
RMB
US$
%
(in thousands, except for percentages, share and per share data)
Revenues
(1)
:
Advertising and marketing revenue
4,090,383
94.3
839,377
77.5
569,569
80,223
76.4
Other revenue
249,220
5.7
243,668
22.5
175,988
24,788
23.6
Net revenues
4,339,603
100.0
1,083,045
100.0
745,557
105,011
100.0
Cost of revenues
(2)
(1,171,626
)
(27.0
)
(562,607
)
(51.9
)
(415,913
)
(58,581
)
(55.8
)
Gross profit
3,167,977
73.0
520,438
48.1
329,644
46,430
44.2
Operating expenses
(2)
:
Research and development expenses
(551,612
)
(12.7
)
(184,604
)
(17.0
)
(106,592
)
(15,013
)
(14.3
)
Sales and marketing expenses
(3,483,773
)
(80.3
)
(560,716
)
(51.8
)
(188,700
)
(26,578
)
(25.3
)
General and administrative expenses
(431,913
)
(10.0
)
(155,445
)
(14.4
)
(55,853
)
(7,868
)
(7.5
)
Total operating expenses
(4,467,298
)
(102.9
)
(900,765
)
(83.2
)
(351,145
)
(49,459
)
(47.1
)
Other operating income
106,098
2.4
61,829
5.7
19,607
2,762
2.6
Income/(Loss) from operations
(3)
(1,193,223
)
(27.5
)
(318,498
)
(29.4
)
(1,894
)
(267
)
(0.3
)
Interest income
3,174
0.1
1,370
(0.1
)
118
17
(0.0
)
Interest expense
(35,477
)
(0.8
)
(468,612
)
(43.3
)
(185,794
)
(26,169
)
(24.9
)
Foreign exchange related gains/(loss), net
(1
)
0.0
(903
)
(0.1
)
(102
)
(14
)
(0.0
)
Investment income (loss) including impairment
(36,041
)
(0.8
)
(45,877
)
(4.2
)
2,700
380
0.4
3Other income/(expenses), net
27,637
0.6
(81,879
)
7.6
(2,367
)
(333
)
(0.3
)
2,Loss before income taxes
(1,233,931
)
(28.4
)
(914,399
)
(84.4
)
(187,339
)
(26,386
)
(25.1
)
Income tax benefit/(expense)
(3,050
)
(0.1
)
1,048
0.1
2,026
285
0.3
Equity in loss of affiliate companies
(3,195
)
(0.1
)
(1,416
)
(0.1
)
-
-
-
Net loss
(1,240,176
)
(28.6
)
(914,767
)
(84.5
)
(185,313
)
(26,101
)
(24.9
)
Net loss attributable to non-controlling interests
559
0.0
—
—
-
-
-
Net loss attributable to Qutoutiao Inc.
(1,239,617
)
(28.6
)
(914,767
)
(84.5
)
(185,313
)
(26,101
)
(24.9
)
(1)
Revenues
                                            from transactions with related parties are set forth below for the periods indicated:
Year Ended December 31,
2021
2022
2023
RMB
RMB
RMB
US$
(in thousands)
Advertising and marketing revenue
40,263
2,451
17
3
(2)
Cost
                                            of revenues and operating expenses from transactions with related parties are set forth below
                                            for the periods indicated:
Year Ended December 31,
2021
2022
2023
RMB
%
RMB
%
RMB
US$
%
(in thousands, except for percentages)
Cost of revenues
(2)
103,286
2.4
14,564
1.3
345
49
0.0
Sales and marketing expenses
15,840
0.4
7,945
0.7
189
27
0.0
(3)
The
                                            Group recognized share-based compensation expenses of RMB200.2 million, RMB
70.1
million and RMB37.3 million (US$5.3 million) in 2021, 2022 and 2023, respectively.
117
Comparison
of Year Ended December 31, 2023 and Year Ended December 31, 2022
Revenues
.
The Group's net revenues decreased from RMB1,083.0 million in 2022 to RMB745.6 million (US$105.0 million) in 2023, primarily
due to the weakness of macro environment in internet and technology sector, which adversely impacted on advertising demands. The
number of advertising clicks increased by 67.8% from 2022 to 2023 while the revenue per click decreased from 0.32 in 2022 to 0.13 in
2023, leading to a decrease in the Group's advertising and marketing revenues charged on oCPC basis.
Cost
of Revenues
. The Group's cost of revenues decreased from RMB562.6 million in 2022 to RMB415.9 million (US$58.6 million) in
2023, primarily due to the decrease in contenct procurement costs as well as bandwidth and IT infrastructure costs. Cost of revenues
as a percentage of the Group's net revenues increased from 51.9% in 2022 to 55.8% in 2023, as there is an increase in the procurement
cost of external media as a support of the DAUs of the Group's platform. Share-based compensation expenses recognized in cost of
revenues decreased from RMB0.39 million in 2022 to RMB0.24 million (US$0.03 million) in 2023.
Gross
Profit
. The Group's gross profit decreased from RMB520.4 million in 2022 to RMB329.6 million (US$46.4 million) in 2023.
Operating
Expenses
. The Group's total operating expenses decreased from RMB900.8 million in 2022 to RMB351.1 million (US$49.5 million) in 2023.
●
Research
    and development expenses
. The Group's research and development expenses decreased from RMB184.6 million in 2022 to RMB106.6
    million (US$15.0 million) in 2023. The decrease was primarily due to the decreased headcount of our research and development personnel
    which resulted in decreased expenditures on salaries and ESOP.
●
Sales
    and marketing expenses
. The Group's sales and marketing expenses decreased from RMB560.7 million in 2022 to RMB188.7 million
    (US$26.6 million) in 2023. The decrease was primarily because the Group ceased the expansion of its user base and the number of users
    decreased.
User
    engagement expenses decreased from RMB191.0 million in 2022 to RMB45.2 million (US$6.4 million) in 2023, primarily because the number
    of users declined.
User
    acquisition expenses decreased from RMB234.0 million in 2022 to RMB117.9 million (US$16.6 million) in 2023, which was primarily due
    to the Group ceased its expansion of user base..
Other
    sales and marketing expenses decreased from RMB135.7 million in 2022 to RMB25.6 million (US$3.6 million) in 2023, primarily due to
    the Group's efforts to reduce its operating expenses.
The
    result of the foregoing contributed to a decrease in sales and marketing expenses as a percentage of the Group's net revenues
    decreased from 51.8% in 2022 to 25.3% in 2023.
●
General
    and administrative expenses
. The Group's general and administrative expenses decreased from RMB155.4 million in 2022 to
    RMB55.6 million (US$7.9 million) in 2023. The decrease was primarily due to the Group's continuing efforts to decrease its
    administrative expenses as well as a decrease in bad-debt provision for account receivables.
Other
operating income
. The Group's other operating income decreased from RMB61.8 million in 2022 to RMB19.6 million (US$2.8 million)
in 2023, primarily due to less refund of value-added taxes levied on software products and services.
118
Interest
income
. The Group's interest income decreased from RMB1.4 million in 2022 to RMB0.1 million (US$0.01 million) in 2023 due
to a lower average cash balance during 2023 in comparison to 2022.
Interest
expense
. The Group's interest expense was RMB185.8 million (US$26.2 million) in 2023, compared to the once-off Convertible
Loan incremental interests of RMB468.6 million in 2022.
Foreign
exchange related gains/(losses), net.
The Group recognized foreign exchange related losses, net, of RMB0.9 million in 2022 and RMB0.1
million (US$14.4 thousand) in 2023.
Investment
income/(expenses), net
. The Group recorded investment income of RMB2.7 million (US$0.4 million) in 2023, compared to investment loss
of RMB45.9 million in 2022. The loss in 2022 mainly comprised of an impairment loss of a certain fund investment.
Other
income/(expenses), net
. The Group recorded other expenses of RMB81.9 million in 2022 and other expenses of RMB2.4 million (US$0.3
million) in 2023.
Income
tax benefits/(expense), net
. The Group recorded income tax benefits of RMB1.0 million and income tax benefits of RMB2.0 million (US$0.3
million) in 2022 and 2023, respectively.
Equity
in loss of affiliate companies.
The Group recorded equity in loss of affiliate companies of nil in 2023, compared to a loss of RMB1.4
million in 2022.
Net
loss attributable to non-controlling interests
. Net loss attributable to non-controlling interests represents a subsidiary's
cumulative result of operation in deficit attributed to non-controlling shareholders. The Group recorded net loss attributable to non-controlling
interests of nil in 2022 and nil in 2023.
Net
loss attributable to Qutoutiao Inc.
As a result of the foregoing, net loss attributable to Qutoutiao Inc. decreased from RMB1,039.4
million in 2022 to RMB329.3 million (US$46.4 million) in 2023.
Non-GAAP
net loss attributable to Qutoutiao Inc.
Non-GAAP net loss attributable to Qutoutiao Inc., which represents
net loss attributable to Qutoutiao Inc. before share-based compensation expenses, decreased from RMB969.3 million in 2022 to RMB292.0 million (US$41.1 million) in 2023.
Comparison
of Year Ended December 31, 2022 and Year Ended December 31, 2021
Revenues
.
The Group's net revenues significantly decreased from RMB4,339.6 million in 2021 to RMB1,083.0 million in 2022, primarily due to
the disruptions from the COVID-19 pandemic and weakness of macro environment in internet and technology sector, which adversely impacted
on advertising demands. The number of advertising clicks decreased by 67.6% from 2021 to 2022 and the revenue per click decreased from
0.41 in 2021 to 0.32 in 2022, leading to a decrease in the Group's advertising and marketing revenues charged on oCPC basis.
Cost
of Revenues
. The Group's cost of revenues decreased from RMB1,171.6 million in 2021 to RMB562.6 million in 2022, primarily
due to the decrease in bandwidth and IT infrastructure costs, content procurement costs and costs incurred to vendors and suppliers for
advertising and marketing services. Cost of revenues as a percentage of the Group's net revenues increased from 27.0% in 2021 to
51.9% in 2022. Share-based compensation expenses recognized in cost of revenues decreased from RMB1.2 million in 2021 to RMB0.39 million
in 2022.
Gross
Profit
. The Group's gross profit significantly decreased from RMB3,168.0 million in 2021 to RMB520.4 million in 2022.
Operating
Expenses
. The Group's total operating expenses significantly decreased from RMB4,467.3 million in 2021 to RMB900.8 million
in 2022.
●
Research
    and development expenses
. The Group's research and development expenses decreased from RMB551.6 million in 2021 to RMB184.6
    million in 2022. The decrease was primarily due to the decreased headcount of our research and development personnel, resulting in
    decreases in salaries and expenses relating to share-based compensation as well as the reduction IT service fees.
119
●
Sales
    and marketing expenses
. The Group's sales and marketing expenses decreased from RMB3,483.8 million in 2021 to RMB560.7
    million in 2022. The decrease was primarily because the Group ceased the expansion of its user base and the number of users decreased.
User
    engagement expenses decreased from RMB666.9 million in 2021 to RMB191.0 million in 2022, primarily because the number of users has
    decreased.
User
    acquisition expenses decreased from RMB2,631.0 million in 2021 to RMB234.0 million in 2022 because the Group ceased the expansion
    of its user base.
Other
    sales and marketing expenses decreased from RMB186.0 million in 2021 to RMB135.7 million in 2022, primarily due to the Group's
    efforts to reduce its operating expenses.
The
    result of the foregoing contributed to a decrease in sales and marketing expenses as a percentage of the Group's net revenues
    decreased from 80.3% in 2021 to 51.8% in 2022.
●
General
    and administrative expenses
. The Group's general and administrative expenses decreased from RMB431.9 million in 2021 to
    RMB155.4 million in 2022. The decrease was primarily due to the decrease in bad-debt provision for account receivables.
Other
operating income
. The Group's other operating income decreased from RMB106.1 million in 2021 to RMB61.8 million in 2022, primarily
due to less refund of value-added taxes levied on software related products and services.
Interest
income
. The Group's interest income decreased from RMB3.2 million in 2021 to RMB1.4 million in 2022, primarily due to a lower
average cash balance during 2022 in comparison to 2021.
Interest
expense
. The Group's interest expense was RMB468.6 million in 2022, compared to RMB35.5 million in 2021, primarily due to the
incremental interest of the Convertible Loan under the supplemental agreement.
Foreign
exchange related gains/(losses), net.
The Group recognized foreign exchange related losses, net, of RMB0.9 thousand in 2021 and RMB0.9
million in 2022.
Investment
income/(expenses), net
. The Group recorded investment loss of RMB45.9 million in 2022, compared to investment loss of RMB36.0 million
in 2021, primarily due to impairment loss on certain investments.
Other
income/(expenses), net
. The Group recorded other income of RMB27.6 million in 2021 and other expenses of RMB81.9 million in 2022,
primarily due to a fine of a lawsuit in 2022, amounting to RMB82.8 million.
Income
tax benefits/(expense), net
. The Group recorded income tax expenses of RMB3.1 million and income tax benefits of RMB1.0 million in
2021 and 2022, respectively.
Equity
in loss of affiliate companies.
The Group recorded equity in loss of affiliate companies of RMB1.4 million in 2022, compared to a
loss of RMB3.2 million in 2021.
Net
loss attributable to non-controlling interests
. Net loss attributable to non-controlling interests represents a subsidiary's
cumulative result of operation in deficit attributed to non-controlling shareholders. The Group recorded net loss attributable to non-controlling
interests of RMB559.2 thousand in 2021 and nil in 2022.
Net
loss attributable to Qutoutiao Inc.
As a result of the foregoing, net loss attributable to Qutoutiao Inc. decreased from RMB1,239.6
million in 2021 to RMB914.8 million in 2022.
Non-GAAP
net loss attributable to Qutoutiao Inc.
Non-GAAP net loss attributable to Qutoutiao Inc., which represents
net loss attributable to Qutoutiao Inc. before share-based compensation expenses, decreased from RMB1,039.4 million in 2021 to RMB844.7
million in 2022.
120
Recent
Accounting Pronouncements
A
list of recently adopted and recently issued accounting pronouncements that are relevant to us is included in Note 2(ah) to our audited
consolidated financial statements included elsewhere in this annual report.
B.
Liquidity
                                            and Capital Resources
We
require a significant amount of cash to fund our operations. We also have a significant amount of debt outstanding. We may also require
cash to meet our future capital requirements, which may be difficult to predict.
We
have conducted the below debt and equity financing activities since our initial public offering:
●
In
    September 2018, we completed our initial public offering and raised net proceeds of US$85.8 million after deducting underwriting
    discounts and commissions and the offering expenses.
●
On
    March 28, 2019, we and Alibaba entered into a convertible loan agreement, pursuant to which Alibaba advanced aggregate principal
    amount of approximately US$171.1 million to us on April 4, 2019. The Convertible Loan is unsecured and unsubordinated and has an
    original maturity date of April 4, 2022, which has been further extended pursuant to certain supplemental agreements. The convertible
    loan agreement contains certain covenants, restrictions and events of default on our activities, including, but not limited to, limitations
    on the incurrence of additional indebtedness; dividends or other distributions in cash or cash equivalents; and mergers, consolidations
    or the sale of all or substantially all of our assets.
●
In
    April 2019, we completed a follow-on public offering and raised net proceeds of US$31.0 million after deducting underwriting discounts
    and commissions and offering expenses.
●
On
    September 27, 2019, we issued an aggregate of 1,480,123 Class A ordinary shares to Haitong International Investment Solutions Limited
    pursuant to various agreements entered into between us, Shanghai Dongfang Newspaper Co., Ltd. and its subsidiaries, or collectively,
    The Paper, and certain other parties, and received proceeds of US$20.4 million.
●
In
    November 2018, Fun Literature Limited, our subsidiary that is the holding company of the entities that operate Midu Novels, entered
    into preferred share purchase agreements with certain third-party investors to issue series A redeemable convertible preferred shares
    an aggregate issuance price of US$14.0 million.
●
In
    2019, Fun Literature Limited entered into a series of preferred share purchase agreements with third-party investors to issue series
    A and B redeemable preferred shares for an aggregate issuance price of US$54 million.
●
In
    December 2020, Fun Literature Limited issued Series C redeemable convertible preferred shares to certain third-party investors for
    a total consideration of US$111.8 million, which is net of issuance costs amounting to US$0.5 million. The consideration was comprised
    of US$55.0 million in cash, intangible assets of US$20.8 million, which mainly included developed technology and user data, and contents
    of US$36.6 million from one of the investors, which were all measured at fair value on the date of exchange. The Series C preferred
    shares were issued in December 2020 and the transfer of the intangible assets were completed in January 2021.
121
For
the Convertible Loan, we and Alibaba entered into several supplemental agreements to the original convertible loan agreement,
pursuant to which the maturity date of the Convertible Loan has been extended to April 30, 2025. The interest rate of the
Convertible Loan has been amended from an original compound rate of 3% per annum to a compound rate of 9% per annum plus a simple
rate of 3% per annum, calculated from the original loan drawdown date of April 4, 2019.
The
following factors raise substantial doubt about our ability to continue as a going concern:
●
For
    the years ended December 31, 2021, 2022 and 2023, we incurred net losses of RMB1,240.2 million, RMB914.8 million and RMB185.3 million
    (US$26.1 million), respectively.
●
For
    the years ended December 31, 2021, 2022 and 2023, we had net cash used in operating activities of RMB279.1 million, RMB443.8 million
    and RMB65.7 million (US$9.3 million), respectively.
●
As
    of December 31, 2023, we had an accumulated deficit of RMB8,724.5 million (US$1,228.8 million) and a deficit in working capital of
    RMB458.9 million (US$64.6 million).
●
As
    of December 31, 2023, we had cash, cash equivalents, restricted cash and short-term investments of RMB91.7 million (US$12.9 million).
●
As
    of December 31, 2023, as discussed in Note 13 and Note 25 to the consolidated financial statements, the Group has a Convertible Loan
    of approximately RMB1.94 billion (US$274.6 million), including principal of US$171.1 million and unpaid interest that was expected
    to be matured within one year from the date of the issuance of the consolidated financial statements.
Our
liquidity is primarily dependent on our ability to adjust the pace of the operation expansion, to control operating costs and expenses
to reduce the cash used in operating cash flows, to pursue financing arrangements, including the renewal of the Convertible Loan with
the creditor, and to obtain additional funds from sale of our assets.
We
have carried out an assessment of our cash flow forecast for the twelve months from the date of issuance of this annual report. In preparing
the cash flow forecast, we have considered our historical cash requirements, our expected loan repayment obligations in 2024 and beyond,
and our plan to further reduce operating costs and expenses.
We
are currently exploring a variety of measures to improve our liquidity and financial position as follows:
We
continue to optimize our user loyalty programs and traffic acquisition strategy to efficiently control and reduce costs and continue
to be selective in the content and better leverage our existing content varieties to attract and maintain users. These measures can in
turn lead to savings in user related costs. We further plan to preserve liquidity and manage cash flows by reducing expenditure on developing
novel applications and limiting other general and administrative expenses. We also plan to obtain additional external financing and funds
through, including but not limited to, additional credit facilities obtained from banks in the normal course of business, potential additional
issuances of equity and/ or debt as a Group or through our subsidiaries, and sale of our assets, including our equity interest in our
subsidiaries, to third parties.
In
addition, the maturity date of the Convertible Loan has been extended to April 30, 2025. The total amount of the principal and
accumulated interest payable of the Convertible Loan, including the incremental interest related to the increase in interest rate
under the supplemental agreements from a compound rate of 3% per annum to a compound rate of 9% per annum plus a simple rate of 3%
per annum, calculated starting from the original loan drawdown date of April 4, 2019, will amount to approximately US$312.7 million
(RMB2,214.6 million) as of April 30, 2025. While we cannot assure you that we will be able to further extend the maturity date of
the principal and accrued and unpaid interest of the Convertible Loan after April 30, 2025, we have assumed that we will be able to
extend the maturity date of the Convertible Loan in preparing our cash flow forecast.
122
Based
on our assessment, there can be no assurance, however, that the above operating measures will be successfully completed due to factors
outside of our control. There can also be no assurance that new financings, additional funds from sale of our assets, extension of the
maturity date of the Convertible Loan, or other transactions will be available to us on commercially acceptable terms, or at all. In
addition, the potential worsening global economic conditions may adversely impact our ability to secure additional financing.
Facts
and circumstances including accumulated and recurring losses from operations, net cash used in operating activities, negative working
capital and uncertainties on the repayment of the Convertible Loan raise substantial doubt about our ability to continue as a going concern.
See "Item 3.D. Risk Factors — Risks Relating to Our Industry and Business — There is substantial doubt as to our ability
to continue as a going concern" and "— We require a significant amount of cash to fund our operations as well as to
meet our Convertible Loan obligations. If we cannot obtain additional financing and liquidity, our business, financial condition and
results of operation will be materially and adversely affected."
The
following table sets forth a summary of the Group's cash flows for the years indicated:
Year Ended December 31,
2021
2022
2023
RMB
RMB
RMB
US$
(in thousands)
Selected Consolidated Cash Flows Data:
Net cash provided by/(used in) operating activities
(279,122
)
(443,797
)
(65,698
)
(9,253
)
Net cash provided by/(used in) investing activities
75,521
267,555
26,483
3,730
Net cash provided by financing activities
(66,094
)
(20,000
)
—
—
Net increase/(decrease) in cash, cash equivalents and restricted cash
(269,695
)
(196,242
)
(39,215
)
(5,523
)
Effect of exchange rate changes on cash and cash equivalents
(9,263
)
10,810
520
73
Cash, cash equivalents and restricted cash at beginning of the year
594,791
315,833
130,401
18,367
Cash, cash equivalents and restricted cash at the end of the year
315,833
130,401
91,706
12,917
Operating
Activities
Net
cash used in operating activities was RMB65.7 million (US$9.3 million) in 2023, primarily due to net loss of RMB185.3 million (US$26.1
million), adjusted for (i) interest expense of RMB168.2 million (US$23.7 million), (ii) share-based compensation of RMB37.3 million (US$5.3
million) and (iii) negative allowance for doubtful accounts of RMB19.6 million (US$2.8 million). Changes in assets and liabilities primarily
consisted of (i) an increase of accrued liabilities and other current liabilities of RMB92.4 million (US$13.0 million), (ii) an increase
of accrued liabilities related to users' loyalty programs of RMB33.1 million (US$4.6 million), and (iii) a decrease in accounts
payable of RMB25.2 million (US$3.5 million) as well as (iv) a decrease in accounts receivable of RMB22.8 million (US$3.2 million).
Net
cash used in operating activities was RMB443.8 million in 2022, primarily due to net loss of RMB914.8 million, adjusted for (i) interest
expense of RMB438.1 million, (ii) amortization of intangible assets of RMB102.6 million and (iii) share-based compensation of RMB70.1
million. Changes in assets and liabilities primarily consisted of (i) an increase of accrued liabilities and other current liabilities
of RMB998.4 million, (ii) a decrease in accounts receivable of RMB654.0 million, (iii) a decrease in amount due from related parties
of RMB211.1 million and (iv) an increase of advances from customers and deferred revenue of RMB73.9 million.
Net
cash used in operating activities was RMB279.1 million in 2021, primarily due to net loss of RMB1,240.2 million, adjusted for (i) allowance
for doubtful accounts of RMB249.1 million and (ii) share-based compensation of RMB200.2 million. Changes in assets and liabilities primarily
consisted of (i) a decrease in accrued liabilities and other current liabilities of RMB593.1 million, (ii) an increase in accounts receivable
of RMB282.3 million, (iii) a decrease in prepayments and other current assets of RMB195.4 million, (iv) a decrease in accounts payable
of RMB135.2 million and (v) a decrease in amount due from related parties of RMB123.7 million.
123
Investing
Activities
Net
cash provided by investing activities was RMB26.5 million (US$3.7 million) in 2023, which was primarily attributable to proceeds from
sales and maturity of short-term investments of RMB26.4 million (US$3.7 million).
Net
cash provided by investing activities was RMB267.6 million in 2022, which was primarily due to (i) proceeds from sales and maturity of
short-term investments of RMB292.5 million and (ii) proceeds from disposal of property and equipment of RMB1.4 million.
Net
cash provided by investing activities was RMB75.5 million in 2021, which was primarily due to proceeds from sales and maturity of short-term
investments of RMB982.0 million, partially offset by purchase of short-term investments of RMB899.8 million.
Financing
Activities
Net
cash provided by financing activities was nil in 2023.
Net
cash used in financing activities was RMB20.0 million in 2022, which was primarily attributable to repayments of bank borrowings of RMB20.0
million.
Net
cash used in financing activities was RMB66.1 million in 2021, which was primarily due to (i) repayments of bank borrowings of RMB70.0
million and (ii) repayment of borrowings from a related party of RMB13.0 million, partially offset by proceeds from bank borrowings of
RMB20.0 million.
Capital
Expenditures
The
Group made capital expenditures of RMB7.0 thousand and RMB54.0 thousand (US$7.6 thousand) in 2022 and 2023, respectively. The Group's
capital expenditures were mainly used for purchase of property and equipment and purchase of intangible assets.
Commitments
The
following table sets forth the Group's contractual obligations as of December 31, 2023:
Payment due by period
Total
Less than 1 Year
1-3 Years
3-5 Years
More than 5 Years
RMB
US$
RMB
(in thousands)
Operating lease obligations
6,117
862
2,341
3,776
-
-
Content fee
11,000
1,595
11,000
-
-
-
Total
17,117
2,457
13,341
3,776
-
-
Holding
Company Structure
Qutoutiao
Inc. is a holding company with no material operations of its own. We conduct our operations through our subsidiaries, the Group VIEs
and their subsidiaries in China. As a result, Qutoutiao Inc.'s ability to pay dividends depends upon dividends paid by our PRC
subsidiaries. If our existing PRC subsidiaries or any newly formed ones incur debt on their own behalf in the future, the instruments
governing their debt may restrict their ability to pay dividends to us. In addition, our wholly foreign-owned subsidiaries in China are
permitted to pay dividends to us only out of their retained earnings, if any, as determined in accordance with PRC accounting standards
and regulations. Under PRC law, each of our subsidiaries, the Group VIEs and their subsidiaries in China are required to set aside at
least 10% of its after-tax profits each year, if any, to fund certain statutory reserve funds until such reserve funds reach 50% of its
registered capital. In addition, our wholly foreign-owned subsidiaries in China and the Group VIEs and their subsidiaries may allocate
a portion of their after-tax profits based on PRC accounting standards to a discretionary surplus fund at their discretion. The statutory
reserve funds and the discretionary funds are not distributable as cash dividends. Remittance of dividends by a wholly foreign-owned
company out of China is subject to examination by the banks designated by SAFE. Our PRC subsidiaries have not paid dividends and will
not be able to pay dividends until they generate accumulated profits and meet the requirements for statutory reserve funds.
124
C.
Research
                                            and Development
The
Group has focused on and will continue to invest in its technology system, including (i) enhancing its content recommendation engine,
(ii) optimizing its advertising solution by improving its real-time predictive click-through rate model and offering superior user targeting,
and (iii) enhancing its content management and delivery capabilities through increased adoption of artificial intelligence based technology
and greater level of automation to achieve higher operational efficiency and scalability.
The
Group's research and development expenses were RMB551.6 million, RMB184.6 million and RMB106.6 million (US$16.0 million) in 2021,
2022 and 2023, respectively.
D.
Trend
                                            Information
Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for
the year ended December 31, 2023 that are reasonably likely to have a material effect on the Group's total net revenues, income,
profitability, liquidity or capital reserves, or that caused the disclosed financial information to be not necessarily indicative of
future operating results or financial conditions.
E.
Critical
                                            Accounting Estimates
See
"Item 5. Operating and Financial Review and Prospects — A. Operating Results — Critical Accounting Estimates."
ITEM
6.
DIRECTORS,
                                            SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors
                                            and Senior Management
Directors
and Executive Officers
The
following table sets forth information regarding our directors and executive officers as of the date of this annual report.
Name
Age
Position/Title
Eric Siliang Tan
45
Co-founder and chairman
Bing Xu
44
Director, chief executive officer and chief financial
    officer
Jianfei Dong
43
Director and co-president
Sihui Chen
40
Co-founder and chief operating officer
Zhiliang Wang
41
Co-founder and chief technology officer
Mr.
Eric Siliang Tan
is our co-founder and chairman of our board of directors. Mr. Tan has more than 16 years of experience in the
Internet industry and serial entrepreneurship experiences. Mr. Tan served as chief executive officer of AdIn Media (Shanghai) Co., Ltd.
from 2013 to 2018, an advertising technology company he founded in 2013, which was acquired in 2015 by Wutong Holding Group Co., Ltd.,
a company listed on Shenzhen Stock Exchange. Prior to that, Mr. Tan was head of advertising solutions of Shanghai Shengyue Advertising
Co., Ltd., a subsidiary of SNDA Interactive Entertainment Limited from 2010 to 2013, in charge of developing open Internet advertising
platforms. Previously, Mr. Tan served at Wealink.com, an Internet recruiting company, as chief technology officer from 2008 to 2009,
and at 51.com, an online game company, as an engineering manager in 2008. Mr. Tan worked at Yahoo! China, with his last position as a
senior engineer, from 2006 to 2008. Mr. Tan graduated from Tsinghua University with a bachelor of engineering degree in automation in
2002. Mr. Tan graduated from Chinese Academy of Sciences with a master of engineering degree in artificial intelligence in 2006.
Mr.
Bing Xu
is our director, chief executive officer and chief financial officer. Prior to joining our company in June 2023, Mr.
Xu served as the president of an advertisement technology company, from 2017 to 2023. Mr. Xu graduated from Tsinghua University with
a bachelor of engineering degree in automation in 2002 and a master of engineering degree in system integration in 2006.
125
Mr.
Jianfei Dong
is our director and co-president. Prior to joining our company in May 2018, Mr. Dong served as the co-chief operating
officer of Inke, a mobile live-streaming platform, from 2017 to 2018. Prior to that, he served as the director of technology and general
manager of the mobile applications development department of Baidu from 2008 to 2017. Previously, Mr. Dong worked as a senior research
and development engineer on Internet search engine at Kuxun, a travel services and search website, from 2007 to 2008. Mr. Dong graduated
from Tsinghua University with a bachelor degree in control science and engineering in automation in 2005 and a master degree in control
science and engineering in automation in 2007.
Ms.
Sihui Chen
is our co-founder and chief operating officer. Prior to joining our company in January 2016, Ms. Chen worked at Shanghai
Qingyuan Lvwang Co., Ltd., an Internet gaming company, as head of project management responsible for product development. Previously,
Ms. Chen held several positions at SNDA Interactive Entertainment Limited, including executive assistant to the chief executive officer
of literature division from 2012 to 2014, and corporate human resource business partner from 2007 to 2012. Ms. Chen graduated from Zhongnan
University of Economics and Law with a bachelor degree in management and a bachelor degree in finance in 2007.
Mr.
Zhiliang Wang
is our co-founder and chief technology officer. Prior to joining our company in March 2016, Mr. Wang had over ten
years of experience in the Internet industry focusing on advertising and mobile applications. He worked at Baidu, Inc. as an engineering
manager responsible for the mobile browser division from 2013 to 2015. Previously, Mr. Wang was a senior manager of programmatic advertising
platform solutions at Shanghai Shengyue Advertising Co., Ltd., a subsidiary of SNDA Interactive Entertainment Limited from 2010 to 2013.
Prior to that, Mr. Wang worked at PPLive, an online video company, as a research and development supervisor of online video from 2007
to 2010. Mr. Wang graduated from Southwestern University with a bachelor degree in information management and information systems in
2007.
The
business address for all of our executive officers and directors is Building No. 2, Shanghai Pudong Software Park, 519 Yi De Road, Pudong
New Area, Shanghai, 200124, People's Republic of China.
B.
Compensation
Compensation
In
2023, we paid aggregate cash compensation of approximately RMB3.1 million (US$0.4 million) to our directors and executive officers as
a group. We did not pay any other cash compensation or benefits in kind to our directors and executive officers. We have not set aside
or accrued any amount to provide pension, retirement or other similar benefits to our directors and executive officers. Our PRC subsidiaries
and the Group VIEs are required by law to make contributions equal to certain percentages of each employee's salary for his or
her pension insurance, medical insurance, unemployment insurance and other statutory benefits and a housing provident fund. Our board
of directors may determine compensation to be paid to the directors and the executive officers and will assist the directors in reviewing
and approving the compensation structure for the directors and the executive officers.
For
information regarding share awards granted to our directors and executive officers, see "— Equity Incentive Plan."
126
Employment
Agreements and Indemnification Agreements
We
have entered into employment agreements with each of our executive officers. Under these agreements, each of our executive officers is
employed for a specified time period. We may terminate employment for cause, at any time, without advance notice, for certain acts of
the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, willful misconduct or
gross negligence to our detriment, or serious breach of duty of loyalty to us. We may also terminate an executive officer's employment
without cause upon three-month advance written notice. In such case of termination by us, we will provide severance payments to the executive
officer as expressly required by applicable law of the jurisdiction where the executive officer is based. The executive officer may resign
at any time with a three-month advance written notice.
Each
executive officer has agreed to hold, both during and within two years after the termination or expiry of his or her employment agreement,
in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or
pursuant to applicable law, any of our confidential information or trade secrets, any confidential information or trade secrets of our
business partners, or the confidential or proprietary information of any third party received by us and for which we have confidential
obligations. The executive officers have also agreed to disclose in confidence to us all inventions, designs and trade secrets which
they conceive, develop or reduce to practice during the executive officer's employment with us and to assign all rights, titles
and interests in them to us, and assist us in obtaining and enforcing patents, copyrights and other legal rights for these inventions,
designs and trade secrets.
In
addition, each executive officer has agreed to be bound by non-competition and non-solicitation restrictions during the term of his or
her employment and typically for one year following the last date of employment. Specifically, each executive officer has agreed not
to (i) approach financial institutions, dealers or other persons or entities introduced to the executive officer in his or her capacity
as a representative of us for the purpose of doing business with such persons or entities that will harm our business relationships with
these persons or entities; (ii) assume employment with or provide services to any of our competitors, or engage, whether as principal,
partner, licensor or otherwise, any of our competitors, without our express consent; or (iii) seek directly or indirectly, to solicit
the services of any of our employees who is employed by us on or after the date of the executive officer's termination, or in the
year preceding such termination, without our express consent.
We
have entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we agreed to
indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims
made by reason of their being a director or officer of our company.
Equity
Incentive Plan
Equity
Incentive Plan
In
January 2019, our board of directors adopted a new equity incentive plan, or equity incentive plan, pursuant to which equity-based awards
may be granted to eligible participants. The purpose of the equity incentive plan is to attract and retain the services of key personnel
by providing additional incentive to promote the business of our company. The equity incentive plan replaced the 2017 equity incentive
plan and 2018 equity incentive plan that we previously adopted in their entirety and assumed the awards previously granted under these
two plans.
The
equity incentive plan provides initially for an aggregate amount of no more than 12,464,141 Class A ordinary shares to be issued pursuant
to equity-based awards granted under the plan. On March 5, 2019, the Company increased the aggregate number of Class A ordinary shares
reserved for issuance pursuant to awards granted under the equity incentive plan by 3.5% of the total number of Class A ordinary shares
and Class B ordinary shares outstanding as of December 31, 2018. On every January 1 thereafter for four years, the aggregate number of
Class A ordinary shares reserved and available for issuance pursuant to awards granted under the equity incentive plan will be increased
by 2.0% of the total number of Class A ordinary shares and Class B ordinary shares outstanding on December 31 of the preceding calendar
year. Generally, if any award (or portion thereof) under the equity incentive plan terminates, expires, lapses, is canceled for any reason
without being vested or exercised, or is settled in cash or other property, as applicable, the ordinary shares subject to such award
will again be available for future grant.
127
As
of the date of this annual report, equity-based awards with respect to 6,041,461 Class A ordinary shares have been granted and were outstanding
under the equity incentive plan (including equity-based awards previously granted under the 2017 equity incentive plan and the 2018 equity
incentive plan).
Administration
The
equity incentive plan will be administered by our board of directors or any member(s) of the board of directors or officer(s) who have
been delegated any authority pursuant to the equity incentive plan. The plan administrator is authorized to interpret the plan and to
determine the provisions of each award, including the number of shares covered, the type of award, the exercise price, if applicable,
and the vesting schedule. In addition, the plan administrator may (i) select the recipients of awards, (ii) prescribe the forms of award
agreements and amend any award agreement (subject to certain limitations), (iii) allow a participant to satisfy minimum tax withholding
obligations by withholding shares to be issued pursuant to an award and (iv) make other decisions and determinations as provided in the
equity incentive plan.
Types
of Awards
The
equity incentive plan permits awards of, among others, options, restricted shares and restricted share units.
Change
in Control
In
the event of a change in control, the plan administrator may, in its sole discretion, (i) adjust the number and kind of shares and prices
subject to awards then held by a participant in the equity incentive plan to provide the assumption or substitution of any award or provide
for the assumption, conversion or replacement of any option with other rights (including cash) or property (as the plan administrator
selects or determines to be reasonable, equitable and appropriate) (ii) accelerate the vesting, in whole or in part, of any award, or
(iii) purchase any award for an amount of cash or shares (in accordance with the terms of the equity incentive plan). In the event a
successor or surviving company refuses to assume, convert or replace an award, then the outstanding awards shall fully vest. A "change
of control" under the equity incentive plan is defined as (i) an amalgamation, arrangement, merger, consolidation or scheme of
arrangement in which our company is not the surviving entity, except for a transaction the principal purpose of which is to change the
jurisdiction in which our company is incorporated or which following such transaction the holders of our company's voting shares
immediately prior to such transaction own more than fifty percent (50%) of the voting shares of the surviving entity; (ii) the sale,
transfer or other disposition of all or substantially all of the assets of our company (other than to one of our subsidiaries); (iii)
the completion of a voluntary or insolvent liquidation or dissolution of our company; (iv) any takeover, reverse takeover, scheme of
arrangement, or series of related transactions culminating in a reverse takeover or scheme of arrangement (including, but not limited
to, a tender offer followed by a takeover or reverse takeover) in which our company survives but (A) the shares of our company outstanding
immediately prior to such transaction are converted or exchanged by virtue of the transaction into other property, whether in the form
of shares, securities, cash or otherwise, or (B) the shares carrying more than 50% of the total combined voting power of our company's
then issued and outstanding shares are transferred to a person or persons different from those who held such shares immediately prior
to such transaction culminating in such takeover, reverse takeover or scheme of arrangement, or (C) our company issues new voting shares
in connection with any such transaction such that holders of the our company's voting shares immediately prior to the transaction
no longer hold more than 50% of the voting shares of our company after the transaction; or (v) the acquisition in a single or series
of related transactions by any person or related group of persons (other than employees of our company, our subsidiaries or any other
person in or of which our company or subsidiaries holds a substantial economic interest or possesses the power to direct or cause the
direction of the management policies or entities established for the benefit of the employees of our company, our subsidiaries or any
other person in or of which our company or subsidiaries holds a substantial economic interest or possesses the power to direct or cause
the direction of the management policies) of (A) control of our board of directors or the ability to appoint a majority of the members
of our board of directors, or (B) beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of shares carrying more
than 50% of the total combined voting power of the our company's then issued and outstanding shares.
128
Term
Unless
terminated earlier, the equity incentive plan will expire ten years from the date the equity incentive plan becomes effective. Awards
made under the equity incentive plan on or prior to the date of its termination will continue in effect subject to the terms of the equity
incentive plan and the applicable award agreement.
Vesting
Schedule
In
general, the plan administrator determines the vesting schedule of each award as evidenced by an award agreement. The plan administrator
may accelerate the vesting of any award.
Amendment
and Termination of Plan
Our
board of directors, in its sole discretion, may at any time amend, alter or discontinue the equity incentive plan, subject to certain
exceptions.
Granted
Options (including options previously granted under our 2017 equity incentive plan and 2018 equity incentive plan.
Name
Position
Class A Ordinary Shares Underlying Options Awarded
Option
Exercise
Price
Grant Date
Option
Expiration
Date
Zhiliang
    Wang
Chief
    technology officer
2,372,965
US$0.0001
June
    30, 2016
June
    30, 2026
Sihui
Chen
Chief
    operating officer
957,655
US$0.0001
June
    30, 2016
June
    30, 2026
Jianfei Dong
Director and co-president
*
US$0.0001
June 30, 2018
June 30, 2028
*
US$0.0001
March 31, 2019
March 31, 2029
*
Less
                                            than 1% of our outstanding shares
As
of the date of this annual report, aside from grants of options, no other awards have been granted under our equity incentive plan.
Equity
Incentive Trusts
We
established equity incentive trusts pursuant to a deed dated February 26, 2018 among us, The Core Trust Company Limited, as the trustee,
and Qu World Limited and QFUN Limited, each as a nominee. Through such trusts, our ordinary shares underlying equity awards granted pursuant
to our equity incentive plan may be provided to certain of recipients of such equity awards. As of the date of this annual report, Qu
World Limited holds 3,876,500 Class A ordinary shares pursuant to our equity incentive plan and QFUN Limited does not currently holds
any Class A ordinary shares. Upon satisfaction of vesting conditions and exercise by a grant recipient, the trustee will transfer the
ordinary shares underlying the relevant equity awards to such grant recipient.
The
trust deed provides that the trustee shall not have any voting power in relation to the Class A ordinary shares held by Qu World Limited
and QFUN Limited. Although these shares are legally issued and outstanding, they are accounted for as treasury shares and as a result,
are not deemed as outstanding from an accounting perspective.
C.
Board
                                            Practices
Our
board of directors consists of three directors. A director is not required to hold any shares in our company to qualify to serve as
a director. A director may vote with respect to any contract or any proposed contract or arrangement in which he is interested, and if
he does so, his vote shall be counted and he may be counted in the quorum at any meeting of our directors at which any such contract
or proposed contract or arrangement is considered, provided (a) such director has declared the nature of his interest at the meeting
of the board at which the question of entering into the contract or arrangement is first considered if he knows his interest then exists,
or in any other case at the first meeting of the board after he knows he is or has become so interested, either specifically or by way
of a general notice and (b) if such contract or arrangement is a transaction with a related party, such transaction has been approved
by the board of directors. The directors may exercise all the powers of the company to borrow money, to mortgage or charge its undertaking,
property and uncalled capital, and to issue debentures or other securities whenever money is borrowed or as security for any debt, liability
or obligation of the company or of any third party. None of our non-executive directors has a service contract with us that provides
for benefits upon termination of service.
129
Committees
of the Board of Directors
We
are not subject to listing requirements of any national securities exchange and, as a result, we are not at this time required to have
any "independent directors" on our board. On May 11, 2023, both of our independent directors resigned due to personal reasons.
Following such resignation, our board of directors resolved to dissolve our audit, compensation and nominating and corporate governance
committees on May 12, 2023. The functions that would have been performed by such committees are performed by our board of directors instead.
The board is of the opinion that such committees are not necessary since the functions of such committees can be performed by the board
of directors. For risks relating to lack of independent directors, see "Item 3. Key Information — D. Risk Factors —
Risks Relating the ADSs — There are no independent directors on our board, which may create a potential conflict of interest."
Duties
of Directors
Under
Cayman Islands law, our directors have a fiduciary duty to act honestly in good faith with a view to our best interests. Our directors
also have a duty to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
In fulfilling their duty of care to us, our directors must ensure compliance with our memorandum and articles of association, as amended
and restated from time to time, and the class rights vested thereunder in the holders of the shares. A shareholder has the right to seek
damages if a duty owed by our directors is breached.
The
functions and powers of our board of directors include, among others:
●
conducting
    and managing the business of our company;
●
representing
    our company in contracts and deals;
●
appointing
    attorneys for our company;
●
selecting
    senior management;
●
providing
    employee benefits and pension;
●
managing
    our company's finance and bank accounts;
●
exercising
    the borrowing powers of our company and mortgaging the property of our company;
●
exercising
    any other powers conferred by the shareholders' meetings or under our amended and restated memorandum and articles of association;
    and
●
exercising
    the functions that would have been performed by audit committee, compensation committee and nominating and corporate governance committee.
Terms
of Directors and Executive Officers
Our
directors may be elected by a resolution of our board of directors, or by an ordinary resolution of our shareholders, pursuant to our
amended and restated memorandum and articles of association. Each of our directors will hold office until his or her successor takes
office or until his or her earlier death, resignation or removal or the expiration of his or her term as provided in the written agreement
with our company, if any. A director will cease to be a director if, among other things, the director (i) dies, or becomes bankrupt or
makes any arrangement or composition with his creditors, (ii) is found to be or becomes of unsound mind, (iii) resigns his office by
notice in writing to the company, or (iv) without special leave of absence from our board, is absent from three consecutive board meetings
and our directors resolve that his office be vacated. Our officers are elected by and serve at the discretion of the board of directors.
130
D.
Employees
As
of December 31, 2021, 2022 and 2023, the Group had a total of 1,110, 427 and 370 employees, respectively. The following table sets forth
the breakdown of the Group's employees as of December 31, 2023 by function:
Function
Number
of
Employees
% of Total
Content management
82
22.2
Technology and product development
156
42.2
Sales, customer service and marketing
73
19.7
General administration
59
15.9
Total
370
100.0
The
Group's employees are based in Shanghai, Beijing, Wuhu City in Anhui Province, Shaoxin City in Zhejiang, Hainan and overseas, respectively.
We believe the Group offers its employees competitive compensation packages and a dynamic work environment that encourages initiative
and meritocracy. As a result, the Group has generally been able to attract and retain qualified personnel and maintain a stable core
management team. The Group plans to hire additional experienced and talented employees in areas such as content management and research
and development as it expands its business.
As
required by PRC regulations, the Group participates in various government statutory employee benefit plans, including social insurance
funds, namely a pension contribution plan, a medical insurance plan, an unemployment insurance plan, a work-related injury insurance
plan and a maternity insurance plan, and a housing provident fund. In addition, the Group purchased employer's liability insurance
and additional commercial health insurance to increase insurance coverage of its employees. The Group enters into standard labor, confidentiality
and non-compete agreements with its employees.
The
non-compete restricted period typically expires two years after the termination of employment, and the Group agrees to compensate the
employee with a certain percentage of his or her pre-departure salary during the restricted period.
We
believe that the Group maintains a good working relationship with its employees, and the Group has not experienced any major labor disputes.
E.
Share
Ownership
The
following table sets forth information as of the date of this annual report with respect to the beneficial ownership of our Class A ordinary
shares and Class B ordinary shares by:
●
each
    of our directors and executive officers; and
●
each
    person known to us to own beneficially 5.0% or more of our ordinary shares.
Beneficial
ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to, or the power
to receive the economic benefit of ownership of, the securities. In computing the number of shares beneficially owned by a person and
the percentage ownership of that person, we have included shares that the person has the right to acquire within 60 days, including through
the exercise of any option or other right or the conversion of any other security.
131
For
the purpose of the table below that sets forth information as to the beneficial ownership of our ordinary shares, the total number of
ordinary shares issued and outstanding as of the date of this annual report is 79,857,211, comprising 46,920,018 Class A ordinary shares
and 32,937,193 Class B ordinary shares. The 46,920,018 Class A ordinary shares issued and outstanding include 3,876,500 Class A ordinary
shares held by an equity incentive trust, Qu World Limited. Although these shares are legally issued and outstanding, they are accounted
for as treasury shares and as a result, are not deemed as outstanding from an accounting perspective. Upon satisfaction of vesting conditions
and exercise by a grant recipient, the trustee of our equity incentive trusts will transfer the ordinary shares underlying the relevant
equity awards to such grant recipient.
Ordinary Shares Beneficially Owned
Class A
Ordinary
Shares
Class B
Oridinary
Shares
Percentage
of total
ordinary
shares
Percentage
of aggregate
voting
power***
Directors and Executive Officers:
**
Eric Siliang Tan
(1)
—
27,123,442
34.0
%
72.1
%
Lei Li
(2)
—
5,813,751
7.3
%
15.5
%
Zhiliang Wang
(5)
1,852,965
—
2.3
%
0.5
%
Sihui Chen
*
—
*
—
Bing Xu
—
—
—
—
Directors and Executive Officers as a Group
2,940,620
32,937,193
44.9
%
88.4
%
Principal Shareholders
Innotech Group Holdings Ltd.
(1)
—
27,123,442
34.0
%
72.1
%
News List Ltd.
(2)
—
5,813,751
7.3
%
15.5
%
Qu World Limited
(3)
3,876,500
—
4.9
%
—
Mount McKinley Investment Limited
(4)
3,343,245
—
4.2
%
0.9
%
*
Less
    than 1% of our outstanding shares.
**
The
    business address for our directors and executive officers is Building No. 2, Shanghai Pudong Software Park, 519 Yi De Road, Pudong
    New Area, Shanghai, 200124, People's Republic of China.
***
For
    each person and group included in this column, the percentage of voting power is calculated by dividing the voting power beneficially
    owned by such person or group by the voting power of all of our Class A and Class B ordinary shares as a single class. In respect
    of all matters upon which the ordinary shares are entitled to vote, each Class A ordinary share is entitled to one vote, and each
    Class B ordinary share is entitled to ten (10) votes, voting together as one class. Each Class B ordinary share is convertible into
    one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares
    under any circumstances.
(1)
Represents
    27,123,442 Class B ordinary shares that are held by Innotech Group Holdings Ltd., a limited liability company established in the
    Cayman Islands. Innotech Group Holdings Ltd. is indirectly wholly owned by a trust of which Mr. Eric Siliang Tan and his family are
    beneficiaries. The registered address of Innotech Group Holdings Ltd. is P.O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay
    Road, Grand Cayman, KY1-1205, Cayman Islands.
(2)
Represents
    5,813,751 Class B ordinary shares that are held by News List Ltd., a limited liability company established in the British Virgin
    Islands. News List Ltd. is indirectly wholly owned by a trust of which Mr. Lei Li and his family are beneficiaries. The registered
    address of News List Ltd. is Craigmuir Chambers, Road Town, Tortola, British Virgin Islands.
(3)
Represents
    3,876,500 Class A ordinary shares held by Qu World Limited, a limited liability company established in the British Virgin Islands,
    as a nominee of our equity incentive trust. Qu World Limited is wholly owned by The Core Trust Company Limited, a trust company established
    in Hong Kong that acts as the trustee of our equity incentive trust. The registered address of Qu World Limited is Wickhams Cay II,
    Road Town, Tortola, VG1110, British Virgin Islands. The trust deed for our equity incentive trust provides that the trustee shall
    not have any voting power in relation to the 3,876,500 Class A ordinary shares held by Qu World Limited.
(4)
Represents
    3,343,245 Class A ordinary shares in the form of 1,337,298 ADSs held by Mount McKinley Investment Limited, a company incorporated
    in the British Virgin Islands, as reported in Amendment No. 1 to the Schedule 13G filed on February 11, 2022, which accounts for
    7.1% of the outstanding Class A ordinary shares as of the date of this annual report. Mount McKinley Investment Limited is a wholly-owned
    subsidiary of Tencent Holdings Limited, a company incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange.
    The registered address of Mount McKinley Investment Limited is 29/F., Three Pacific Place, No. 1 Queen's Road East, Wanchai,
    Hong Kong. The registered address of Tencent Holdings Limited is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111,
    Cayman Islands.
(5)
Represents
    1,852,965 Class A ordinary shares issuable to Mr. Zhiliang Wang upon exercise of the share options granted under our equity incentive
    plan that have vested or are expected to vest within 60 days from the date of this annual report.
132
The
trustee of our equity incentive trusts does not have any voting power in relation to the 3,876,500 Class A ordinary shares held by Qu
World Limited. In addition, The Bank of New York Mellon, the depositary bank of our ADR program, does not have voting power over the
3,145,390 Class A ordinary shares it holds that are reserved for equity awards granted under our equity incentive plan. As such, 72,835,321
of the 79,857,211 ordinary shares issued and outstanding as of the date of this annual report have voting power.
In
April 2019, we completed a follow-on public offering of an aggregate of 10,000,000 ADSs, comprising 3,327,868 ADSs issued and sold by
us and 6,672,132 ADSs sold by certain selling shareholders, representing an aggregate of 2,500,000 Class A ordinary shares. We raised
approximately US$31.0 million in net proceeds, after deducting underwriting discounts and commissions and the offering expenses payable
by us. We did not receive any of the proceeds from the sale of ADSs by the selling shareholders.
On
May 28, 2019, our board of directors authorized a share repurchase program under which we may repurchase up to US$50 million worth of
our outstanding American depositary shares ("ADSs") representing our Class A ordinary shares over the next 12 months. Under
the share repurchase program, we may repurchase our ADSs from time to time through open market transactions at prevailing market prices,
privately negotiated transactions, block trades or any combination thereof. In addition, we will also effect repurchase transactions
in compliance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and its insider trading policy.
The number of ADSs repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price,
trading volume and general market conditions, along with our working capital requirements, general business conditions and other factors.
The share repurchase program has been terminated, and a total of 4,665,700 ADSs, representing 1,166,425 Class A ordinary shares, were
repurchased for a total consideration of US$20.7 million.
On
September 27, 2019, we issued an aggregate of 1,480,123 Class A ordinary shares to Haitong International Investment Solutions Limited
pursuant to various agreements entered into between us, Shanghai Dongfang Newspaper Co., Ltd. and its subsidiaries, or collectively,
The Paper, and certain other parties. Upon the completion of this issuance, The Paper is deemed to beneficially own approximately 2.0%
of our total enlarged issued and outstanding share capital. The Paper will also carry out the performance with a fee charge of certain
strategic cooperation agreements with Shanghai Jifen, the Group VIE, for certain years. In addition, Shanghai Jifen has issued equity
interests representing 1% of its enlarged share capital to The Paper.
As
of the date of this annual report, a total of 43,043,510 Class A ordinary shares are held by one record holder in the United States,
The Bank of New York Mellon, the depositary bank of our ADR program, which represents approximately 53.9% of our total outstanding shares.
None of our outstanding Class B ordinary shares is held by record holders in the United States. We are not aware of any of our shareholders
being affiliated with a registered broker-dealer or being in the business of underwriting securities.
We
are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.
F.
Disclosure of a Registrant's Action to Recover
Erroneously Awarded Compensation
Not
Applicable.
ITEM
                                            7.
MAJOR
                                            SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major
                                            Shareholders
Please
refer to "Item 6. Directors, Senior Management and Employees — E. Share Ownership."
133
B.
Related
                                            Party Transactions
Transactions
with Companies Controlled by or Affiliated with Mr. Tan
The
Group provided advertising and marketing services to several companies controlled by Mr. Eric Siliang Tan, mainly Shanghai Tujin
Internet Technology Co., Ltd., or Shanghai Tujin, and charged service fees of RMB40.3 million, RMB2.5 million and nil in the fiscal
years ended December 31, 2021, 2022 and 2023, respectively. The advertising and marketing services were provided to help promote
these companies' mobile applications, which were developed in late 2018. As of December 31, 2022 and 2023, the amount due from
such related parties that pertained to accounts receivable from related parties' revenues generated was RMB48.8 million and
RMB45.8 million (US$6.5 million), respectively. Although the settlement of the remaining receivables may be after the due date, as
these companies are under the common control of our founder and they have demonstrated an ability to continuously pay off their
balances, we did not view this delay in payment as a sign of collectability risk.
The
Group entered into a cost-per-impression (CPM) arrangement for advertisement placement by the Group's advertising customers with
Shanghai Mengjia Internet Technology Co., Ltd., or Shanghai Mengjia, and Shanghai Tujin, which are media platforms controlled by Mr.
Eric Siliang Tan, in 2019. The total service fee charged by Shanghai Mengjia and Shanghai Tujin amounted to RMB103.3 million, RMB16.7
million and RMB0.3 million (US$48.6 thousand) for the fiscal years ended December 31, 2021, 2022 and 2023, respectively.
The
Group entered into a game cooperation agreement with Shanghai Ruiti Internet Technology Co., Ltd., or Shanghai Ruiti, a game developing
company in which Mr. Eric Siliang Tan's controlled entity has significant influence on. The total service fee the Group paid to
Shanghai Ruiti in relation to the arrangement amounted to RMB11.0 thousand, nil and nil for the fiscal years ended December 31, 2021,
2022 and 2023, respectively. The investment in this company was fully impaired as of December 31, 2021.
As
of December 31, 2022 and 2023, amount due to the related parties in relation to the CPM arrangement was RMB0.6 million and RMB0.2 million
(US$21.7 thousand), respectively.
In
addition, Shanghai Tujin also provided advertising and marketing-related promotion services to the Group. For the years ended December
31, 2020, 2021 and 2022, the service fees charged from such related parties amounted to RMB15.8 million, RMB7.9 million and RMB0.2 million
(US$26.6 thousand), respectively.
Contractual
Arrangements with the Group VIEs and Their Respective Shareholders
PRC
laws and regulations place certain restrictions on foreign investment in and ownership of internet-based businesses. Accordingly, we
conduct the Group's operations mainly through the Group VIEs and their subsidiaries. We effectively control the Group VIEs through
a series of contractual arrangements with the Group VIEs, their respective shareholders and our WFOEs. As a result, we operate the Group's
relevant business through contractual arrangements among Shanghai Quyun and Shanghai Zhicao, our wholly-owned PRC subsidiaries, Shanghai
Jifen, Big Rhinoceros Horn and Beijing Churun, the Group VIEs, and their respective shareholders. For a description of these contractual
arrangements, see "Item 4. — Information on the Company — D. Organizational Structure — Contractual Arrangements
among Our Key WFOEs, the Key VIEs and Their Respective Shareholders."
C.
Interests
                                            of Experts and Counsel
Not
Applicable.
ITEM
                                            8.
FINANCIAL
                                            INFORMATION
A.
Consolidated
                                            Statements and Other Financial Information
We
have appended consolidated financial statements filed as part of this annual report.
134
Legal
and Administrative Proceedings
In
re Qutoutiao Inc. Securities Litigation, 1:20-cv-06707 (SHS) (SDNY)
In
re Qutoutiao, Inc. Securities Litigation, 23-1233 (2d Cir.)
On
August 20, 2020, we and certain of our current and former directors and officers were named as defendants in a putative shareholder
class action lawsuit filed in the United States District Court for the Southern District of New York. This action is brought on
behalf of a putative class of persons who purchased or acquired our securities pursuant or traceable to our September 2018 initial
public offering or April 2019 secondary public offering, or otherwise acquired our securities between September 14, 2018 and
December 16, 2020 (the "Putative Class Period"). The complaint alleges violations of Sections 11, 12(a)(2), and 15 of
the Securities Act of 1933, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder
based on alleged materially false or misleading statements or omissions in offering documents and/or issued throughout the Putative
Class Period. Lead Plaintiff was appointed, and a consolidated amended complaint was filed on January 15, 2021. We filed a motion to
dismiss such amended complaint on March 16, 2021. Lead Plaintiff filed an opposition to the motion on May 17, 2021, and we filed a
reply on July 1, 2021.
On
August 3, 2023, the District Court granted the motion to dismiss in its entirety. Plaintiff appealed the dismissal of the Securities
Act of 1933 claims to the United States Court of Appeals for the Second Circuit. Plaintiff alleges on appeal there were materially
false or misleading statements or omissions made only in the offering documents. On January 3, 2024, Plaintiff filed his opening
brief, and on April 3, 2024, we filed our brief in response. Plaintiff filed his reply brief on April 24, 2024. A decision on the
appeal is pending. It is premature at this stage of the litigation to evaluate the likelihood of a favorable or unfavorable
outcome.
Lawsuit
Relating to Advertisements on Our Online Platform
In
October 2022, one of our material subsidiaries and one of the Key VIEs were ordered by a local district court in China to pay fines in
an aggregate amount of approximately RMB82.8 million (US$12.0 million) in connection with alleged fraudulent advertisements that certain
advertising customer of the Group placed on the Group's online platform. On November 9, 2022, we appealed the judgment to the local
appellate court, which upheld the rulings on December 9, 2022. As of the date of this annual report, we have paid off the fines.
Our
then audit committee engaged an external legal counsel, Hui Ye Law Firm, to conduct an internal investigation into the compliance of
our advertising business during the occurrence of this incident. According to the internal investigation, we have proper policies and
procedures in place to screen the advertisements placed on our online platform in order to comply with applicable laws and regulations.
We plan to continue to undertake measures to improve the compliance of our advertising business, including to enhance the implementation
of relevant policies and procedures on advertisement screening and to strengthen the training and supervision of our employees to minimize
employee misconduct.
Except
as disclosed above, the Group is currently not a party to any other material legal or administrative proceedings. The Group may from
time to time be subject to various legal or administrative claims and proceedings arising from the ordinary course of business. Litigation
or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of
the Group's resources, including our management's time and attention.
Dividend
Policy
Since
our inception, we have not declared or paid any dividends on our shares. We do not have any present plan to pay any dividends on our
Class A ordinary shares in the foreseeable future. We intend to retain most, if not all, of our available funds and any future earnings
to operate and expand our business.
Any
other future determination to pay dividends will be made at the discretion of our board of directors and may be based on a number of
factors, including our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions
and other factors that the board of directors may deem relevant. If we pay any dividends, ADS holders will receive payment to the same
extent as holders of our Class A ordinary shares, subject to the terms of the deposit agreement, including the fees and expenses payable
thereunder. See "Item 12. Description of Securities other than Equity Securities — D. American Depositary Shares."
Cash dividends on our Class A ordinary shares, if any, will be paid in U.S. dollars.
135
We
are an exempted company with limited liability incorporated in the Cayman Islands. In order for us to distribute any dividends to our
shareholders and ADS holders, we may rely on dividends distributed by our PRC subsidiaries. Certain payments from our PRC subsidiaries
to us may be subject to PRC withholding income tax. In addition, regulations in the PRC currently permit payment of dividends of a PRC
company only out of accumulated distributable after-tax profits as determined in accordance with its articles of association and the
accounting standards and regulations in China. Each of our PRC subsidiaries is required to set aside at least 10% of its after-tax profit
based on PRC accounting standards every year to a statutory common reserve fund until the aggregate amount of such reserve fund reaches
50% of the registered capital of such subsidiary. Such statutory reserves are not distributable as loans, advances or cash dividends.
B.
Significant
                                            Changes
The
Group has not experienced any other significant changes since the date of our audited consolidated financial statements included in this
annual report.
ITEM
                                            9.
THE
                                            OFFER AND LISTING
A.
Offering
                                            and Listing Details
Our
ADSs had been listed on the NASDAQ Global Select Market since September 14, 2018 under the symbol "QTT." On December 10,
2021, we effected a change of the ratio of our ADSs to Class A ordinary shares from the then ADS ratio of four (4) ADSs to one (1) Class
A ordinary share to a new ADS ratio of two (2) ADS representing five (5) Class A ordinary shares. We received a delisting notice from
Nasdaq on March 14, 2023. On April 12, 2023, the staff of the Nasdaq Stock Market LLC filed a Form 25 Notification of Delisting with
the SEC to delist us from Nasdaq, and the delisting became effective 10 days after filing the Form 25.
B.
Plan
                                            of Distribution
Not
Applicable.
C.
Markets
Our
ADSs had been listed on the NASDAQ Global Select Market since September 14, 2018 under the symbol "QTT." On December 10,
2021, we effected a change of the ratio of our ADSs to Class A ordinary shares from the then ADS ratio of four (4) ADSs to one (1) Class
A ordinary share to a new ADS ratio of two (2) ADS representing five (5) Class A ordinary shares.
D.
Selling
                                            Shareholders
Not
Applicable.
E.
Dilution
Not
Applicable.
F.
Expenses
                                            of the Issue
Not
Applicable.
ITEM
                                            10.
ADDITIONAL
                                            INFORMATION
A.
Share
                                            Capital
Not
Applicable.
136
B.
Memorandum
                                            and Articles of Association
We
incorporate by reference into this annual report the description of our sixth amended and restated memorandum of association contained
in our F-1 registration statement (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August
17, 2018. Our shareholders adopted our sixth amended and restated memorandum and articles of association by a special resolution passed
on September 4, 2018, which became effective immediately prior to the completion of our initial public offering of ADSs representing
our Class A ordinary shares.
C.
Material
                                            Contracts
The
Group has not entered into any material contracts other than in the ordinary course of business and other than those described in "Item
4. Information on the Company," "Item 5. Operating and Financial Review and Prospects," or elsewhere in this annual
report.
D.
Exchange
                                            Controls
See
"Item 4. Information on the Company — B. Business Overview — Regulations — Regulations on Foreign Exchange."
E.
Taxation
The
following is a general summary of certain Cayman Islands, People's Republic of China and United States federal income tax consequences
relevant to an investment in our ADSs and Class A ordinary shares. The discussion is not intended to be, nor should it be construed as,
legal or tax advice to any particular prospective purchaser. The discussion is based on laws and relevant interpretations thereof in
effect as of the date of this annual report, all of which are subject to change or different interpretations, possibly with retroactive
effect. The discussion does not address U.S. state or local tax laws, or tax laws of jurisdictions other than the Cayman Islands, the
People's Republic of China and the United States. You should consult your own tax advisors with respect to the consequences of
acquisition, ownership and disposition of our ADSs and Class A ordinary shares.
Cayman
Islands Taxation
The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciations, and
there is no taxation in the nature of inheritance tax or estate duty or withholding tax applicable to us or to any holder of ADSs
and Class A ordinary shares. Stamp duties may be applicable on instruments executed in, or after execution brought within the
jurisdiction of, the Cayman Islands. In addition, the Cayman Islands does not impose withholding tax on dividend payments. No stamp
duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies except those which hold interests in land
in the Cayman Islands and instruments which were executed in, or after execution brought within
the jurisdiction of the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by
our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.
Payments
of dividends and capital in respect of the ADSs or ordinary shares will not be subject to taxation in the Cayman Islands and no withholding
will be required on the payment of a dividend or capital to any holder of the ADSs or ordinary shares, nor will gains derived from the
disposal of the ADSs or ordinary shares be subject to Cayman Islands income or corporation tax.
Pursuant
to Section 6 of the Tax Concessions Act (as amended) of the Cayman Islands, we have obtained an undertaking from the Financial Secretary:
(1)
that
    no law which is enacted in the Cayman Islands imposing any tax to be levied on profits or income or gains or appreciation shall apply
    to us or our operations; and
(2)
that
    no tax be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be
    payable by the Company:
(a)
on
    or in respect of the shares, debentures or other obligations of the Company; or
(b)
by
    way of withholding in whole or in part of any relevant payment as defined in section 6(3) of the Tax Concessions Act (as amended).
The
undertaking for us is for a period of twenty years from November 29, 2016.
137
People's
Republic of China Taxation
In
December 2018, the National People's Congress of China enacted the modified Enterprise Income Tax Law, which became effective on
December 29, 2018. The modified Enterprise Income Tax Law provides that enterprises organized under the laws of jurisdictions outside
China with their "de facto management bodies" located within China may be considered PRC resident enterprises and therefore
subject to PRC enterprise income tax at the rate of 25% on their worldwide income. The implementing rules of the Enterprise Income Tax
Law further define the term "de facto management body" as the management body that exercises substantial and overall management
and control over the business, personnel, accounts and properties of an enterprise. While we do not currently consider our company or
any of our overseas subsidiaries to be a PRC resident enterprise, there is a risk that the PRC tax authorities may deem our company or
any of our overseas subsidiaries as a PRC resident enterprise since a substantial majority of the members of our management team as well
as the management team of some of our overseas subsidiaries are located in China, in which case we or the overseas subsidiaries, as the
case may be, would be subject to the PRC enterprise income tax at the rate of 25% on worldwide income. If the PRC tax authorities determine
that our Cayman Islands holding company is a "resident enterprise" for PRC enterprise income tax purposes, a number of unfavorable
PRC tax consequences could follow. One example is a 10% withholding tax would be imposed on dividends we pay to our non-PRC enterprise
shareholders and with respect to gains derived by our non-PRC enterprise shareholders from transferring our shares or ADSs. Furthermore,
dividends payable to individual investors who are non-PRC residents and any gain realized on the transfer of ADSs or ordinary shares
by such investors may be subject to PRC tax at a current rate of 20%, subject to any reduction or exemption set forth in applicable tax
treaties or under applicable tax arrangements between jurisdictions. It is unclear whether, if we are considered a PRC resident enterprise,
holders of our shares or ADSs would be able to claim the benefit of income tax treaties or agreements entered into between China and
other countries or areas.
Certain
United States Federal Income Tax Considerations
The
following discussion describes certain United States federal income tax consequences of the ownership and disposition of our ADSs and
Class A ordinary shares. This discussion deals only with ADSs and Class A ordinary shares that are held as capital assets by a United
States Holder (as defined below).
As
used herein, the term "United States Holder" means a beneficial owner of our ADSs or Class A ordinary shares that is, for
United States federal income tax purposes, any of the following:
●
an
    individual who is a citizen or resident of the United States;
●
a
    corporation (or other entity treated as a corporation for United States federal income tax purposes) created or organized in or under
    the laws of the United States, any state thereof or the District of Columbia;
●
an
    estate the income of which is subject to United States federal income taxation regardless of its source; or
●
a
    trust if it (1) is subject to the primary supervision of a court within the United States and one or more United States persons have
    the authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable United States
    Treasury regulations to be treated as a United States person.
This
discussion is based upon provisions of the Internal Revenue Code of 1986, as amended (the "Code"), and regulations, rulings
and judicial decisions thereunder as of the date hereof, as well as the current income tax treaty between the United States and the PRC
(the "Treaty"). Those authorities may be changed, perhaps retroactively, so as to result in United States federal income
tax consequences different from those summarized below. In addition, this discussion assumes that the deposit agreement, and all other
related agreements, will be performed in accordance with their terms.
138
This
discussion does not represent a detailed description of the United States federal income tax consequences applicable to you if you are
subject to special treatment under the United States federal income tax laws, including if you are:
●
a
    dealer or broker in securities or currencies;
●
a
    financial institution;
●
a
    regulated investment company;
●
a
    real estate investment trust;
●
an
    insurance company;
●
a
    tax-exempt organization;
●
a
    person holding our ADSs or Class A ordinary shares as part of a hedging, integrated or conversion transaction, a constructive sale
    or a straddle;
●
a
    trader in securities that has elected the mark-to-market method of accounting for your securities;
●
a
    person liable for alternative minimum tax;
●
a
    person who owns or is deemed to own 10% or more of our stock by vote or value;
●
a
    partnership or other pass-through entity for United States federal income tax purposes;
●
a
    person required to accelerate the recognition of any item of gross income with respect to our ADSs or Class A ordinary shares as
    a result of such income being recognized on an applicable financial statement; or
●
a
    person whose "functional currency" is not the U.S. dollar.
If
a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) holds our ADSs
or Class A ordinary shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of
the partnership. If you are a partnership or a partner of a partnership holding our ADSs or Class A ordinary shares, you should consult
your tax advisors.
This
discussion does not contain a detailed description of all the United States federal income tax consequences to you in light of your particular
circumstances and does not address the Medicare tax on net investment income, United States federal estate and gift taxes or the effects
of any state, local or non-United States tax laws. If you are considering the purchase of our ADSs or Class A ordinary shares, you should
consult your own tax advisors concerning the particular United States federal income tax consequences to you of the ownership and disposition
of our ADSs or Class A ordinary shares, as well as the consequences to you arising under other United States federal tax laws and the
laws of any other taxing jurisdiction.
ADSs
If
you hold ADSs, for United States federal income tax purposes, you generally will be treated as the owner of the underlying Class A ordinary
shares that are represented by such ADSs. Accordingly, withdrawals of Class A ordinary shares from our ADS facility, or deposits of Class
A ordinary shares in exchange for ADSs, will not be subject to United States federal income tax.
139
Taxation
of Dividends
Subject
to the discussion under "— Passive Foreign Investment Company" below, the gross amount of distributions on the ADSs
or Class A ordinary shares (including any amounts withheld to reflect potential PRC withholding taxes, as discussed above under "—
People's Republic of China Taxation") will be taxable as dividends to the extent paid out of our current or accumulated earnings
and profits, as determined under United States federal income tax principles. To the extent that the amount of any distribution exceeds
our current and accumulated earnings and profits for a taxable year, the distribution will first be treated as a tax-free return of capital,
causing a reduction in your tax basis in the ADSs or Class A ordinary shares, and to the extent the amount of the distribution exceeds
your tax basis, the excess will be taxed as capital gain recognized on a sale or exchange. We do not, however, expect to determine earnings
and profits in accordance with United States federal income tax principles. Therefore, you should expect that a distribution will generally
be reported as a dividend.
Any
dividends that you receive (including any withheld taxes) will be includable in your gross income as ordinary income on the day actually
or constructively received by you, in the case of Class A ordinary shares, or by the depositary, in the case of ADSs. Such dividends
will not be eligible for the dividends received deduction generally allowed to corporations under the Code.
Subject
to applicable conditions and limitations (including a minimum holding period requirement), certain dividends received by non-corporate
United States investors from a qualified foreign corporation may be treated as "qualified dividend income" that is subject
to reduced rates of taxation. Subject to the discussion below of foreign corporations eligible for certain treaty benefits, a foreign
corporation generally is treated as a qualified foreign corporation only with respect to dividends paid by that corporation on shares
(or ADSs backed by such shares) that are readily tradable on an established securities market in the United States. Our Class A ordinary
shares are not listed on an established securities market in the United States and our ADSs have been delisted from Nasdaq. Therefore,
we believe that any dividends that we pay are not currently eligible for these reduced tax rates, although any dividends we pay on our
ADSs would be potentially eligible for these reduced tax rates if our ADSs are relisted on Nasdaq. A qualified foreign corporation also
generally includes a foreign corporation that is eligible for the benefits of certain income tax treaties with the United States. In
the event that we are deemed to be a PRC resident enterprise under the modified Enterprise Income Tax Law, we may be eligible for the
benefits of the Treaty, and if we are eligible for such benefits, dividends we pay on our Class A ordinary shares or ADSs would be potentially
eligible for reduced rates of taxation. See "— People's Republic of China Taxation" above. You should consult
your own tax advisors regarding the application of these rules given your particular circumstances.
In
addition, notwithstanding the foregoing, we will not be treated as a qualified foreign corporation, and non-corporate United States Holders
will not be eligible for reduced rates of taxation, for any dividends that we pay if we are a passive foreign investment company (a "PFIC")
in the taxable year in which such dividends are paid or in the preceding taxable year (see "— Passive Foreign Investment
Company" below).
Subject
to certain conditions and limitations (including a minimum holding period requirement), any PRC withholding taxes on dividends may
be treated as foreign taxes eligible for credit against your United States federal income tax liability. For purposes of calculating
the foreign tax credit, dividends paid on the ADSs or Class A ordinary shares will be treated as income from sources outside the
United States and will generally constitute passive category income. However, if you are eligible for the benefits of the Treaty,
any PRC withholding taxes on dividends will not be creditable against your United States federal income tax liability to the extent
withheld at a rate exceeding the applicable rate under the Treaty. In addition, Treasury regulations addressing foreign tax credits (the "Foreign Tax Credit Regulations")
impose additional requirements for foreign taxes to be eligible for a foreign tax credit, and unless you are eligible for and elect to
claim the benefits of the Treaty, there can be no assurance that those requirements will be satisfied. The Department of the Treasury
and the Internal Revenue Service (the "IRS") are considering proposing amendments to the Foreign Tax Credit Regulations. In
addition, recent notices from the IRS provide temporary relief by allowing taxpayers that comply with applicable requirements to apply
many aspects of the foreign tax credit regulations as they previously existed (before the release of the current Foreign Tax Credit Regulations)
for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any
later date specified in such notice or other guidance). Instead of claiming a foreign tax credit, you may be able to
deduct PRC withholding taxes in computing your taxable income, subject to generally applicable limitations under United States law
(including that a United States Holder is not eligible for a deduction for otherwise creditable foreign income taxes paid or accrued
in a taxable year if such United States Holder claims a foreign tax credit for any foreign income taxes paid or accrued in the same
taxable year). The rules governing the foreign tax credit and deductions for foreign taxes are complex. You are urged to consult
your tax advisors regarding the availability of the foreign tax credit or a deduction under your particular
circumstances.
140
Distributions
of ADSs, Class A ordinary shares or rights to subscribe for ADSs or Class A ordinary shares that are received as part of a pro rata distribution
to all of our shareholders generally will not be subject to United States federal income tax.
Passive
Foreign Investment Company
Based
on the composition of our income and assets and the valuation of our assets, including goodwill, we do not believe
we were a PFIC for our most recent taxable year, although there can
be no assurance in this regard.
In
general, we will be a PFIC for any taxable year in which:
●
at
    least 75% of our gross income is passive income, or
●
at
    least 50% of the value (generally determined based on a quarterly average) of our assets is attributable to assets that produce or
    are held for the production of passive income.
For
this purpose, passive income generally includes dividends, interest, royalties and rents (other than royalties and rents derived in the
active conduct of a trade or business and not derived from a related person), and cash and other assets readily convertible into cash
are generally considered passive assets. If we own at least 25% (by value) of the stock of another corporation, for purposes of determining
whether we are a PFIC, we will be treated as owning our proportionate share of the other corporation's assets and receiving our
proportionate share of the other corporation's income. However, there is uncertainty as to the treatment of the Group's corporate
structure and ownership of the Group VIEs for United States federal income tax purposes. For United States federal income tax purposes,
we consider ourselves to own the equity of the Group VIEs. If it is determined, contrary to our view, that we do not own the equity of
the Group VIEs for United States federal income tax purposes (for instance, because the relevant PRC authorities do not respect these
arrangements), we may be treated as a PFIC.
The
determination of whether we are a PFIC is made annually. Accordingly, it is possible that we may become a PFIC in the current or any
future taxable year due to changes in our asset or income composition. The calculation of the value of our assets will be based, in part,
on the quarterly market value of our ADSs. In this regard, the market value of our ADSs has been volatile and has recently declined significantly. If we are a PFIC for any taxable year during
which you hold our ADSs or Class A ordinary shares, you will be subject to special tax rules discussed below.
If
we are a PFIC for any taxable year during which you hold our ADSs or Class A ordinary shares and you do not make a timely mark-to-market
election, as described below, you will be subject to special tax rules with respect to any "excess distribution" received
and any gain realized from a sale or other disposition, including a pledge, of ADSs or Class A ordinary shares. Distributions received
in a taxable year will be treated as excess distributions to the extent that they are greater than 125% of the average annual distributions
received during the shorter of the three preceding taxable years or your holding period for the ADSs or Class A ordinary shares. Under
these special tax rules:
●
the
    excess distribution or gain will be allocated ratably over your holding period for the ADSs or Class A ordinary shares,
●
the
    amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, will
    be treated as ordinary income, and
●
the
    amount allocated to each other year will be subject to tax at the highest tax rate in effect for that year for individuals or corporations,
    as applicable, and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable
    to each such year.
141
Although
the determination of whether we are a PFIC is made annually, if we are a PFIC for any taxable year in which you hold our ADSs or Class
A ordinary shares, you will generally be subject to the special tax rules described above for that year and for each subsequent year
in which you hold the ADSs or Class A ordinary shares (even if we do not qualify as a PFIC in such subsequent years). However, if we
cease to be a PFIC, you can avoid the continuing impact of the PFIC rules by making a special election to recognize gain as if your ADSs
or Class A ordinary shares had been sold on the last day of the last taxable year during which we were a PFIC. You are urged to consult
your own tax advisor about this election.
In
lieu of being subject to the special tax rules discussed above, holders of "marketable stock" would be able to make a mark-to-market
election. The ADSs or Class A ordinary shares generally would be treated as marketable stock if the ADSs or Class A ordinary shares,
as applicable, were regularly traded on a "qualified exchange or other market" (within the meaning of the applicable Treasury
regulations). However, our Class A ordinary shares are not listed on a qualified exchange or other market, and our ADSs have been delisted
from Nasdaq (which does constitute a qualified exchange for these purposes). Therefore, unless our ADSs are relisted on Nasdaq, you generally
will not be eligible to make a mark-to-market election. You are urged to consult your own tax advisor about the possible availability
and effect of a mark-to-market election in the event that our ADSs are relisted, as well as regarding any election that you may wish
to make with respect to the ADSs for a prior taxable year for which the election may have been available because the ADSs were listed
on Nasdaq.
Alternatively,
U.S. taxpayers can sometimes avoid the special tax rules described above by electing to treat a PFIC as a "qualified electing fund"
under Section 1295 of the Code. However, this option is not available to you because we do not intend to comply with the requirements
necessary to permit you to make this election.
If
we are a PFIC for any taxable year during which you hold our ADSs or Class A ordinary shares and any of our non-United States subsidiaries
is also a PFIC, you will be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of
the application of the PFIC rules. A mark-to-market election cannot be made for any lower-tier PFICs. You are urged to consult your tax
advisors about the application of the PFIC rules to any of our subsidiaries.
You
will generally be required to file IRS Form 8621 if you hold our ADSs or Class A ordinary shares
in any year in which we are classified as a PFIC. You are urged to consult your tax advisors concerning the United States federal income
tax consequences of holding ADSs or Class A ordinary shares if we are considered a PFIC in any taxable year.
Taxation
of Capital Gains
For
United States federal income tax purposes, you will recognize taxable gain or loss on any sale, exchange or other taxable disposition
of the ADSs or Class A ordinary shares in an amount equal to the difference between the amount realized for the ADSs or Class A ordinary
shares and your tax basis in the ADSs or Class A ordinary shares, both as determined in U.S. dollars. Subject to the discussion under
"— Passive Foreign Investment Company" above, such gain or loss will generally be capital gain or loss and will generally
be long-term capital gain or loss if you have held the ADSs or Class A ordinary shares for more than one year. Long-term capital gains
of non-corporate United States Holders (including individuals) are eligible for reduced rates of taxation. The deductibility of capital
losses is subject to limitations.
Any
gain or loss recognized by you will generally be treated as United States source gain or loss. However, if we are treated as a PRC
resident enterprise for PRC tax purposes and PRC tax were imposed on any gain, and if you are eligible for the benefits of the
Treaty, you may be able to elect to treat such gain as PRC source gain under the Treaty. If you are not eligible for the benefits of
the Treaty or if you fail to make the election to treat any gain as PRC source, then you generally would not be able to use a
foreign tax credit for any PRC tax imposed on the disposition of ADSs or Class A ordinary shares unless such credit can be applied
(subject to applicable limitations) against tax due on other income derived from foreign sources. However, pursuant to the Foreign
Tax Credit Regulations, if you do not claim the benefits of the Treaty, any such PRC tax would generally not be a foreign income tax
eligible for a foreign tax credit (regardless of any other income that you may have that is derived from foreign sources). In such
case, the non-creditable PRC tax may reduce the amount realized on the sale, exchange or other taxable disposition of the ADSs or
Class A ordinary shares. As discussed above, however, recent notices from the IRS provide temporary relief by allowing taxpayers
that comply with applicable requirements to apply many aspects of the foreign tax credit regulations as they previously existed
(before the release of the current Foreign Tax Credit Regulations) for taxable years ending before the date that a notice or other
guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). If
any PRC tax is imposed upon the disposition of ADSs or Class A ordinary shares and you apply such temporary relief, such PRC tax may
be eligible for a foreign tax credit or deduction, subject to the applicable conditions and limitations. You are urged to consult
your tax advisors regarding the tax consequences in case any PRC tax is imposed on gain on a disposition of the ADSs or Class A
ordinary shares, including the availability of the foreign tax credit or a deduction and the election to treat any gain as PRC
source, under your particular circumstances.
142
Information
Reporting and Backup Withholding
You
may be required to report information to the IRS relating to an interest in "specified foreign financial assets," including
our ADSs or Class A ordinary shares, subject to certain asset value thresholds and subject to certain exceptions (including an exception
for shares held in a custodial account maintained with a United States financial institution). You may also be subject to penalties if
you are required to submit information to the IRS and fail to do so.
In
general, information reporting will apply to dividends in respect of our ADSs or Class A ordinary shares and the proceeds from the sale,
exchange or other disposition of our ADSs or Class A ordinary shares that are paid to you within the United States (and in certain cases,
outside the United States), unless you establish that you are an exempt recipient. A backup withholding tax may apply to such payments
if you fail to provide a taxpayer identification number and a certification that you are not subject to backup withholding or if you
fail to report in full dividend and interest income.
Backup
withholding is not an additional tax and any amounts withheld under the backup withholding rules will be allowed as a refund or a credit
against your United States federal income tax liability provided the required information is timely furnished to the IRS.
F.
Dividends
                                            and Paying Agents
Not
Applicable.
G.
Statement
                                            by Experts
Not
Applicable.
H.
Documents
                                            on Display
We
have filed this annual report on Form 20-F, including exhibits, with the SEC. As allowed by the SEC, in Item 19 of this annual report,
we incorporate by reference certain information we filed with the SEC. This means that we can disclose important information to you by
referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be part of
this annual report.
You
may read and copy this annual report, including the exhibits incorporated by reference in this annual report, at the SEC's Public
Reference Room at 100 F Street, N.E., Washington, D.C. 20549 and at the SEC's regional offices in New York, New York and Chicago,
Illinois. You also can request copies of this annual report, including the exhibits incorporated by reference in this annual report,
upon payment of a duplicating fee, by writing information on the operation of the SEC's Public Reference Room.
The
SEC also maintains a website at
www.sec.gov
that contains reports, proxy statements and other information regarding registrants
that file electronically with the SEC. Our annual report and some of the other information submitted by us to the SEC may be accessed
through this website. Our filings are also available on our website at http://www.
Qutoutiao
.net. The information on our website,
however, is not, and should not be deemed to be a part of this annual report.
As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of quarterly reports
and proxy statements, and officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery
provisions contained in Section 16 of the Exchange Act.
Our
financial statements have been prepared in accordance with U.S. GAAP.
We
will furnish our shareholders with annual reports, which will include a review of operations and annual audited consolidated financial
statements prepared in conformity with U.S. GAAP.
143
I.
Subsidiary
                                            Information
Not
Applicable.
J.
Annual Report to Security Holders
Not
Applicable.
ITEM
                                            11.
QUANTITATIVE
                                            AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Foreign
Exchange Risk
Substantially
all of the Group's revenues and substantially all of our expenses are denominated in Renminbi. The functional currency of our company
and our Hong Kong subsidiary is the U.S. dollar. The functional currency of our subsidiaries in the PRC, the Group VIEs and their subsidiaries
is the Renminbi. The Group uses Renminbi as our reporting currency. Monetary assets and liabilities denominated in currencies other than
the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions
in currencies other than the functional currency during the year are converted into functional currency at the applicable rates of exchange
prevailing when the transactions occurred. Transaction gains and losses are recognized in the statements of operations. The Group recorded
a loss in foreign currency translation adjustment, net of RMB45 million in 2021, RMB232 million in 2022 and RMB55 million (US$8 million)
in 2023.
We
do not believe that the Group currently has any significant direct foreign exchange risk and have not used any derivative financial instruments
to hedge exposure to such risk. Although in general the Group's exposure to foreign exchange risks should be limited, the value
of your investment in our ADSs will be affected by the exchange rate between the U.S. dollar and the Renminbi because the value of the
Group's business is effectively denominated in Renminbi, while our ADSs will be traded in U.S. dollars.
The
conversion of Renminbi into foreign currencies, including U.S. dollars, is based on rates set by the PBOC. The PRC government allowed
the Renminbi to appreciate by more than 20% against the U.S. dollar between July 2005 and July 2008. Between July 2008 and June 2010,
the exchange rate between the Renminbi and the U.S. dollar had been stable and traded within a narrow band. Since June 2010, the Renminbi
has fluctuated against the U.S. dollar, at times significantly and unpredictably. On November 30, 2015, the Executive Board of the International
Monetary Fund (IMF) completed the regular five-year review of the basket of currencies that make up the Special Drawing Right, or the
SDR, and decided that with effect from October 1, 2016, Renminbi is determined to be a freely usable currency and will be included in
the SDR basket as a fifth currency, along with the U.S. dollar, the Euro, the Japanese yen and the British pound. In the fourth quarter
of 2016, the Renminbi depreciated significantly in the backdrop of a surging U.S. dollar and persistent capital outflows of China. With
the development of the foreign exchange market and progress towards interest rate liberalization and Renminbi internationalization, the
PRC government may in the future announce further changes to the exchange rate system, and we cannot assure you that the Renminbi will
not appreciate or depreciate significantly in value against the U.S. dollar in the future. It is difficult to predict how market forces
or PRC or U.S. government policy may impact the exchange rate between the Renminbi and the U.S. dollar in the future.
To
the extent that we need to convert U.S. dollars into Renminbi for the Group's operations, appreciation of the Renminbi against
the U.S. dollar would have an adverse effect on the Renminbi amount the Group receives from the conversion. Conversely, if we decide
to convert Renminbi into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or ADSs or for other business
purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amounts available to the
Group.
144
Interest
Rate Risk
The
Group has not been exposed to material risks due to changes in market interest rates, and we have not used any derivative financial instruments
to manage the Group's interest risk exposure. However, we cannot provide assurance that the Group will not be exposed to material
risks due to changes in market interest rate in the future.
The
Group may invest in interest-earning instruments. Investments in both fixed rate and floating rate interest earning instruments carry
a degree of interest rate risk. Fixed rate securities may have their fair market value adversely impacted due to a rise in interest rates,
while floating rate securities may produce less income than expected if interest rates fall.
Inflation
Since
its inception, inflation in China has not materially affected the Group's results of operations. According to the National Bureau
of Statistics of China, the year-over-year percent changes in the consumer price index for 2021, 2022 and 2023 were increases of 0.9%,
2.0% and 0.2%, respectively. Although we have not been materially affected by inflation in the past, we may be affected if China experiences
higher rates of inflation in the future.
ITEM
                                            12.
DESCRIPTION
                                            OF SECURITIES OTHER THAN EQUITY SECURITIES
A.
Debt
                                            Securities
Not
Applicable.
B.
Warrants
                                            and Rights
Not
Applicable.
C.
Other
                                            Securities
Not
Applicable.
D.
American
                                            Depositary Shares
Depositary
Fees and Charges
Under
the terms of the deposit agreement for our ADSs, an ADS holder will be required to pay the following service fees to the depositary and
certain taxes and governmental charges (in addition to any applicable fees, expenses, taxes and other governmental charges payable on
the deposited securities represented by any of ADSs):
Persons
    depositing or withdrawing shares or ADS holders must pay:
For:
US$5.00
    (or less) per 100 ADSs (or portion of 100 ADSs)
Issuance
                                            of ADSs, including issuances resulting from a distribution of shares or rights or other property
Cancellation
    of ADSs for the purpose of withdrawal, including if the deposit agreement terminates
US$0.05
    (or less) per ADS
Any
    cash distribution to ADS holders
A
    fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited
    for issuance of ADSs
Distribution
    of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders
US$0.05
    (or less) per ADS per calendar year
Depositary
    services
145
Persons depositing or withdrawing shares or ADS holders
    must pay:
For:
Registration
    or transfer fees
Transfer
    and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw
    shares
Expenses
    of the depositary
Cable
                                            and facsimile transmissions (when expressly provided in the deposit agreement)
Converting
    foreign currency to U.S. dollars
Taxes
    and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer
    taxes, stamp duty or withholding taxes
As
    necessary
Any
    charges incurred by the depositary or its agents for servicing the deposited securities
As
    necessary
The
depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the
purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect
its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry
system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable
(or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary
may generally refuse to provide fee-attracting services until its fees for those services are paid.
From
time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and
maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees
collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency
dealers or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.
The
depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and
not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction
spreads, that it will retain for its own account. The revenue is based on, among other things, the difference between the exchange rate
assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when
buying or selling foreign currency for its own account. The depositary makes no representation that the exchange rate used or obtained
in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the
method by which that rate will be determined will be the most favorable to ADS holders, subject to the depositary's obligations
under the deposit agreement. The methodology used to determine exchange rates used in currency conversions is available upon request.
Payments
by Depositary
We
did not receive any payment from The Bank of New York Mellon, the depositary bank for our ADR program, in 2023.
PART
II.
ITEM
                                            13.
DEFAULTS,
                                            DIVIDEND ARREARAGES AND DELINQUENCIES
None.
146
ITEM
                                            14.
MATERIAL
                                            MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Material
Modifications to the Rights of Security Holders
See
"Item 10. Additional Information" for a description of the rights of securities holders, which remain unchanged.
Use
of Proceeds
Not
Applicable.
ITEM
                                            15.
CONTROLS
AND PROCEDURES
Disclosure
Controls and Procedures
We
maintain disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed in reports
filed under the Exchange Act is recorded, processed, summarized and reported within the specified time periods and accumulated and communicated
to our management, including our principal executive officer and principal accounting officer, as appropriate, to allow timely decisions
regarding required disclosure.
Our
management, under the supervision and with the participation of our principal executive officer and our principal accounting officer,
evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) or 15d-15(e) promulgated under the
Exchange Act, as of December 31, 2023. Based on that evaluation, our principal executive officer and principal accounting officer have
concluded that, as of December 31, 2023, our existing disclosure controls and procedures were ineffective due to the material weakness
in internal control over financial reporting identified in "— Management's Annual Report on Internal Control over Financial
Reporting" below.
Management's
Annual Report on Internal Control over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f)
under the Exchange Act). Our internal control system was designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation and fair presentation of its published consolidated financial statements. All internal control systems,
no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective may not prevent or detect
misstatements and can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate. As required by Section 404 of the Sarbanes-Oxley
Act of 2002 and related rules promulgated by the Securities and Exchange Commission, our management conducted an assessment of the effectiveness
of our internal control over financial reporting as of December 31, 2023. In making this assessment, it used the criteria established
within the Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). Based on this assessment, our management has concluded that, as of December 31, 2023, our internal control over financial reporting
was ineffective due to the material weakness identified below.
In
accordance with reporting requirements set forth by the SEC, a "material weakness" is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our company's
annual or interim consolidated financial statements will not be prevented or detected on a timely basis. The material weakness, which
was first identified in the course of preparing our consolidated financial statements for the year ended December 31, 2017, relates to
the lack of sufficient financial reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements
to formalize key controls over financial reporting and to prepare consolidated financial statements and related disclosures.
147
To
remedy our previously identified material weakness, we have undertaken and will continue to undertake steps to strengthen our internal
control over financial reporting, including: (i) hiring more qualified resources including financial controller, equipped with relevant
U.S. GAAP and SEC reporting experience and qualifications to strengthen the financial reporting function and to set up a financial and
system control framework, (ii) implementing regular and continuous U.S. GAAP accounting and financial reporting training programs for
our accounting and financial reporting personnel, (iii) establishing effective oversight and clarifying reporting requirements for non-recurring
and complex transactions to ensure consolidated financial statements and related disclosures are accurate, complete and in compliance
with SEC reporting requirements, and (iv) enhancing an internal audit function as well as engaging an external consulting firm to help
us assess our compliance readiness under rule 13a-15 of the Exchange Act and improve overall internal control. However, such measures
have not been fully implemented and we concluded that material weakness in our internal control over financial reporting had not been
corrected as of December 31, 2023.
Since
we were a non-accelerated filer as of December 31, 2023, this annual report on Form 20-F does not include an attestation report of our
independent registered public accounting firm.
Changes
in Internal Control over Financial Reporting
Other
than as described above, there were no changes in our internal controls over financial reporting that occurred during the period covered
by this annual report on Form 20-F that have materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting.
ITEM
                                            16.
[Reserved]
ITEM
                                            16A.
AUDIT
                                            COMMITTEE FINANCIAL EXPERT
Since
our board of directors resolved to dissolve the audit committee on May 12, 2023, it does not currently have any audit committee member
who qualifies as an "audit committee financial expert" as defined in Item 16A of the instruction to Form 20-F. We believe
that retaining an independent director who would qualify as an "audit committee financial expert" would be overly burdensome
and is not warranted considering our current scale.
ITEM
                                            16B.
CODE
                                            OF ETHICS
Our
board of directors has adopted a code of ethics that applies to our directors, officers and employees. We have filed our code of business
conduct and ethics as an exhibit to our registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the
SEC on August 17, 2018. We hereby undertake to provide to any person without charge, a copy of our code of business conduct and ethics
within ten working days after we receive such person's written request.
ITEM
                                            16C.
PRINCIPAL
                                            ACCOUNTANT FEES AND SERVICES
The
following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered
by PricewaterhouseCoopers Zhong Tian LLP and Shandong Haoxin Certified Public Accountants Co., Ltd., our independent public accountants
for the periods indicated. We did not pay any other fees to our auditors during the years indicated below.
For the Year Ended December 31,
2022
2023
(In thousands of US dollars)
Audit Fees
(1)
814
261
Tax Fees
(2)
—
-
All Other Fees
—
-
Total
814
261
(1)
"Audit
    fees" means the aggregate fees billed for each of the fiscal years listed for professional services rendered by our principal
    auditors for the audit or review of our annual or quarterly financial statements.
(2)
"Tax
    fees" represents the aggregate fees for professional services rendered by our principal auditors for tax compliance.
The
policy of our board of directors is to pre-approve all audit and non-audit services provided by our independent public accountant, including
audit services, audit-related services and other services as described above. All of the services of PricewaterhouseCoopers Zhong Tian
LLP for the years ended December 31, 2022 and 2023, and Shandong Haoxin Certified Public Accountants Co., Ltd. for the years ended December
31, 2022 and 2023 described above were in accordance with the pre-approval policy.
148
ITEM
                                            16D.
EXEMPTIONS
                                            FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
None.
ITEM
                                            16E.
PURCHASES
                                            OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Not
Applicable.
ITEM
                                            16F.
CHANGE
                                            IN REGISTRANT'S CERTIFYING ACCOUNTANT
On
January 3, 2023, our then audit committee and board of directors dismissed PricewaterhouseCoopers Zhong Tian LLP, or PwC, as our independent
registered public accounting firm. Effective from January 17, 2023, our then audit committee and board of directors appointed Shandong
Haoxin Certified Public Accountants Co., Ltd., or Shandong Haoxin, as our independent registered public accounting firm for the fiscal
year ended December 31, 2022.
PwC's
audit report on the Group's consolidated financial statements as of and for the year ended December 31, 2021 issued on May 2, 2022
(the "2021 audit report") did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified
as to uncertainty, audit scope, or accounting principle, except that the 2021 audit report was modified to contain a required additional
paragraph due to there being substantial doubt about our ability to continue as a going concern.
During
our two most recent fiscal years ended December 31, 2021, and through the subsequent interim period through January 3, 2023, there were
(i) no disagreements (as defined in Item 16F(a)(1)(iv) of Form 20-F and the related instructions thereto) between us and PwC on any matter
of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which, if not resolved to PwC's
satisfaction, would have caused PwC to make reference thereto in their reports on the financial statements for such years, and (ii) no
"reportable events" (as set forth in Item 16F(a)(1)(v) of Form 20-F) other than the material weakness in internal control
reported by management in Item 15 of our Form 20-F filed with the SEC for the years ended December 31, 2020 and 2021. The material weakness
disclosed in both annual reports relates to our lack of sufficient financial reporting and accounting personnel with appropriate knowledge
of U.S. GAAP and SEC reporting requirements to formalize key controls over financial reporting and to prepare consolidated financial
statements and related disclosures.
During
our two most recent fiscal years ended December 31, 2021 and the subsequent interim period through January 17, 2023, neither we nor anyone
acting on our behalf consulted with Shandong Haoxin regarding either (i) the application of accounting principles to a specified transaction,
either completed or proposed, or the type of audit opinion that might be rendered on our financial statements, and neither a written
report nor oral advice was provided to us by Shandong Haoxin which Shandong Haoxin concluded was an important factor considered by us
in reaching a decision as to any accounting, auditing or financial reporting issue, or (ii) any matter that was the subject of a disagreement
as that term is defined in Item 16F(a)(1)(iv) of Form 20-F or a reportable event as that term is described in Item 16F(a)(1)(v) of Form
20-F.
We
provided a copy of this disclosure to PwC and requested that PwC furnish us with a letter addressed to the SEC stating whether it agrees
with the statements made above, and if not, stating the respects in which it does not agree. A copy of PwC's letter dated May 12, 2023
is attached herewith as Exhibit 16.1.
149
ITEM
                                            16G.
CORPORATE
                                            GOVERNANCE
Not
Applicable.
ITEM
                                            16H.
MINE
                                            SAFETY DISCLOSURE
Not
Applicable.
ITEM
                                            16I.
DISCLOSURE
                                            REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not
Applicable.
ITEM
                                            16J.
INSIDER
                                            TRADING POLICIES
Not
Applicable.
ITEM
                                            16K.
CYBERSECURITY
Risk Management and Strategy
We have integrated cybersecurity risk management into
our overall risk management system, and implemented comprehensive cybersecurity risk management procedures for assessing, identifying
and managing cybersecurity risks. For instance, we have adopted internal policies and procedures for routine maintenance, vulnerability
scanning and threat defense to identify and prevent threats to information, network and system security. These internal policies and procedures
are implemented through various technical measures, such as firewalls, access controls, automated monitoring system and data loss prevention,
which helps us timely identify, assess and mitigate cybersecurity risks, and protect the confidentiality, integrity and availability of
the data stored in our system. We have also established a robust incident response mechanism to effectively address cybersecurity risks
and threats, and formulated a set of contingency plans for various types of cybersecurity incidents such as virus outbreaks, unauthorized
access, denial-of-service attacks and system failures and disruptions. Once cybersecurity incidents are identified, dedicated personnel
at the relevant department will instantly make analysis and classification of the incidents based on the level of potential impact, report
material incidents to the Cybersecurity and Information Security Committee, and take remedial measures in accordance with the pre-established
contingency plans.
We have engaged a third-party assessment agency to
evaluate our cybersecurity system, including its compliance with applicable standards. We have implemented procedures to identify and
mitigate cybersecurity risks arising from our use of third-party service providers. For instance, as part of our supplier selection process,
we conduct screenings to evaluate the capabilities and qualifications of third-party service providers. In addition, our contracts with
third-party service providers generally set out access controls for sensitive data, requirements for data storage measures as well as
confidentiality obligations.
As of the date of this annual report on Form 20-F,
we have not experienced any cybersecurity incidents or identified any risks from cybersecurity threats that have materially affected or
are reasonably likely to materially affect us, including our business strategy, results of operations and financial condition.
Cybersecurity Governance
Our board of directors oversees our overall risk management,
including cybersecurity risk management, and reviews management reports on material cybersecurity risks and incidents as they arise. Our
board of directors also reviews and approves cybersecurity-related disclosure in our periodic reports, including our annual reports on
Form 20-F.
At the management level, we have established a Cybersecurity
and Information Security Committee to oversee the process of assessing, identifying and managing material risks from cybersecurity threats
and monitor the prevention, detection, mitigation and remediation of material cybersecurity incidents. The Cybersecurity and Information
Security Committee is chaired by Mr. Jianfei Dong, our director and co-president, and comprised of experts from various departments, including
big data, cybersecurity, IT, business information security, operation and maintenance and back office. Mr. Dong brings to this role over
one decade of experience in technical and leadership roles at technology companies, as well as academic credentials in control science
and automation engineering. For more details on Mr. Jianfei Dong's biographical information, see "Item 6. Directors, Senior
Management and Employees — B. Directors and Senior Management — Directors and Executive Officers." The Cybersecurity
and Information Security Committee reports to our board of directors on the prevention, detection, mitigation and remediation of material
risks arising from cybersecurity threats, as well as material cybersecurity incidents, if any, on a regular basis.
PART
III
ITEM
                                            17.
FINANCIAL
                                            STATEMENTS
We
have elected to provide financial statements pursuant to Item 18.
ITEM
                                            18.
FINANCIAL
                                            STATEMENTS
The
consolidated financial statements of Qutoutiao Inc., its subsidiaries and the Group VIEs are included at the end of this annual report.
150
ITEM
19.
EXHIBITS
Exhibit
Number
Description of Document
1.1
Sixth Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.2 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
2.1
Form of American Depositary Receipt evidencing American Depositary Shares (incorporated herein by reference to Exhibit (1) to the registration statement on Form F-6 (File No. 333-227181), as amended, filed with the Securities and Exchange Commission on September 4, 2018)
2.2
Specimen of Ordinary Share Certificate (incorporated herein by reference to Exhibit 4.1 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
2.3
Form of Deposit Agreement among the Registrant and The Bank of New York Mellon, as depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder (incorporated herein by reference to Exhibit (1) to the registration statement on Form F-6 (File No. 333-227181), as amended, filed with the Securities and Exchange Commission on September 4, 2018)
2.4
Description of Rights of Each Class of Securities Registered Under Section 12 of the Securities Exchange Act of 1934 (incorporated herein by reference to Exhibit 2.4 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)
4.1
Form of Indemnification Agreement between the Registrant and its directors and executive officers (incorporated herein by reference to Exhibit 10.1 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.2
Form of Employment Agreement between the Registrant and its executive officers (incorporated herein by reference to Exhibit 10.2 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.3
Equity Interest Pledge Agreement by and among Shanghai Quyun Internet Technology Co., Ltd. ("Shanghai Quyun"), Shanghai Jifen Culture Communications Co., Ltd. ("Shanghai Jifen") and each shareholder of Shanghai Jifen (incorporated herein by reference to Exhibit 10.3 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.4
Voting Rights Proxy Agreement by and among Shanghai Quyun, Shanghai Jifen and each shareholder of Shanghai Jifen (incorporated herein by reference to Exhibit 10.4 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.5
Exclusive Technology and Consulting Service Agreement by and between Shanghai Quyun and Shanghai Jifen (incorporated herein by reference to Exhibit 10.5 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.6
Exclusive Option Agreement by and among Shanghai Quyun, Shanghai Jifen and each shareholder of Shanghai Jifen (incorporated herein by reference to Exhibit 10.6 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.7
Loan Agreement by and among Shanghai Quyun and each shareholder of Shanghai Jifen (incorporated herein by reference to Exhibit 10.7 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.8
Qutoutiao Inc. Equity Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the Registration Statement on Form S-8 (Registration No. 333-229673), filed with the Securities and Exchange Commission on February 14, 2019)
151
Exhibit Number
Description of Document
4.9
Series B1 Preferred Share Purchase Agreement, dated March 4, 2018, by and among Image Flag Investment (HK) Limited, the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.10 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.10
Series B2 Preferred Share Purchase Agreement, dated March 8, 2018, by and among several investors, the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.11 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.11
Trust Deed dated February 26, 2018 among the Registrant, The Core Trust Company Limited, as trustee, and Qu World Limited and QFUN Limited, each as a nominee (incorporated herein by reference to Exhibit 10.12 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.12
Baidu Alliance Membership Registration Agreement (English Translation) (incorporated herein by reference to Exhibit 10.16 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.13
Series B3 Preferred Share Purchase Agreement, dated April 19, 2018, by and among several investors, the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.17 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.14
Series C1 Preferred Share Purchase Agreement, dated August 17, 2018, by and among Shimmering Investment (BVI) Ltd., the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.18 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.15
Series C1 Preferred Share Purchase Agreement, dated August 17, 2018, by and among CG Partners Opportunity Fund SP, the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.19 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.16
Supplementary Agreement to Series C1 Preferred Share Purchase Agreement, dated September 4, 2018, by and among Shimmering Horizon L.P., the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.20 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.17
Series C2 Preferred Share Purchase Agreement, dated August 27, 2018, by and among Shanghai Pengpai Online Network Technology Co., Ltd., the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.21 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.18
Strategic Cooperation Framework Agreement, dated August 27, 2018, by and between Shanghai Dongfang Newspaper Co., Ltd. and Shanghai Jifen (English Translation) (incorporated herein by reference to Exhibit 10.22 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
152
Exhibit Number
Description of Document
4.19
Supplementary Agreement to Series C1 Preferred Share Purchase Agreement, dated September 11, 2018, by and among CG Partners Opportunity Fund SP, the Registrant, its principal shareholders and subsidiaries and other parties named thereto (incorporated herein by reference to Exhibit 10.23 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
4.20
Equity Interest Pledge Agreement by and among Shanghai Zhicao Information Technology Co., Ltd. ("Shanghai Zhicao"), Shanghai Big Rhinoceros Horn Information Technology, Co., Ltd. ("Big Rhinoceros Horn") and each shareholder of Big Rhinoceros Horn (English Translation) (incorporated herein by reference to Exhibit 10.20 to the registration statement on Form F-1 (File No. 333-230624), as amended, initially filed with the Securities and Exchange Commission on March 29, 2019)
4.21
Voting Rights Proxy Agreement by and among Shanghai Zhicao, Big Rhinoceros Horn and each shareholder of Big Rhinoceros Horn (English Translation) (incorporated herein by reference to Exhibit 10.21 to the registration statement on Form F-1 (File No. 333-230624), as amended, initially filed with the Securities and Exchange Commission on March 29, 2019)
4.22
Exclusive Technology and Consulting Service Agreement by and between Shanghai Zhicao and Big Rhinoceros Horn (English Translation) (incorporated herein by reference to Exhibit 10.22 to the registration statement on Form F-1 (File No. 333-230624), as amended, initially filed with the Securities and Exchange Commission on March 29, 2019)
4.23
Exclusive Option Agreement by and among Shanghai Zhicao, Big Rhinoceros Horn and each shareholder of Big Rhinoceros Horn (English Translation) (incorporated herein by reference to Exhibit 10.23 to the registration statement on Form F-1 (File No. 333-230624), as amended, initially filed with the Securities and Exchange Commission on March 29, 2019)
4.24
Loan Agreement by and among Shanghai Zhicao and each shareholder of Big Rhinoceros Horn (English Translation) (incorporated herein by reference to Exhibit 10.24 to the registration statement on Form F-1 (File No. 333-230624), as amended, initially filed with the Securities and Exchange Commission on March 29, 2019)
4.25
Convertible Loan Agreement, dated March 28, 2019, by and between the Registrant and Alibaba Investment Limited (incorporated herein by reference to Exhibit 10.25 to the registration statement on Form F-1 (File No. 333-230624), as amended, initially filed with the Securities and Exchange Commission on March 29, 2019)
4.25A
Third Supplemental Agreement to the Convertible Loan Agreement, dated April 29, 2022, by and between the Registrant and Alibaba Investment Limited (incorporated herein by reference to Exhibit 4.25A to the annual report on Form 20-F for the fiscal year ended December 31, 2021)
4.26
Series B Preferred Share Purchase Agreement, dated September 24, 2019, by and among Fun Literature Limited, Fun Literature (HK) Limited, Shanghai Zhicao, Big Rhinoceros Horn, Qutoutiao Inc. and CMC Rocket Holdings Limited (incorporated herein by reference to Exhibit 4.26 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)
4.27
Share Pledge Agreement, dated September 29, 2019, by and among Shanghai Quyun, Anhui Zhangduan Internet Technology Co., Ltd. ("Anhui Zhangduan") and each shareholder of Anhui Zhangduan (English Translation) (incorporated herein by reference to Exhibit 4.27 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)
153
Exhibit
Number
Description of Document
4.28
Voting Rights Proxy Agreement, dated September 29, 2019, by and among Shanghai Quyun, Anhui Zhangduan and each shareholder of Anhui Zhangduan (English Translation) (incorporated herein by reference to Exhibit 4.28 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)
4.29
Exclusive Technical and Consulting Service Agreement, dated September 29, 2019, by and between Shanghai Quyun and Anhui Zhangduan (English Translation) (incorporated herein by reference to Exhibit 4.29 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)
4.30
Exclusive Option Agreement, dated September 29, 2019, by and among Shanghai Quyun, Anhui Zhangduan and each shareholder of Anhui Zhangduan (English Translation) (incorporated herein by reference to Exhibit 4.30 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)
4.31
Loan Agreement, dated September 29, 2019, by and among Shanghai Quyun and each shareholder of Anhui Zhangduan (English Translation) (incorporated herein by reference to Exhibit 4.31 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)
4.32
Share Pledge Agreement, dated January 1, 2019, by and among Shanghai Quyun, Shanghai DragonS Information Technology, Co., Ltd. ("DragonS Information") and each shareholder of DragonS Information (English Translation) (incorporated herein by reference to Exhibit 4.32 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)
4.33
Voting Rights Proxy Agreement, dated January 1, 2019, by and among Shanghai Quyun, DragonS Information and each shareholder of DragonS Information (English Translation) (incorporated herein by reference to Exhibit 4.33 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)
4.34
Exclusive Technical and Consulting Service Agreement, dated January 1, 2019, by and between Shanghai Quyun and DragonS Information (English Translation) (incorporated herein by reference to Exhibit 4.34 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)
4.35
Exclusive Option Agreement, dated January 1, 2019, by and among Shanghai Quyun, DragonS Information and each shareholder of DragonS Information (English Translation) (incorporated herein by reference to Exhibit 4.35 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)
4.36
Loan Agreement, dated January 1, 2019, by and among Shanghai Quyun and each shareholder of DragonS Information (English Translation) (incorporated herein by reference to Exhibit 4.36 to the annual report on Form 20-F for the fiscal year ended December 31, 2019)
8.1*
List of Subsidiaries
11.1
Code of Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit 99.1 to the registration statement on Form F-1 (File No. 333-226913), as amended, initially filed with the Securities and Exchange Commission on August 17, 2018)
12.1*
Certification by Principal Executive Officer and Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13.1**
Certification by Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
15.1*
Consent of Shandong Haoxin Certified Public Accountants Co., Ltd.
15.2*
Consent of PricewaterhouseCoopers Zhong Tian LLP
15.3*
Consent of King & Wood Mallesons
16.1
Letter from PricewaterhouseCoopers Zhong Tian LLP to the Securities and Exchange Commission (incorporated herein by reference to Exhibit 16.1 to the annual report on Form 20-F for the fiscal year ended December 31, 2022)
101.INS*
Inline
    XBRL Instance Document—this instance document does not appear on the Interactive Data File because its XBRL tags are embedded
    within the Inline XBRL document
101.SCH*
Inline
    XBRL Taxonomy Extension Schema Document
101.CAL*
Inline
    XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
Inline
    XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
Inline
    XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
Inline
    XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover
    Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
*
Filed
    herewith
**
Furnished
    herewith
†
Certain
    portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The omitted information is (i) not
    material and (ii) would likely cause competitive harm to the Company if publicly disclosed. Schedules have been omitted from this
    exhibit pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally an unredacted copy of the exhibit
    or a copy of any omitted schedule to the SEC upon its request.
154
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing its annual report on Form 20-F and that it has duly caused
and authorized the undersigned to sign this annual report on its behalf.
QUTOUTIAO
    INC.
By:
/s/
    Bing Xu
Name:
Bing
Xu
Title:
Chief
    Executive Officer and Chief Financial Officer
Date:
May 15, 2024
155
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm -
Shandong Haoxin Certified Public Accountants Co., Ltd.
(PCAOB ID:
5035
)
F-2
Report of Independent Registered Public Accounting Firm
-
PricewaterhouseCoopers Zhong Tian LLP
(PCAOB ID:
1424
)
F-3
Consolidated Balance Sheets as of December 31, 2022 and 2023
F-4
Consolidated Statements of Comprehensive Loss for the years ended December 31, 2021, 2022 and 2023
F-6
Consolidated Statements of Changes in Shareholders' Deficit for the years ended December 31, 2021, 2022 and 2023
F-7
Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2022 and 2023
F-10
Notes to the Consolidated Financial Statements
F-12
F-
1
Report
of Independent Registered Public Accounting Firm
To
the Board of Directors and Shareholders of Qutoutiao Inc.
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Qutoutiao Inc., its subsidiaries and its consolidated variable interest
entities (the "Company") as of December 31, 2022 and 2023, and the related consolidated statements of comprehensive loss,
of changes in shareholders' deficit and of cash flows for each of the two years in the period ended December 31, 2023, including
the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated
financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2023,
and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023 in conformity with
accounting principles generally accepted in the United States of America.
Substantial
Doubt about the Company's Ability to Continue as a Going Concern
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 2(a) to the consolidated financial statements, facts and circumstances including accumulated and recurring losses from operations,
net cash used in operating activities, negative working capital as of December 31, 2023, and uncertainties on the repayment of a convertible
loan raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to
these matters are also described in Note 2(a). The consolidated financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
/s/
Shandong Haoxin Certified Public Accountants Co., Ltd.
We
have served as the Company's auditor since 2023.
Weifang,
People's Republic of China
May
15, 2024
F-
2
Report
of Independent Registered Public Accounting Firm
To
the Board of Directors and Shareholders of Qutoutiao Inc.
Opinion
on the Financial Statements
We
have audited the consolidated statements of comprehensive loss, of changes in shareholders' deficit and of cash flows of Qutoutiao
Inc. and its subsidiaries (the "Company") for the year ended December 31, 2021, including the related notes (collectively
referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly,
in all material respects, the results of operations and cash flows of the Company for the year ended December 31, 2021 in conformity
with accounting principles generally accepted in the United States of America.
Substantial
Doubt about the Company's Ability to Continue as a Going Concern
The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed
in Note 2(a) (not presented herein) to the consolidated financial statements appearing in the Company's 2021 annual report on Form
20-F, facts and circumstances including accumulated and recurring losses from operations, net cash used in operating activities, negative
working capital as of December 31, 2021, and uncertainties on the repayment of a convertible loan raise substantial doubt about the Company's
ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2(a) (not presented
herein). The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material
misstatement, whether due to error or fraud.
Our
audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due
to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audit provides a reasonable basis for our opinion.
/s/
PricewaterhouseCoopers Zhong Tian LLP
Shanghai,
the People's Republic of China
May
2, 2022
We
served as the Company's auditor from 2017 to 2022.
F-
3
QUTOUTIAO
INC. CONSOLIDATED BALANCE SHEETS
As
of December 31, 2022 and 2023
(All
amounts in RMB thousands, except share data, or otherwise noted)
As
    of
Note
December
    31, 2022
December
    31, 2023
RMB
RMB
US$
    (Note 2(e))
ASSETS
Current
    assets:
Cash
    and cash equivalents
4
122,801
74,648
10,514
Restricted
    cash
2(h)
7,600
17,058
2,403
Short-term
    investments
5
26,402
-
-
Accounts
    receivable, net
6
117,409
73,570
10,362
Amounts
    due from related parties
21
48,802
45,787
6,449
Prepayments
    and other current assets
7
158,811
137,933
19,427
Total
    current assets
481,825
348,996
49,155
Non-current
    assets:
Property
    and equipment, net
8
5,013
504
71
Right-of-use
    assets, net
10
21,879
5,633
793
Intangible
    assets
9
62,649
50,344
7,091
Goodwill
7,268
7,268
1,024
Other
    non-current assets
7
2,902
666
94
Total
    non-current assets
99,711
64,415
9,073
Total
    assets
581,536
413,411
58,228
LIABILITIES,
    MEZZANINE EQUITY AND SHAREHOLDERS'
    DEFICIT
Current
    liabilities (including current liabilities of the consolidated variable interest entity("VIEs") and its subsidiaries
    without recourse to the Company amounting to RMB
811,303
and RMB
684,660
as of December 31, 2022 and December 31, 2023, respectively):
Accounts
    payable
394,994
379,573
53,462
Amounts
    due to a related party
21
592
154
22
Registered
    users' loyalty payable
2(v)
29,773
13,863
1,953
Advance
    from customers and deferred revenue
48,706
56,610
7,973
Salary
    and welfare payable
59,561
37,466
5,277
Tax payable
11
40,474
40,448
5,697
Lease
    liabilities, current
10
15,083
2,407
339
Accrued
    liabilities related to users' loyalty programs
2
(v)
64,589
33,489
4,717
Accrued
    liabilities and other current liabilities
12
336,262
243,843
34,344
Total
    current liabilities
990,034
807,853
113,784
F-
4
As
    of
Note
December
    31, 2022
December
    31, 2023
RMB
RMB
US$
    (Note 2(e))
Non-current
    liabilities (including non-current liabilities of the consolidated variable interest entity("VIEs") and its subsidiaries
    without recourse to the Company amounting to RMB
7,599
and RMB
3,366
, as of December 31, 2022 and December 31, 2023, respectively):
Convertible
    loan
13
1,746,188
1,944,834
273,924
Lease
    liabilities, non-current
10
7,599
3,366
474
Deferred
    tax liabilities
17
14,019
11,616
1,636
Non-current
    liabilities
1,767,806
1,959,816
276,034
Total
    liabilities
2,757,840
2,767,669
389,818
Commitments
    and contingencies
23
Mezzanine
    equity:
Redeemable
    non-controlling interests
20
1,414,435
1,583,130
222,979
Shareholders'
    deficit:
Class A ordinary shares (US$
0.0001
par value,
50,000,000
shares authorized as of December 31, 2022 and 2023;
42,812,245
shares issued as of December 31, 2022 and 2023;
38,726,637
and
38,726,637
shares outstanding as of December 31, 2022 and 2023)
14
26
26
4
Class B ordinary shares (US$
0.0001
par value;
34,248,442
shares authorized as of December 31, 2022 and 2023;
32,937,193
shares issued and outstanding as of December 31, 2022 and 2023)
14
24
24
3
Additional paid-in capital
5,049,458
5,086,766
716,456
Treasury stock (US$0.0001 par value; 4,085,608
and
4,085,608
shares as of December
31, 2022 and 2023, respectively)
(
142,229
)
(
142,229
)
(
20,033
)
Accumulated other comprehensive
    income
(
102,834
)
(
157,502
)
(
22,183
)
Accumulated
    deficit
(
8,395,184
)
(
8,724,473
)
(
1,228,816
)
Total
    Qutoutiao Inc. shareholders' deficit
(
3,590,739
)
(
3,937,388
)
(
554,569
)
Total
    liabilities, mezzanine equity and shareholders' deficit
581,536
413,411
58,228
F-
5
QUTOUTIAO
INC.
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
For
the years ended December 31, 2021, 2022 and 2023
(All
amounts in RMB thousands, except share data, or otherwise noted)
Year ended December 31,
Note
2021
2022
2023
RMB
RMB
RMB
US$(Note 2(e))
Advertising and marketing revenue
4,050,120
836,926
569,552
80,220
Advertising and marketing revenue- related parties
21
40,263
2,451
17
3
Other revenue
249,220
243,668
175,988
24,788
Net revenues
4,339,603
1,083,045
745,557
105,011
Cost of revenues
(
1,068,340
)
(
548,043
)
(
415,568
)
(
58,532
)
Cost of revenues-related parties
21
(
103,286
)
(
14,564
)
(
345
)
(
49
)
Gross profit
3,167,977
520,438
329,644
46,430
Operating expenses:
Research and development expenses
2(s)
(
551,612
)
(
184,604
)
(
106,592
)
(
15,013
)
Sales and marketing expenses
2(t)
(
3,467,933
)
(
552,771
)
(
188,511
)
(
26,551
)
Sales and marketing expenses-related parties
21
(
15,840
)
(
7,945
)
(
189
)
(
27
)
General and administrative expenses
2(u)
(
431,913
)
(
155,445
)
(
55,853
)
(
7,868
)
Total operating expenses
(
4,467,298
)
(
900,765
)
(
351,145
)
(
49,459
)
Other operating income
18
106,098
61,829
19,607
2,762
Loss from operations
(
1,193,223
)
(
318,498
)
(
1,894
)
(
267
)
Interest income
4, 5
3,174
1,370
118
17
Interest expense
13
(
35,477
)
(
468,612
)
(
185,794
)
(
26,169
)
Foreign exchange related loss, net
(
1
)
(
903
)
(
102
)
(
14
)
Investment gains/(loss) including impairment
5
(
36,041
)
(
45,877
)
2,700
380
Other income/(expenses), net
19
27,637
(
81,879
)
(
2,367
)
(
333
)
Loss before income taxes
(
1,233,931
)
(
914,399
)
(
187,339
)
(
26,386
)
Income tax benefit/(expense)
17
(
3,050
)
1,048
2,026
285
Equity in loss of an affiliate company
5
(
3,195
)
(
1,416
)
-
-
Net loss
(
1,240,176
)
(
914,767
)
(
185,313
)
(
26,101
)
Net loss attributable to non-controlling interests
559
-
-
-
Net loss attributable to Qutoutiao Inc.
(
1,239,617
)
(
914,767
)
(
185,313
)
(
26,101
)
Accretion to redemption value of convertible redeemable preferred shares of a subsidiary
20
(
108,896
)
(
124,677
)
(
143,976
)
(
20,278
)
Net loss attributable to Qutoutiao Inc.'s ordinary shareholders
(
1,348,513
)
(
1,039,444
)
(
329,289
)
(
46,379
)
Net loss
(
1,240,176
)
(
914,767
)
(
185,313
)
(
26,101
)
Other comprehensive income/(loss)
Foreign currency translation adjustment, net of nil tax
44,690
(
231,844
)
(
54,668
)
(
7,700
)
Total comprehensive loss
(
1,195,486
)
(
1,146,611
)
(
239,981
)
(
33,801
)
Comprehensive loss attributable to non-controlling interests
559
-
-
-
Comprehensive loss attributable to Qutoutiao Inc.
(
1,194,927
)
(
1,146,611
)
(
239,981
)
(
33,801
)
Net loss per share attributable to Qutoutiao Inc.'s ordinary shareholders
— Basic and diluted
22
(
17.80
)
(
13.56
)
(
4.30
)
(
0.61
)
Weighted average number of ordinary shares used in per share calculation:
— Basic and Diluted
22
75,767,532
76,629,816
76,631,037
76,631,037
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
QUTOUTIAO
INC.
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT
For
the Years Ended December 31, 2021, 2022 and 2023
(All
amounts in RMB thousands, except share data, or otherwise noted)
Outstanding
    ordinary shares
Treasury
    stocks
Number
    of Shares
Amount
Additional
    paid-in capital
Number
    of Shares
Amount
Accumulated
    other comprehensive income
Accumulated
    deficit
Non-controlling
    interests
Total
    shareholders' deficit
Balance
    as of January 1, 2021
68,258,804
47
4,784,315
7,490,634
(
142,229
)
84,320
(
6,007,227
)
(
4,589
)
(
1,285,363
)
Share-based
    compensation expense (Note 15)
-
-
200,186
-
-
-
-
-
200,186
Accretion
    on Series A convertible redeemable preferred shares of a subsidiary (Note 20)
-
-
-
-
-
-
(
14,089
)
-
(
14,089
)
Accretion
    on Series B convertible redeemable preferred shares of a subsidiary (Note 20)
-
-
-
-
-
-
(
21,726
)
-
(
21,726
)
Accretion
    on Series C convertible redeemable preferred shares of a subsidiary (Note 20)
-
-
-
-
-
-
(
73,081
)
-
(
73,081
)
Exercise
    of share options
3,049,281
3
-
(
3,049,281
)
-
-
-
-
3
Net
    loss
-
-
-
-
-
-
(
1,239,617
)
(
559
)
(
1,240,176
)
Foreign
    currency translation
-
-
-
-
-
44,690
-
-
44,690
Acquisition
    of remaining equity interest of a subsidiary from the non-controlling interests (Note 20)
-
-
(
5,148
)
-
-
-
-
5,148
-
Balance
    as of December 31, 2021
71,308,085
50
4,979,353
4,441,353
(
142,229
)
129,010
(
7,355,740
)
-
(
2,389,556
)
F-
7
QUTOUTIAO
INC.
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT
For
the Years Ended December 31, 2021, 2022 and 2023
(All
amounts in RMB thousands, except share data, or otherwise noted)
Outstanding
    ordinary shares
Treasury
    stocks
Number
    of Shares
Amount
Additional
    paid-in capital
Number
    of Shares
Amount
Accumulated
    other comprehensive income
Accumulated
    deficit
Total
shareholders' deficit
Balance
    as of January 1, 2022
71,308,085
50
4,979,353
4,441,353
(
142,229
)
129,010
(
7,355,740
)
(
2,389,556
)
Share-based
    compensation expense (Note 15)
-
-
70,105
-
-
-
-
70,105
Accretion
    on Series A convertible redeemable preferred shares of a subsidiary (Note 20)
-
-
-
-
-
-
(
15,947
)
(
15,947
)
Accretion
    on Series B convertible redeemable preferred shares of a subsidiary (Note 20)
-
-
-
-
-
-
(
24,918
)
(
24,918
)
Accretion
    on Series C convertible redeemable preferred shares of a subsidiary (Note 20)
-
-
-
-
-
-
(
83,812
)
(
83,812
)
Exercise
    of share options
355,745
-
(
355,745
)
-
-
-
-
Net
    loss
-
-
-
-
-
-
(
914,767
)
(
914,767
)
Foreign
    currency translation
-
-
-
-
-
(
231,844
)
-
(
231,844
)
Balance
    as of December 31, 2022
71,663,830
50
5,049,458
4,085,608
(
142,229
)
(
102,834
)
(
8,395,184
)
(
3,590,739
)
F-
8
QUTOUTIAO
INC.
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT
For
the Years Ended December 31, 2021, 2022 and 2023
(All
amounts in RMB thousands, except share data, or otherwise noted)
Outstanding
    ordinary shares
Treasury
    stocks
Number
    of Shares
Amount
Additional
    paid-in capital
Number
    of Shares
Amount
Accumulated
    other comprehensive income
Accumulated
    deficit
Total
    shareholders' deficit
Balance
    as of January 1, 2023
71,663,830
50
5,049,458
4,085,608
(
142,229
)
(
102,834
)
(
8,395,184
)
(
3,590,739
)
Share-based
    compensation expense (Note 15)
-
-
37,308
-
-
-
-
37,308
Accretion
    on Series A convertible redeemable preferred shares of a subsidiary (Note 20)
-
-
-
-
-
-
(
18,370
)
(
18,370
)
Accretion
    on Series B convertible redeemable preferred shares of a subsidiary (Note 20)
-
-
-
-
-
-
(
28,736
)
(
28,736
)
Accretion
    on Series C convertible redeemable preferred shares of a subsidiary (Note 20)
-
-
-
-
-
-
(
96,870
)
(
96,870
)
Exercise
    of share options
-
-
-
-
-
-
Net
    loss
-
-
-
-
-
-
(
185,313
)
(
185,313
)
Foreign
    currency translation
-
-
-
-
-
(
54,668
)
-
(
54,668
)
Balance
    as of December 31, 2023
71,663,830
50
5,086,766
4,085,608
(
142,229
)
(
157,502
)
(
8,724,473
)
(
3,937,388
)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
9
QUTOUTIAO
INC.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
For
the Years Ended December 31, 2021, 2022 and 2023
(All
amounts in RMB thousands, except share data, or otherwise noted)
Year
    ended December 31,
2021
2022
2023
RMB
RMB
RMB
US$(Note
    2(e))
Cash flows
    from operating activities
Net
    loss
(
1,240,176
)
(
914,767
)
(
185,313
)
(
26,101
)
Adjustments
    for:
Depreciation
    of property and equipment
11,108
2,324
4,345
612
Amortization
    of intangible assets
54,099
102,621
12,305
1,733
Non-cash
    operating lease expense
29,464
12,996
6,164
868
Deferred
    tax benefit
(
2,403
)
(
2,403
)
(
2,403
)
(
338
)
Share-based
    compensation
200,186
70,105
37,308
5,255
Interest
    expense
35,350
438,112
168,177
23,687
Changes
    in estimate for accrued liabilities related to users' loyalty programs
12,369
4,137
2,000
282
Allowance
    for doubtful accounts
249,143
(
467
)
(
19,589
)
(
2,759
)
Unrealized
    loss of publicly traded equity security
15,315
-
-
-
Unrealized
    loss of non-marketable equity securities
1,208
50,487
-
-
Loss (gain)
    on disposal of property, plant and equipment
(
216
)
4,097
83
12
Gain on
    disposal of subsidiary
(
23,083
)
-
-
-
Equity
    in losses of an affiliate company
3,195
1,416
-
-
Impairment
    of long-term investment securities
28,528
-
-
-
Changes
    in assets and liabilities:
Accounts
    receivable
(
282,272
)
653,977
22,828
3,216
Amount
    due from related parties
123,731
211,061
3,015
425
Prepayments
    and other current assets
195,375
14,066
20,878
2,941
Accounts
    receivables, non-current
54,639
-
-
-
Other
    non-current assets
3,350
1,907
2,236
315
Accounts
    payable
(
135,213
)
81,226
25,179
3,546
Amount
    due to related parties
(
2,499
)
(
6,336
)
(
438
)
(
62
)
Registered
    users' loyalty payable
(
10,935
)
(
31,918
)
(
15,910
)
(
2,241
)
Salary
    and welfare payable
(
83,334
)
(
6,426
)
(
22,095
)
(
3,112
)
Tax payable
(
53,265
)
(
3,405
)
(
26
)
(
4
)
Accrued
    liabilities related to users' loyalty programs
(
13,095
)
(
38,908
)
(
33,100
)
(
4,662
)
Accrued
    liabilities and other current liabilities
593,134
(
998,342
)
(
92,419
)
(
13,017
)
Advances
    from customers and deferred revenue
(
18,179
)
(
73,891
)
7,904
1,113
Operating
    lease liabilities
(
22,122
)
(
13,733
)
(
6,827
)
(
962
)
Non-current
    liabilities
(
2,524
)
(
1,733
)
-
-
Net
    cash used in operating activities
(
279,122
)
(
443,797
)
(
65,698
)
(
9,253
)
F-
10
Year
    ended December 31,
2021
2022
2023
RMB
RMB
RMB
US$(Note
                                            2(e))
Cash flows
    from investing activities:
Purchase
    of short-term investments
(
899,787
)
(
26,402
)
-
-
Proceeds
    from sales and maturity of short-term investments
981,975
292,530
26,402
3,719
Purchase
    of intangible assets
(
113
)
-
-
-
Purchase
    of property and equipment
(
7,607
)
(
7
)
(
54
)
(
8
)
Proceeds
    from disposal of property and equipment
1,053
1,434
135
19
Net
    cash provided by investing activities
75,521
267,555
26,483
3,730
Cash flows
    from financing activities:
Payment
    of accrued issuance costs for Series C convertible redeemable preferred shares of a subsidiary
(
3,135
)
-
-
-
Proceeds
    from bank borrowings
20,000
-
-
-
Repayments
    of bank borrowings
(
70,000
)
(
20,000
)
-
-
Repayment
    of borrowings from a related party
(
12,959
)
-
-
-
Net
    cash used in financing activities
(
66,094
)
(
20,000
)
-
-
Net decrease
    in cash, cash equivalents and restricted cash
(
269,695
)
(
196,242
)
(
39,215
)
(
5,523
)
Effect
    of exchange rate changes on cash, restricted cash and cash equivalents
(
9,263
)
10,810
520
73
Cash,
    cash equivalents and restricted cash at the beginning of year
594,791
315,833
130,401
18,367
Cash,
    cash equivalents and restricted cash at the end of year
315,833
130,401
91,706
12,917
Supplemental
    disclosure of cash flow information:
Cash paid
    for interest (Note 1
3
)
42
30,247
17,617
2,481
Cash paid
    for income taxes
4,079
1,478
4,482
631
Non-cash
    financing and investing activities:
Accretion
    to redemption value of Series A, B and C convertible redeemable preferred shares of a subsidiary
108,896
124,677
143,976
20,279
The below
    table reconciles cash, cash equivalents, and restricted cash
Cash and
    cash equivalents
240,351
122,801
74,648
10,514
Restricted
    cash
75,482
7,600
17,058
2,403
Total
    cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows
315,833
130,401
91,706
12,917
The
accompanying notes are an integral part of these consolidated financial statements.
F-
11
QUTOUTIAO
INC.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(All
amounts in RMB thousands, except share data, or otherwise noted)
1.
Organization and Principal Activities
(a)
Principal activities
Qutoutiao
Inc. (the "Company"), an exempted company with limited liability incorporated in the Cayman Islands, (i) its various equity-owned
consolidated subsidiaries, (ii) its controlled affiliates, and (iii) the subsidiaries of its controlled affiliates are collectively referred
to as the "Group". The Group's principal activity is to operate mobile platforms Qutoutiao ("QTT"), and
Midu ("MD") for the distribution, consumption and sharing of light entertainment content. The Group generates revenue primarily
by providing cost-effective and targeted advertising solutions through the mobile platforms in the People's Republic of China ("PRC"),
through its controlled affiliates and their wholly-owned subsidiaries thereof (collectively referred to as the "Affiliated Entities").
As
of December 31, 2023, the Company's principal subsidiaries and consolidated Affiliated Entities are as follows:
Name
    of subsidiaries and VIEs
Date
    of direct or indirect establishment/acquisition
Place of
incorporation
Percentage
                                            of
direct
                                            or
economic
ownership
Wholly
                                    owned subsidiaries of the Company:
InfoUniversal
    Limited("InfoUniversal")
August,
    2017
Hong Kong
100
%
Shanghai Quyun Internet Technology
    Co., Ltd. ("Quyun WFOE")
October,
    2017
PRC
100
%
Shanghai Dianguan Network
    Technology Co., Ltd. ("Dianguan")
February,
    2018
PRC
100
%
Qtech USA Inc. ("Qtech")
April, 2018
USA
100
%
QTT Asia
    Ltd.("QTT Asia")
April,
    2018
British
100
%
Kubik Media International Ltd.
    ("Kubik Media")
May,
    2018
BVI
100
%
Kubik Technology Pte., Ltd. ("Kubik Technology")
May, 2018
Singapore
100
%
Fun
    Literature Limited (Cayman) ("Fun Literature")
October,
    2018
Cayman Islands
65
%
Fun Literature (HK) Limited ("Fun Literature HK")
October,
    2018
Hong Kong
100
%
PT. Sedjahtera Inti Abadi ("Abadi")
October,
    2018
Indonesia
100
%
Shanghai Zhicao Information Technology Co., Ltd. ("Zhicao WFOE")
December, 2018
PRC
100
%
AI-Fun Technology Limited
    ("AI-Fun")
January,
    2019
Hong Kong
100
%
Fun-Platform Holdings Limited
    ("Fun-Platform")
January,
    2019
Cayman
100
%
Striking Technology Holdings
    limited ("Striking")
January,
    2019
Hong Kong
100
%
Shanghai Chenxing Software
    Technology Co., Ltd. ("Chenxing")
January, 2020
PRC
100
%
Shanghai Luoshi Software
    Technology Co., Ltd. ("Luoshi")
January,
    2020
PRC
100
%
Shanghai Wennuo Information
    Technology Co., Ltd. ("Wennuo")
July,
    2020
PRC
100
%
Shanghai Shuqin Information Technology
    Co., Ltd. ("Shuqin")
November, 2020
PRC
100
%
Fun Literature SG Pte. Ltd.
    ("Fun SG")
February,
    2021
Singapore
100
%
Shanghai Chengshan Information
    Technology Co., Ltd. ("Chengshan")
March,
    2021
PRC
100
%
Hainan Mengbang Network Technology
    Co., Ltd. ("Mengbang")
June,
    2021
PRC
100
%
Variable
    Interest Entity ("VIEs")
Shanghai Jifen Culture Communications
    Co., Ltd. ("Jifen or Jifen VIE")
January,
    2012
PRC
100
%
Beijing Churun Internet Technology
    Co., Ltd. ("Churun")
November,
    2018
PRC
100
%
Shanghai DragonS Information
    Technology, Co., Ltd (" DragonS Information")
January,
    2019
PRC
100
%
Hubei Rapid Information Technology
    Co., Ltd. ("Rapid Information")
March,
    2019
PRC
100
%
Shanghai Ququanquan Information
    Technology Co., Ltd. ("Ququanquan")
October,
    2019
PRC
100
%
Huaian Beixia Information
    Technology Co., Ltd. ("Beixia")
November,
    2020
PRC
100
%
Shanghai Miaoliang Information
    Technology Co., Ltd. ("Miaoliang")
November,
    2020
PRC
100
%
Shanghai Zishu Information
    Technology Co., Ltd. ("Zishu")
November,
    2020
PRC
100
%
Shanghai Yuanying Information
    Technology Co., Ltd. ("Yuanying")
April,
    2021
PRC
100
%
Hainan Jinxuan Information
    Technology Co., Ltd. ("Jinxuan")
June,
    2021
PRC
100
%
Bixing Network Technology
    (Shaoxing) Co., Ltd
February,
    2023
PRC
100
%
F-
12
Name
    of subsidiaries and VIEs
Date
                                            of establishment/
acquisition
Place
    of incorporation
Percentage
                                            of direct or indirect economic
ownership
Subsidiaries
of Variable Interest Entity ("VIE subsidiaries")
Shanghai Xike
    Information Technology Service Co., Ltd. ("Xike")
July,
    2016
PRC
100
%
Shanghai Tuile Information
    Technology Service Co., Ltd. ("Tuile")
July,
    2016
PRC
100
%
Anhui Zhangduan Internet Technology
    Co., Ltd. ("Zhangduan")
March,
    2017
PRC
100
%
Beijing Qukandian Internet
    Technology Co., Ltd. ("Qukandian")
April,
    2017
PRC
100
%
Tianjin Quwen Internet Technology
    Co., Ltd. ("Quwen")
August,
    2018
PRC
100
%
Shanghai Big Rhinoceros Horn
    Information Technology, Co., Ltd ("Big Rhinoceros Horn")
November,
    2018
PRC
100
%
Shanghai Heitu Internet Technology
    Co., Ltd. ("Heitu")
January,
    2019
PRC
100
%
Shanghai Zheyun Internet Technology
    Co., Ltd. ("Zheyun")
January,
    2019
PRC
100
%
Beijing Supreme Pole International
    Sports Development Co., Ltd. ("Supreme Pole International Sports")
January,
    2019
PRC
100
%
Hubei Qingluo Information
    Technology Co., Ltd. ("Qingluo")
March,
    2019
PRC
100
%
Hubei Qingluo Information
    Technology Co., Ltd. Shanghai Branch ("Qingluo")
March,
    2020
PRC
100
%
Shanghai Tuohuan Information
    Technology Co., Ltd. ("Tuohuan")
September,
    2019
PRC
100
%
Shanghai Xunkai Information
    Technology Co., Ltd. ("Xunkai")
October,
    2019
PRC
100
%
Shanghai Xixia Information
    Technology Co., Ltd. ("Xixia")
October,
    2019
PRC
100
%
Hubei Rapid Information Technology
    Co., Ltd. Shanghai Branch ("Jietu")
January,
    2020
PRC
100
%
Shanghai Manchuan Information
    Technology Co., Ltd. ("Manchuan")
March,
    2020
PRC
100
%
Shanghai Yunxi Information
    Technology Co., Ltd. ("Yunxi")
April,
    2020
PRC
100
%
Shanghai Mili Information
    Technology Co., Ltd. ("Mili")
March,
    2020
PRC
100
%
Shanghai Guanji Information
    Technology Co., Ltd. ("Guanji")
February,
    2021
PRC
100
%
Shanghai Yimao Information
    Technology Co., Ltd. ("Yimao")
February,
    2021
PRC
100
%
Shanghai Xier Information
    Technology Co., Ltd. ("Xier")
April,
    2021
PRC
100
%
Shanghai Yixun Information
    Technology Co., Ltd. ("Yixun")
June,
    2021
PRC
100
%
(b)
Organization
The
consolidated financial statements include the financial statements of the Company, its subsidiaries, the Affiliated Entities for which
the Company is the primary beneficiary.
Jifen
was incorporated in the PRC in 2012 and started the operation of the mobile platforms for distribution, consumption and sharing of light
entertainment content (the "principal business") from 2016. To facilitate offshore financing, an offshore corporate structure
was formed in 2017 by incorporating the Company and Quyun WFOE. On October 13, 2017, the Group entered into various arrangements ("VIE
Agreements") as related to its Affiliated Entities or its shareholders in order to comply with PRC laws and regulations on internet
business.
By
entering the VIE Agreements, Jifen became a VIE whose primary beneficiary is Quyun WFOE and the shareholders of Jifen became the "Nominee
Shareholders" of Jifen. The principal terms of the contractual arrangements are described below:
Exclusive
Technology Support and Consulting Services Agreement
Under
the exclusive technology support and consulting services agreement between Jifen VIE and Quyun WFOE, Quyun WFOE has the exclusive right
to provide to Jifen technology support, business management consulting, marketing consultation, products research and development and
technology services related to all technologies, and business operations needed for its business. Quyun WFOE owns the exclusive intellectual
property rights created because of the performance of this agreement.
The
service fee payable by Jifen to Quyun WFOE is determined by Quyun WFOE based on its services provided including various factors such
as Quyun WFOE's incurred technology support and consulting services fees, performance data and Jifen VIE's revenues. The
term of this agreement will expire in
10
years and may be extended at Quyun WFOE's request prior to the expiration date. Quyun
WFOE is entitled to terminate the agreement at any time by providing
30
days' prior written notice to Jifen VIE. There was no service
fee paid and payable from Jifen VIE to Quyun WFOE for this agreement for the years ended December 31, 2021, 2022 and 2023 as Jifen, in
aggregated, has been incurring losses.
F-
13
Exclusive
Option Agreement
The
parties to the exclusive option agreement entered are Jifen VIE, Quyun WFOE and each of the shareholders of Jifen VIE. Under the exclusive
option agreement, each of the shareholders of Jifen VIE irrevocably granted Quyun WFOE or its designated representative(s) an exclusive
option to purchase, to the extent permitted under PRC law, all or part of his or its equity interests in Jifen VIE and all or part of
assets of Jifen VIE. Quyun WFOE or its designated representative(s) have sole discretion as to when to exercise such options, either
in part or in full. The exercise price shall be the lowest allowable share purchase amount permitted by the PRC law for the
100
% equity
interest (or pro-rata if Quyun WFOE decides to purchase part of the equity interest). Additionally, the share purchase amount paid by
WFOE to the shareholders should be used to settle the outstanding loan amounts under the loan agreement and/or refund back to Quyun WFOE
through the method permitted by the PRC law once received. Without Quyun WFOE's prior written consent, Jifen VIE's shareholders
shall not sell, transfer, mortgage or otherwise dispose their equity interests in Jifen VIE. The agreement expires upon transfer of all
shares or assets of Jifen VIE to Quyun WFOE or its designated representative(s). The term of this agreement will expire in
10
years and
may be extended at Quyun WFOE's request prior to the expiration date. Quyun WFOE is entitled to terminate the agreement at any
time by providing
30
days' prior written notice to Jifen VIE.
Voting
Rights Proxy Agreement
The
parties to the exclusive option agreement are Jifen VIE, Quyun WFOE and each of the shareholders of Jifen VIE, with the exception of
The Paper (see below for additional information on The Paper arrangement). Under the agreement, each of the shareholders of Jifen VIE
irrevocably granted Quyun WFOE or its designated representative(s) the right to exercise his/her rights as a shareholder of Jifen VIE
including hosting board of directors meeting, terminate and nominate board members and senior management of Jifen VIE and other shareholders'
voting rights. During the period that each of Shanghai Quyun and Shanghai Jifen remain in operation, the voting rights proxy agreement
shall be irrevocable and continuously effective and valid for
ten years
from the execution date unless otherwise agreed to by all parties.
Upon the expiration of the original term or any renewal term of the voting rights proxy agreement, the agreement shall be automatically
renewed for an additional
one year
period unless, at least
30
days prior to the expiration date, Shanghai Quyun provides notice to the
other parties to the voting rights proxy agreement not to renew the agreement.
Loan
Agreement
Quyun
WFOE has entered into an interest-free loan agreement with Jifen VIE, which may only be used for the purpose of business operations and
development of Jifen VIE. Under the terms of the agreement, Quyun WFOE is going to provide unconditional financial support to Jifen VIE
and the amount would be agreed between Quyun WFOE and Jifen VIE. Jifen VIE along with its subsidiaries pledge all its shares equity for
the outstanding loan. Also, the maturity date of the loan is the earlier of
10
years, the end of Quyun WFOE's operation period
or the end of Jifen VIE's operation period. Upon maturity, Quyun WFOE or its designated third party may purchase the equity interests
in the Jifen VIE at a price equal to the lowest allowable amount for a similar transaction per PRC laws, rules and regulations. Quyun
WFOE can also accelerate the payment terms of Jifen VIE to repay the loan using its shares/equity. Additionally, Quyun WFOE should provide
unconditional capital support to Jifen VIE.
Equity
Interest Pledge Agreement
Pursuant
to the equity interest pledge agreement between Quyun WFOE and the shareholders of Jifen VIE, with the exception of The Paper (see below
for additional information on The Paper arrangement), the shareholders of Jifen VIE has pledged all of their equity interests in Jifen
VIE to Quyun WFOE to guarantee the performance by Jifen VIE and its shareholders' performance of their respective obligations under
the exclusive option agreement, exclusive technology support and business services agreement, voting rights proxy agreement and loan
agreement. If Jifen VIE and/or its shareholders breach their contractual obligations under those agreements, Quyun WFOE, as pledgee,
will be entitled to certain rights, including the right to sell the pledged equity interests.
F-
14
Jifen,
under Generally Accepted Accounting Principles in the United States ("US GAAP"), is considered to be a consolidated VIE in
which the Company, or its subsidiaries, through contractual arrangements, bears the risks of, and enjoys the rewards normally associated
with, ownership of the entity, and therefore the Company or one of its subsidiaries is the primary beneficiary of the entity. Through
the aforementioned contractual agreements, the Company has the ability to:
●
exercise
                                            effective control over Jifen whereby having the power to direct Jifen's activities
                                            that most significantly drive the economic results of Jifen;
●
receive
                                            substantially all of the economic benefits and residual returns, and absorb substantially
                                            all the risks and expected losses from the Jifen as if it was their sole shareholder; and
●
have
                                            an exclusive option to purchase all of the equity interests in Jifen.
Management
evaluated the relationships among the Company, Quyun WFOE and Jifen VIE, and concluded that Quyun WFOE is the primary beneficiary of
Jifen VIE. As a result, Jifen's results of operations, assets and liabilities have been included in the Group's consolidated
financial statements for all the presented periods.
The
Group's other VIEs entered into the VIE Agreements (Exclusive Technology Support and Consulting Services Agreement, Exclusive Option
Agreement, Voting Rights Proxy Agreement, Loan Agreement and Equity Interest Pledge Agreement) which have the same terms as those described
in Jifen VIE. As a result, these VIEs' primary beneficiaries are Quyun WFOE and Zhicao WFOE and their shareholders became the "Nominee
Shareholders".
In
September 2019, Jifen VIE issued equity interests representing
1
% of its enlarged share capital to Shanghai Dongfang Newspaper Co., Ltd.,
commonly known as "The Paper" at a nominal price. The Paper has designated one representative to Jifen VIE's Board
of Directors to assist with enhancing the quality of contents and ensure the content compliance with the applicable laws on the Company's
platform but does not participate in the VIE's operational decision making. The Paper will not absorb the losses allocation, if
any, from the Jifen VIE. The Company believes that its control over the consolidated VIE and its subsidiaries and the economic benefits
received from the consolidated VIE will not be affected and will continue to consolidate the VIE. The
1
% equity interests held by The
Paper represents a non-controlling interest of the Group.
2.
Principal Accounting Policies
(a)
Basis of preparation
The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America ("US GAAP").
The
accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in
the normal course of business are dependent on the Group's ability to reduce cash used in operating activities, adjust the pace
of its operation expansion, control of the related expense to fund its general operations and capital expansion needs, and the ability
to pursue financing arrangements and obtain additional funds from the sale of its assets to support its working capital requirements
and its obligations and commitments on loans and borrowings when they become due.
The
following factors raise substantial doubt about the Group's ability to continue as a going concern:
●
For
                                            the years ended December 31, 2021, 2022 and 2023, the Group incurred net losses of RMB
1,240.2
million, RMB
914.8
million and RMB
185.3
million, respectively.
●
For
                                            the years ended December 31, 2021, 2022 and 2023, the Group had net cash used in operating
                                            activities of RMB
279.1
million, RMB
443.8
million and RMB
65.7
million, respectively.
●
As
                                            of December 31, 2023, the Group had an accumulated deficit of RMB
8,724.5
million and a deficit
                                            in working capital of RMB
458.9
million.
●
As
                                            of December 31, 2023, the Group had cash, cash equivalents, restricted cash and short-term
                                            investments of RMB
91.7
million.
●
As
                                            of December 31, 2023, as discussed in Note 13 and Note 25 to the consolidated financial statements,
                                            the Group has a Convertible Loan from Alibaba ("Convertible Loan") of approximately
                                            RMB
1.94
billion, including principal of US$
171.1
million and unpaid interest that was expected
                                            to be matured within one year from the date of the issuance of the consolidated financial statements.
F-
15
The
liquidity of the Group is primarily dependent on management's ability to adjust the pace of its operation expansion, to control
operating cost and expenses to reduce the cash used in operating cash flows, to pursue financing arrangements, including the renewal
of its Convertible Loan with the creditor, and to obtain additional funds from the sale of its assets.
The
Company has carried out a review of its cash flow forecast for the twelve months from the date of issuance of the consolidated financial
statements. In preparing the cash flow forecast, the Company's management has considered historical cash requirements of the Group,
the Group's expected loan repayment obligations in 2024 and beyond, and the Company's plan to further reduce operating costs
and expenses.
The
Company is currently exploring a variety of measures to improve the Group's liquidity and financial position as follows:
The
Company continues to optimize its user loyalty programs and traffic acquisition strategy to efficiently control and reduce costs and
continues to be selective in their content and better leverage its existing content varieties to attract and maintain users. These measures
can in turn lead to savings in user related costs. The Company further plans to preserve liquidity and manage cash flows by reducing
expenditure on developing novel applications and limiting other general and administrative expenses. The
Company also plans to obtain additional external financing and funds through, including but not limited to, additional credit facilities
obtained from banks in the normal course of business, potential additional issuances of equity and/ or debt as a Group or through its
subsidiaries, and sale of its assets, including the Group's equity interest in its subsidiaries, to third parties.
The
Convertible Loan had the original maturity date on April 4, 2022 (Note 13). The Company and Alibaba entered into several supplemental
agreements to the original convertible loan agreement, pursuant to which the maturity date of the Convertible Loan has been extended
to April 30, 2025. The interest rate of the Convertible Loan has also been amended from an original compound rate of
3
% per annum to
a compound rate of
9
% per annum plus a simple rate of
3
% per annum, calculated from the original loan draw down date of April 4, 2019.
The total amount of the principal and accumulated interest payable of the Convertible Loan, including the incremental interest related
to the increase in interest rate under the supplemental agreements, will amount to approximately US$
312.7
million as of April 30, 2025.
While the Company cannot assure that it will be able to continue to renew the Convertible Loan in future, the Company has assumed that
it will be able to extend and renew the Convertible Loan in preparing its cash flow forecast.
Based
on the management's assessment, there can be no assurance, however, that the above operating measures will be successfully completed
due to factors outside of the Company's control. There can also be no assurance that new financing, additional funds from the sale
of assets, extension of the maturity date of the Convertible Loan under the supplemental agreement, continuous renewal of the Convertible
Loan, or other transactions will be available to the Company on commercially acceptable terms, or at all. In addition, the potential
worsening global economic conditions may adversely impact the Group's ability to secure additional financing.
Facts
and circumstances including accumulated and recurring losses from operations, net cash used in operating activities, negative working
capital and uncertainties on the repayment of the Convertible Loan raise substantial doubt about the Group's ability to continue
as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Significant
accounting policies followed by the Company in the preparation of the accompanying consolidated financial statements are summarized below.
(b)
Use of estimates
The
preparation of the Group's consolidated financial statements in conformity with US GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
materially from such estimates.
The
Company believes that revenue recognition, liabilities related to loyalty programs, consolidation of VIEs, allowance for credit losses,
determination of share-based compensation and impairment assessment of long-lived assets reflect more significant judgments and estimates
used in the preparation of its consolidated financial statements.
Management
bases the estimates on historical experience and on various other assumptions as discussed elsewhere to the consolidated financial statements
that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and
liabilities. Actual results could materially differ from these estimates.
F-
16
(c)
Consolidation
The
Group's consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIEs and a VIEs'
subsidiaries for which the Company or its subsidiary is the primary beneficiary. All transactions and balances among the Company, its
subsidiaries, its VIEs have been eliminated upon consolidation.
A
subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting powers; or has the power
to appoint or remove the majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors;
or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or
equity holders.
A
VIE is an entity in which the Company, or its subsidiary, through contractual agreements, bears the risks of, and enjoys the rewards
normally associated with ownership of the entity. In determining whether the Company or its subsidiaries are the primary beneficiary,
the Company considered whether it has the power to direct activities that are significant to the VIEs' economic performance, and
also the Group's obligation to absorb losses of the VIEs that could potentially be significant to the VIEs or the right to receive
benefits from the VIEs that could potentially be significant to the VIEs. The Company's WFOEs and ultimately the Company hold all
the variable interests of the VIEs and its subsidiaries, and have been determined to be the primary beneficiaries of the VIEs.
The
following table sets forth the assets, liabilities, results of operations and cash flows of VIEs and its subsidiaries, which are included
in the Group's consolidated financial statements. Transactions between the VIEs and its subsidiaries are eliminated in the balances
presented below:
As
    of
December
    31, 2022
December
    31, 2023
Assets
Current
    assets
Cash
    and cash equivalents
32,147
23,590
Restricted
    cash
7,384
17,008
Short-term
    investments
6,402
-
Accounts
    receivable, net
110,523
73,143
Amount
    due from subsidiaries of the Company
470,966
320,387
Amount
    due from related parties
48,284
45,182
Prepayments
    and other current assets
95,568
91,422
Total
    current assets
771,274
570,732
Non-current
    assets
Property
    and equipment, net
5,002
493
Right-of-use
    assets
21,879
5,633
Intangible
    assets
6,574
3,883
Other
    non-current assets
1,426
666
Total
    non-current assets
34,881
10,675
Total
    assets
806,155
581,407
Liabilities
Current
    liabilities
Accounts
    payable
330,550
349,993
Amount
    due to subsidiaries of the Company
5,644,725
5,560,180
Amount
    due to related parties
-
81
Registered
    users' loyalty payable
29,773
13,863
Advance
    from customers and deferred revenue
11,963
12,351
Salary
    and welfare payable
28,048
15,784
Tax payable
29,584
36,588
Lease
    liabilities, current
15,083
2,407
Accrued
    liabilities related to users' loyalty programs
64,589
33,489
Accrued
    liabilities and other current liabilities
301,713
220,104
Total
    current liabilities
6,456,028
6,244,840
Lease
    liabilities, non-current
7,599
3,366
Total
    liabilities
6,463,627
6,248,206
F-
17
Year
    ended December 31,
2021
2022
2023
Revenues:
Third-party
    revenues
4,336,388
828,341
673,730
Intra-Group
    revenues
188,298
579,967
637,646
Total
    revenues
4,524,686
1,408,308
1,311,376
Cost of revenues:
Third-party
    cost of revenues
(
867,701
)
(
446,189
)
(
365,857
)
Intra-Group
    cost of revenues
(
18,959
)
(
376,184
)
(
571,434
)
Total
    cost of revenues
(
886,660
)
(
822,373
)
(
937,291
)
Gross profit
3,638,026
585,935
374,085
Operating expenses:
Third-party
    operating expenses
(
4,067,548
)
(
572,365
)
(
248,310
)
Intra-Group
    operating expenses
(
951,702
)
(
384,197
)
(
140,418
)
Total
    operating expenses
(
5,019,250
)
(
956,562
)
(
388,728
)
Other
    operating income
18,659
9,153
4,237
Loss
    from Operations
(
1,362,565
)
(
361,474
)
(
10,406
)
Non-operating
    income/(expense)
22,282
(
9,311
)
859
Loss
    before income tax expense
(
1,340,283
)
(
370,785
)
(
9,547
)
Income tax benefit /(expense)
(
131
)
(
54
)
412
Equity
    in loss of an affiliate company
(
3,195
)
(
1,416
)
-
Net
    loss
(
1,343,609
)
(
372,255
)
(
9,135
)
Year
    ended December 31,
2021
2022
2023
Net cash used in operating activities
(
190,975
)
(
22,037
)
(
58,155
)
Net cash
    provided by investing activities
63,047
28,625
59,222
Net cash provided by financing
    activities
84,471
—
—
Net (decrease)/ increase in cash and cash
    equivalents
(
43,457
)
6,588
1,067
Cash and cash equivalents
    at the beginning of year
76,400
32,943
39,531
Cash and cash equivalents,
    restricted cash at the end of year
32,943
39,531
40,598
F-
18
In
accordance with the aforementioned VIE agreements, the Company has power to direct activities of the VIEs, and can have assets transferred
out of VIEs. Therefore the Company considers that there is no asset in VIEs that can be used only to settle obligations of the VIEs,
except for registered capital, as of December 31, 2022 and 2023. As the VIEs and their subsidiaries were incorporated as limited liability
Company under the PRC Company Law, the creditors do not have recourse to the general credit of the Company for all the liabilities of
the VIEs.
VIEs'
assets comprise both recognized and unrecognized revenue-producing assets. The recognized revenue-producing assets include leasehold
improvements, computers and network equipment and purchased intangible assets which are recognized in the Company's consolidated
balance sheet. The unrecognized revenue-producing assets mainly consist of patents, trademarks and assembled workforce which are not
recorded in the financial statements of VIEs as they did not meet the recognition criteria set in ASC 350-30-25.
There
were no pledges or collateralization of the Affiliated Entities' assets. As the Company is conducting its business mainly through
the Affiliated Entities, the Company may provide such support on a discretionary basis in the future, which could expose the Company
to a loss.
There
is no VIEs where the Company has variable interest but is not the primary beneficiary.
The
Group believes that the contractual arrangements among its shareholders and WFOEs comply with PRC law and are legally enforceable. However,
uncertainties in the PRC legal system could limit the Company's ability to enforce these contractual arrangements and if the shareholders
of the VIEs were to reduce their interests in the Company, their interests may diverge from that of the Company and that may potentially
increase the risk that they would seek to act contrary to the contractual terms.
The
Company's ability to control the VIEs also depends on the voting rights proxy and the effect of the share pledge under the Equity
Interest Pledge Agreement and the WFOEs have to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Company
believes this voting right proxy is legally enforceable but may not be as effective as direct equity ownership.
(d)
Functional Currency and Foreign Currency Translation
The
Group uses Renminbi ("RMB") as its reporting currency. The functional currency of the Company and its subsidiaries incorporated
outside of PRC is the United States dollar ("US$"), while the functional currency of the PRC entities in the Group is RMB
as determined based on the criteria of ASC 830, Foreign Currency Matters.
Transactions
denominated in other than the functional currencies are re-measured into the functional currency of the entity at the exchange rates
prevailing on the transaction dates. Financial assets and liabilities denominated in other than the functional currency are re-measured
at the balance sheet date exchange rate. The resulting exchange differences are recorded in the consolidated statements of comprehensive
loss as foreign exchange related gain / loss.
The
financial statements of the Group are translated from the functional currency to the reporting currency, RMB. Assets and liabilities
of the subsidiaries are translated into RMB using the exchange rate in effect at each balance sheet date. Income and expense items are
generally translated at the average exchange rates prevailing during the fiscal year. Foreign currency translation adjustments arising
from these are accumulated as a separate component of shareholders' deficit on the consolidated financial statement. The exchange
rates used for translation on December 31, 2022 and December 29, 2023 were US$1.00= RMB
6.9646
and RMB
7.0827
, respectively, representing
the index rates stipulated by the People's Bank of China.
(e)
Convenience Translation
Translations
of balances in the Group's consolidated balance sheet, consolidated statement of operations and comprehensive loss and consolidated
statement of cash flows from RMB into US$ as of and for the year ended December 31, 2023 are solely for the convenience of the readers
and were calculated at the rate of US$1 = RMB
7.0999
, representing the noon buying rate set forth in the H.10 statistical release of the
US Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted,
realized or settled into US$ at that rate on December 31, 2023, or at any other rate.
F-
19
(f)
Fair value of financial instruments
Fair
value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to
be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers
assumptions that market participants would use when pricing the asset or liability.
The
established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs
when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level
of input that is significant to the fair value measurement.
The
three levels of inputs that may be used to measure fair value include:
Level
1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level
2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities.
Level
3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
Accounting
guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income
approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving
identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present
value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach
is based on the amount that would currently be required to replace an asset.
The
Group's financial instruments consist principally of cash and cash equivalents, short-term investments, accounts receivable, equity
securities, short-term borrowings, accounts payable, advance from advertising customers, registered users' loyalty payable, other
liabilities, and Convertible Loan.
As
of December 31, 2022 and 2023, the carrying values of cash and cash equivalents, short-term investments in time deposits, current accounts
receivable, non-marketable equity securities, short-term borrowings, accounts payable, advance from customers and deferred revenue, registered
users' loyalty payable and other liabilities approximated their fair values reported in the consolidated balance sheets due to
the short-term maturities of these instruments.
The
estimated fair value of noncurrent accounts receivable approximates the carrying value as the discounting impact is not material. The
estimated fair value of the Convertible Loan approximated its carrying amount as the stated interest rate of the loan is close to the
market rate. The Convertible Loan would qualify as Level 3 in the fair value hierarchy if it was to be carried at fair value due to the
presence of significant unobservable inputs.
Assets
and liabilities measured at fair value on a recurring basis
On
a recurring basis, the Group measures its short-term investments in wealth management products and publicly traded equity security at
fair value. The following table sets forth the Group's assets and liabilities that are measured at fair value on a recurring basis
and are categorized using the fair value hierarchy:
As
    of December 31, 2022
level
    1
level
    2
level
    3
Balance
    at fair value
Assets
Short-term
    investments—Wealth management products
—
26,402
—
26,402
As of December 31, 2023
level 1
level 2
level 3
Balance at fair value
Assets
Short-term investments—Wealth management products
—
—
—
—
F-
20
The
Group values its investments in wealth management products issued by certain banks using quoted subscription/redemption prices published
by these banks, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 2.
Assets
and liabilities measured at fair value on a non-recurring basis
The
equity securities without readily determinable fair value are measured at fair value on a non-recurring basis, adjusted for observable
transactions for identical or similar investments of the same issuer or impairment. These securities are classified as Level 3 in the
fair value hierarchy because the Company estimates the value based on valuation methods using the observable transaction price at the
transaction date and other unobservable inputs such as volatility, rights, and obligations of the securities we hold.
(g)
Cash and Cash Equivalents
Cash
and cash equivalents include cash in bank and time deposits placed with banks or other financial institutions, which have original maturities
of three months or less at the time of purchase and are readily convertible to known amounts of cash.
(h)
Restricted cash
As
of December 31, 2022 and 2023, restricted cash of RMB
7.6
million
and RMB
17.1
million
represents the cash balance
that was frozen in cooperation with preliminary investigation.
(i)
Short-term investments
Short-term
investments include time deposits with original maturities between three months and a year with banks in the PRC and investments in wealth
management products issued by certain banks which are redeemable by the Company at any time. The company classifies investments as current
based on the nature of the investments and their availability for use in current operations.
The
wealth management products are unsecured with variable interest rates and primarily invested in debt securities issued by the PRC government,
corporate debt securities and central bank bills. The Company measures the investments in wealth management products at fair value using
the quoted subscription or redemption prices published by these banks. As of December 31, 2023,
no
allowance for credit losses
in short- term investments was recorded.
(j)
Accounts receivable, net
Accounts
receivable represents those receivables derived in the ordinary course of business, net of an allowance for any potentially uncollectible
amounts, and are classified as current or long-term in accordance with customer payment terms. The Company makes estimates of expected
credit and collectability trends for the allowance for credit losses based upon its assessment of various factors, including historical
experience, the age of the accounts receivable balances, credit quality of its customers, current economic conditions, reasonable and
supportable forecasts of future economic conditions that may vary by geography, customer-type, or industry sub-vertical, and other factors
that may affect its ability to collect from customers. Expected credit losses are recorded as general and administrative expenses on
our consolidated statements of comprehensive loss.
Although
the Company has historically not experienced significant credit losses, they may experience increasing credit loss risks from accounts
receivable in future periods if its customers are adversely affected by economic pressures or uncertainty associated with local or global
economic recessions, disruption associated with the current COVID-19 pandemic, or other customer-specific factors, and actual experience
in the future may differ from their past experiences or current assessment.
F-
21
(k)
Property and equipment, net
Property
and equipment are stated at historical cost less accumulated depreciation and impairment loss, if any. Depreciation is calculated using
the straight-line method over their estimated useful lives. The estimated useful lives are as follows:
Leasehold
    improvements
Over
    the shorter of lease term or estimated useful lives of the assets
Office
    equipment
3
–
5
years
Expenditures
for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between
the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive
loss.
(l)
Long-term equity investments
The
Company's equity investments are accounted for as follows:
●
Non-marketable
                                            equity securities that do not have readily determinable fair value are measured using the
                                            measurement alternative recorded at cost less any impairment, plus or minus changes resulting
                                            from subsequent qualifying observable price changes. Any changes in carrying value of these
                                            equity investments are recorded in the consolidated statements of comprehensive loss. For
                                            the Company's long-term investment in an equity fund, the Company elected to apply
                                            the net asset value (NAV) practical expedient per ASC 820 to measure these investments at
                                            fair value. The NAV is the estimated fair value of these investments, and changes in fair
                                            value is recorded in the consolidated statements of comprehensive loss. The fair value of
                                            this equity fund is
nil
as of December 31, 2023. This equity fund was reclassed to short-term
                                            investments as of December 31, 2021 since it became redeemable in 2022.
●
Equity
                                            method investments are securities that the Company does not control but is able to exert
                                            significant influence over the investments. These investments are initially recorded at cost
                                            and subsequently recognizes proportionate share of each equity investee's net income
                                            or loss and to reflect the amortization of basis differences in the consolidated statements
                                            of comprehensive loss and accordingly adjusts the carrying amount of the investments. An
                                            impairment charge is recorded if the carrying amount of the investments exceed their fair
                                            value and this condition is determined to be other-than-temporary. When the Company's
                                            share of losses in the equity investee equals or exceeds its interest in the equity investee,
                                            the Company does not recognize further losses, unless the Company has incurred obligations
                                            or made payments or guarantees on behalf of the equity investee.
The
Company monitors its investments for other-than-temporary impairment by considering factors including, but not limited to, current economic
and market conditions, the operating performance of the companies including current earnings trends and other company-specific information.
Refer to Note 5– Investments for additional information.
(m)
Goodwill and intangible assets
Intangible
assets
Intangible
assets include the acquired right to operate an online audio/video content platform, which is amortized on a straight-line basis over
its estimated useful life of
10
years, and computer software, which is amortized on a straight-line basis over its estimated useful life
of
3
-
10
years.
As
part of the Fun Series C Preferred Shares arrangement (see Note 20), the Company acquired intangible assets. For accounting purposes,
the consideration was allocated to developed technology and user data. The acquired technology is amortized over
5
years and user data
related assets is amortized over
3
years on a straight-line basis. The carrying value related to user data was fully amortized during
2022. (Note 9)
The
estimated life of intangible assets subject to amortization is reassessed if circumstances occur that indicate the life has changed.
Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets
may not be recoverable.
F-
22
Goodwill
Goodwill
represents the excess of the total cost of the acquisition over the fair value of the identifiable tangible and intangible assets acquired
and liabilities assumed of the acquired entity as a result of the Company's acquisitions of interests in its subsidiaries and VIEs.
Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate
that it might be impaired. The Company first assesses qualitative factors to determine whether it is more likely than not (that is, a
likelihood of more than 50%) that the fair value of the reporting unit is less than its carrying value. In the qualitative assessment,
the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit
and other specific information related to the operations. If the reporting unit does not pass the qualitative assessment, the Company
estimates its fair value and compares the fair value with the carrying value of its reporting unit, including goodwill. If the fair value
is greater than the carrying value of its reporting unit, no impairment is recorded. If the fair value is less than the carrying value,
an impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value,
limited to the total amount of goodwill allocated to that reporting unit. The impairment charge would be recorded to earnings in the
consolidated statements of operations.
Application
of a goodwill impairment test requires significant management judgment, including the identification of reporting units, assigning assets,
liabilities and goodwill to reporting units and the determination of the fair value of each reporting unit. The Company estimates the
fair value of the reporting unit using a discounted cash flow model. This valuation approach considers various assumptions including
projections of future cash flows, perpetual growth rates and discount rates. The assumptions about future cash flows and growth rates
are based on management's assessment of a number of factors, including the reporting unit's recent performance against budget,
performance in the market that the reporting unit serves, as well as industry and general economic data from third party sources. Discount
rate assumptions reflect an assessment of the risk inherent in those future cash flows. Changes to the underlying businesses could affect
the future cash flows, which in turn could affect the fair value of the reporting unit. Management performs its annual goodwill impairment
test as of December 31. Each quarter the Company reviews the events and circumstances to determine if there are indicators that goodwill
may be impaired.
As
of December 31, 2022 and 2023, there is no event or any circumstance that the Company identified, which indicated that the fair value
of the Company's reporting unit was substantially lower than the respective carrying value. There was
no
impairment of goodwill
for the years ended December 31, 2021, 2022 and 2023 and there was
no
change in goodwill during 2022 and 2023.
(n)
Impairment of long-lived assets other than Goodwill
For
other long-lived assets including property and equipment, other non-current assets and intangible assets, the Group evaluates for impairment
whenever events or changes (triggering events) indicate that the carrying amount of an asset may no longer be recoverable. The Group
assesses the recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted
future cash flows expected to receive from use of the assets and their eventual disposition. Such assets are considered to be impaired
if the sum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment to be recognized is
measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. There was
no
impairment of any
long-lived assets other than goodwill for the years ended December 31, 2021, 2022 and 2023.
(o)
Leases
The
Company determines if an arrangement is a lease or contains a lease at inception. Operating leases are included in operating lease right-of-use
("ROU") assets, operating lease liability, and operating lease liability, non-current in the Company's consolidated
balance sheets.
ROU
assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's
obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date
based on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend
or terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company's leases do not
provide an implicit rate, the Company uses its incremental borrowing rate, which it calculates based on the credit quality of the Company
and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral
over the term of each lease.
F-
23
The
Company has elected to adopt the following lease policies in conjunction with the adoption of ASU 2016-02: (i) elect for each lease not
to separate non-lease components from lease components and instead to account for each separate lease component and the non-lease components
associated with that lease component as a single lease component; (ii) for leases that have lease terms of 12 months or less and does
not include a purchase option that is reasonably certain to exercise, the Company elected not to apply ASC 842 recognition requirements;
and (iii) the Company elected to apply the package of practical expedients for existing arrangements entered into prior to January 1,
2019 to not reassess (a) whether an arrangement is or contains a lease, (b) the lease classification applied to existing leases, and
(c) initial direct costs.
(p)
Advances from customers and deferred revenue
Certain
third party advertising customers pay in advance to purchase advertising and marketing services. Cash proceeds received from customers
are initially recorded as advances from advertising customers and are recognized as revenues when revenue recognition criteria are met.
Advances
from customers and deferred revenue also consist of prepayments from users in the form of the purchase of the Group's virtual currency
that can be used for live streaming and online games that are not yet consumed or converted into virtual items, and that upon the consumption
or conversion, are recognized as revenue according to the prescribed revenue recognition policies described below.
(q)
Revenue recognition
The
following is a description of principal activities of the Group from which the Group generates its revenue under ASC 606.
(i)
Advertising and marketing
The
Group's main revenue generating activity is the provision of online advertising and marketing services. The Group generates revenue
from performing specific actions, i.e. an optimized cost per thousand impressions ("oCPM") or optimized cost per click ("oCPC")
basis or related advertising and marketing services. Revenue is recognized on an oCPM or oCPC basis as impressions or clicks are delivered,
or when related advertising and marketing services are performed.
Whether
revenues should be reported on a gross or net basis is determined by an assessment of whether the Group is acting as the principal or
an agent in the transaction. In determining whether the Group acts as the principal or an agent, the Group follows the accounting guidance
for principal-agent considerations. Such determination involves judgment and is based on evaluation of the terms of each arrangement.
a.
Advertising and marketing service provided to advertising customers
The
Group provides advertising and marketing services to advertising customers and recognizes advertising and marketing revenues on a gross
basis as impressions or clicks are delivered. The Group receives refundable advance payments from advertising customers. If the advance
payment deposited in the Group is not ultimately used for the advertisement on Qutoutiao, the Group refunds the advance payment back
to advertising customers.
Starting
from 2019, the placement of the advertising customers' advertisements is not restricted to be only on Qutoutiao's application.
When advertisements cannot be placed on Qutoutiao due to capacity limit or bidding, the Group has the discretion to choose a media platform
for advertisement placement. The Group determined it is the principal to the advertising customer when the Group (1) is the primary obligor
ultimately responsible for delivering advertising and marketing services to the advertising customers, (2) has the discretion in pricing
and (3) takes certain risks of loss due to the different settlement methods between the media platform and advertising customers. Hence,
the Group recognizes the revenue on a gross basis.
In
May 2019, the Group also started a new advertising and marketing service by providing integrated marketing solution to its customers
based on their customized needs. The services include but are not limited to designing and executing a systematic marketing plan
online and offline, coming up with best solutions for online promotion of the customers' mobile application by selecting
appropriate advertisement platforms, designing the advertisement clips, monitoring advertisement effects and organizing offline
marketing campaigns. The Group pays the vendors or suppliers when costs are incurred and advertisements are displayed while the
Group charges the service fees to the customers based on specified achievements,
i.e. a Gross Merchandise Volume
("GMV") which revenue is recognized based on number of first effective purchase, or optimized cost per action
("oCPA") basis which revenue is recognized based on number of registered new users. The Group is the principal
ultimately responsible for delivering the integrated marketing services to the customers in the arrangement, it has the discretion
in pricing and takes certain risks of loss as the results cannot be guaranteed while costs are incurred. The Group recognizes the
integrated marketing services revenue at gross based on GMV or oCPA basis and recognizes incurred expenses to vendors or suppliers
as cost of revenue.
F-
24
b.
Advertising and marketing services provided to advertising platforms
The
Group provides advertising and marketing services to other third-party advertising platforms. In the arrangement with these advertising
platforms, these advertising platforms are the customers of the Group and the performance obligation of the Group is to provide traffic
service to these advertising platforms. Therefore, the Group recognizes revenue based on the net amount as impressions or clicks are
delivered.
(ii)
Other services
a.
Agent and platform service
The
Group also provides agent and platform service by facilitating the advertising customers to select third-party advertising platforms
to display their advertisements. The Group recognizes revenue from the advertising customers based on the net amount equal to certain
agreed percentage of the gross revenue earned by the third-party advertising platforms when impressions or clicks are successfully delivered.
b.
Live streaming
In
January 2019, the Group started operating its own live streaming platform. It generates revenue from sales of virtual items in the platform.
Users can access the platforms and view the live streaming content showed by the performers for free. The Group shares a portion of the
sales proceeds of virtual items ("revenue sharing fee") with performers and talent agencies in accordance with their revenue
sharing arrangements.
The
Group evaluates and determines that it is the principal and views users to be its customers. The Group reports live streaming revenues
on a gross basis. Accordingly, the amounts paid by users to purchase virtual items are recorded as revenues and revenue sharing fee paid
to performers and talent agencies are recorded as cost of revenues. Where the Group is the principal, it controls the virtual items before
they are transferred to users. Its control is evidenced by the Group's sole ability to monetize the virtual items before they are
transferred to users, and is further supported by the Group being primarily responsible to users and having a level of discretion in
establishing pricing.
The
Group designs, creates and offers various virtual items for sales to users with pre-determined selling price. Users can purchase and
present virtual items to performers to show support for their favorite performers and virtual items are consumed and used upon purchase.
Accordingly, live streaming revenue is recognized immediately when virtual items are used. The Group does not have further obligations
to the user after the virtual items are consumed immediately.
The
Group may also enter into contracts that can include various combinations of virtual items and privileges such as priority speaking rights
or special symbols, which are generally capable of being distinct and accounted for as separate performance obligations, such as the
VIP member program. Judgments are required as follow: 1) determining whether those virtual items and privilege are considered distinct
performance obligations that should be accounted for separately versus together, 2) determining the standalone selling price for each
distinct performance obligation, and 3) allocating of the arrangement consideration to the separate accounting of each distinct performance
obligation based on their relative standalone selling prices. In instances where standalone selling price is not directly observable
as the Group does not sell the virtual item or privilege separately, the Group determines the standalone selling price based on pricing
strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct performance obligations identified
in accordance with the applicable revenue recognition method relevant for that obligation. For consumable virtual items, revenues is
recognized immediately when the virtual item is used. For durable virtual items, revenue is recognized over the estimated user relationship
periods. For the years ended December 31, 2021, 2022 and 2023, the VIP membership program was not material.
c.
Online games
The
Group generates revenues from offering virtual items in online games developed by third parties to game players.
Users
play games on the Group's various mobile applications free of charge and are charged for purchases of consumable virtual items,
which can be utilized in the online games to enhance their game-playing experience.
Pursuant
to contracts signed between the Group and the respective game developers, although game developers own the games' copyrights and
other intellectual property, in general the Group controls the games and takes the main responsibilities to operate the games, maintains
a functioning gaming environment for the players, sets the pricing of virtual items, collects the in-game purchase payment from the players
and shares the revenue based on a pre-agreed scheme to the game developers. The users make the purchases in the games operated and managed
by the Group and the Group provides the game services to the users. Accordingly, the Group is the principal in the arrangements. The
revenues derived from these online games are recorded on a gross basis and the amount paid to game developers are recorded as cost of
revenue.
F-
25
Online
games revenue is recognized immediately when the consumable virtual item is purchased and used. The Group does not have further obligations
to the user after the virtual items are consumed immediately.
In
addition, the Group sells the advertisement spots placed in the online games to the advertisers and gets paid based on views/clicks.
The advertisements price is negotiated and determined by the Group with a shared fee to be paid to the game developer. Similar to the
advertising and marketing service provided to advertising customers described above in 2(r)(i) a, the Group is the principal in the arrangement
and revenue is recognized on a gross basis as clicks or impressions are delivered with fees paid to game developers as cost of revenue.
D.
Disaggregation of revenue
In
the following table, revenue is disaggregated by major service line and gross vs net recognition.
Year
    ended December 31,
2021
2022
2023
RMB
RMB
RMB
US$(Note
    2(e))
Major service
    line
Advertising service
    provided to advertising customers, recorded gross
2,533,327
404,443
420,275
59,196
Advertising service provided
    to advertising platforms, recorded net
1,557,056
434,934
149,294
21,027
Other service
Agent
    and platform services
22,004
4,355
16,548
2,331
Live streaming
    and online games
140,269
195,213
155,659
21,924
Other
    revenues
86,947
44,100
3,781
533
Total
    Other services
249,220
243,668
175,988
24,788
Net
    Revenues
4,339,603
1,083,045
745,557
105,011
For the years ended December 31, 2021, 2022 and 2023 revenue in advertising services provided to advertising customers which recorded
gross include integrated marketing solution services which amounted to RMB
39.8
million,
nil
and
nil
.
(r)
Cost of revenues
The
Group's cost of revenues consists primarily of (i) bandwidth and server costs, (ii) costs incurred to vendors and suppliers
for advertising and marketing services, (iii) content procurement costs paid to third-party professional media companies and
freelancers, (iv) direct cost related to in-house content, rental cost, depreciation, salary and welfare for cost personnel and
other miscellaneous costs, (v) costs incurred for mobile gaming and live streaming content, (vi) cultural development fee and
surcharges. The Group is subject to a cultural development fee on the provision of advertising services in the PRC. The applicable
tax rate prior to June 30, 2019 was
3
%
of the net advertising revenues, and was changed to
1.5
%
effective from July 1, 2019 to December 31, 2024. Due to the COVID-19 pandemic, the Group was exempt from the cultural development
fee for 2020 and 2021.
(s)
Research and development expenses
Research
and development expenses consist primarily of (i) salary and welfare for research and development personnel, (ii) stock-based compensation
for research and development personnel (iii) office rental expenses (iv) IT service fees and (v) depreciation of office premise and servers
utilized by research and development personnel. Costs incurred during the research stage are expensed as incurred. Costs incurred in
the development stage, prior to the establishment of technological feasibility, which is when a working model is available, are expensed
when incurred.
The
Company accounts for internal use software development costs in accordance with guidance on intangible assets and internal use software.
This requires capitalization of qualifying costs incurred during the software's application development stage and to expense costs
as they are incurred during the preliminary project and post implementation/operation stages. For the years ended December 31, 2021,
2022 and 2023, the Company has not capitalized any costs related to internal use software because the inception of the Group software
development costs qualified for capitalization have been insignificant.
F-
26
(t)
Sales and marketing expenses
Sales
and marketing expenses consist primarily of (i) rewards to registered users related to loyalty programs, (ii) advertising and
marketing expenses, (iii) charges for short mobile message service to registered users (iv) salary and welfare for sales and
marketing personnel and (v) stock-based compensation expenses for sales and marketing personnel. The advertising and marketing
expenses amounted to RMB
2,662.0
million
, RMB
234.0
million
and RMB
117.9
million
during the years ended December 31, 2021, 2022 and 2023, respectively.
(u)
General and administrative expenses
General
and administrative expenses also consist of (i) salary and welfare for general and administrative personnel, (ii) office expense,
(iii)
professional service fees, (iv) stock-based compensation expense and (v) bad debt expense.
(v)
User loyalty programs
The
Group has loyalty programs for its registered users primarily in its mobile Qutoutiao and Midu to enhance user engagement, loyalty and
to incentivize word-of-mouth referrals. Through the programs, the Group give users loyalty points and in certain cases cash credits for
taking specific actions. Such actions primarily include referring new users to register on the platforms or through the viewing or sharing
of content, providing valuable comments and encourage inactive users to continue to the platforms. The cost of users' loyalty points
is recognized as sales and marketing expenses in the consolidated statements of operations and comprehensive loss.
On
Qutoutiao, the Group's users can redeem earned rewards, which is in a form of cash credits reflecting the same amount of cash value,
upon redemption. The Group offers its users the flexibility to choose a number of rewards payment options, including i) online cash out,
when the cash credits balance exceeds a certain cash out threshold or at a lower cash out threshold if the users log on Qutoutiao for
a certain number of consecutive days, ii) purchasing virtual items in live streaming and online games, iii) purchasing merchandise through
Qutoutiao's online market place. On
Midu
, the loyalty program is operated in a similar manner as
Qutoutiao
.
The
Group also has a number of other loyalty programs for various applications. As of December 31, 2023, the loyalty program volume associated
with these applications are immaterial.
For
Qutoutiao's loyalty program, rewards to its users are cleared from their accounts and will not be redeemable after the users have
been inactive for 90 days. Other loyalty programs also have similar rewards clearing policies after the users have been inactive for
a certain period of time.
The
Group's experience indicates that a certain portion of rewards is never redeemed in cash by its users, which the Group refers to
as a "breakage". The liability accrued for the reward is reduced by the estimated breakage that is expected to occur. The
Group estimates breakage based upon its analysis of relevant reward history and redemption pattern as well as considering the expiration
period of the rewards under the users agreement. In the assessment of breakage, each individual user's account is categorized into
certain pools of different range of outstanding rewards, and then further grouped into certain sub-groups on the basis of inactivity
days. The past reward redemption pattern in those sub-groups was used to estimate the respective breakage for the outstanding rewards
in each sub-group at each period end. For the years ended December 31, 2021, 2022
and
2023, total costs related to the users' rewards
granted (before estimated breakage) amounted to RMB
731.2
million, RMB
194.8
million and RMB
40.2
million, respectively, and total rewards
redeemed in cash amounted to RMB
673.8
million, RMB
250.9
million and RMB
89.6
million respectively. The Company also reversed the accrued
rewards of users who have not been active for the period specified in accordance with its rewards clearance policies, which amounted
to non-cash adjustments of RMB
81.4
million RMB
63.9
million and RMB
48.4
million for the years ended December 31, 2021, 2022 and 2023,
respectively, which were recorded as a reduction of sales and marketing expense. As of December 31, 2021, 2022 and 2023, the total estimated
breakage not accrued approximated to RMB
15.3
million, RMB
6.2
million and RMB
2.0
million, respectively. For the years ended December 31,
2021, 2022 and 2023, rewards consumed by purchasing the virtual items in live streaming and online games amounted to RMB
8.0
million,
RMB
1.4
million and RMB
0.04
million respectively. The consumption was recorded as a reduction of revenue.
F-
27
Once
the amount of accumulated unredeemed rewards for individual user exceeds the cash out threshold or the continuous log-on criteria is
reached, the Group reclassifies the balance as "registered users' loyalty payable" in consolidated balance sheet as
a monetary liability and reverses the amount of breakage originally assumed. The registered users' loyalty payable is derecognized
only if (1) the Group pays the user and is relieved of its obligation for the liability by paying the users, including delivery of cash
or (2) the Group is legally released from the liability.
The
actual cost to settle the estimated liability may differ from the estimated liability recorded. As of December 31, 2022 and 2023,
users' reward recorded in Registered Users' Loyalty Payable were RMB
29.8
million and RMB
13.9
million, respectively, and estimated users' rewards recorded in Accrued Liabilities Related to Users' Loyalty Programs" were RMB
64.6
million and RMB
33.5
million, respectively.
(w)
Employee social security and welfare benefits
Employees
of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance,
medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution
plan. The Group is required to contribute to the plan based on certain percentages of the employees' salaries, up to a maximum
amount specified by the local government.
The
PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group's
obligations are limited to the amounts contributed and no legal obligation beyond the contributions made.
(x)
Income taxes
Current
income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are
not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.
Deferred
income taxes are accounted for using an asset and liability method. Under this method, deferred income taxes are recognized for the tax
consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial
statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount
attributed to that asset or liability for tax purposes. The effect on deferred taxes of a change in tax rates is recognized in the consolidated
statements of comprehensive loss in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets
if it is considered more likely than not that some portion of, or all of, the deferred tax assets will not be realized.
Uncertain
tax positions
The
guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statements recognition
and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on derecognition of income
tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties
associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required
in evaluating the Group's uncertain tax positions and determining its provision for income taxes. The Group recognizes interests
and penalties, if any, under accrued expenses and other current liabilities on its consolidated balance sheets and under other expenses
in its statements of operations and comprehensive loss. The Group did
no
t recognize any significant interest and penalties associated
with uncertain tax positions for the years ended December 31, 2021, 2022 and 2023. As of December 31, 2022 and 2023, the Group did
no
t
have any significant unrecognized uncertain tax positions.
(y)
Treasury Stock
The
Group accounts for treasury stock using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the
treasury stock account in the consolidated balance sheets. At retirement, the ordinary shares account is charged only for the aggregate
par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par value is allocated between additional
paid-in capital (up to the amount credited to the additional paid-in capital upon original issuance of the shares) and retained earnings.
In the event that treasury stock is reissued at an amount different from the cost the Company paid to repurchase the treasury stock,
the Company will recognize the difference in additional paid-in capital by using the specified identification method.
F-
28
(z)
Share-based compensation
Share-based
compensation costs are measured at the grant date. The share-based compensation expenses have been categorized as either cost of revenue,
general and administrative expenses, selling and marketing expenses or research and development expenses, depending on the job functions
of the grantees.
Option
granted to employees
For
the options granted to employees, the compensation expense is recognized using the straight-line method over the requisite service period.
Forfeitures are estimated at the time of grant, with such estimate updated periodically and with actual forfeitures recognized currently
to the extent they differ from the estimate. In determining the fair value of the Company's share options, the binomial option
pricing model has been applied.
Option
granted to non-employee
For
share-based awards granted to non-employees, the Group accounts for the related share-based compensation expenses in accordance with
ASC subtopic, 505-50 ("ASC 505-50"), Equity-Based Payments to Non-Employees. Under the provision of ASC 505-50, options of
the Company issued to non-employees are measured based on fair value of the options which are determined by using the binomial option
pricing model. These options are measured as of the earlier of the date at which either: (1) commitment for performance by the non-employee
has been reached; or the non-employee's performance is complete. Subsequent to the completion of the performance, the share-based
award is assessed in accordance with ASC 815 to determine whether the award meets the definition of a derivative. In 2020, the entity
adopted ASU 2018-07, and from the adoption date the Company applied the same guidance to both employee and nonemployee share-based awards,
which nonemployee share- based payment equity awards are measured at the grant-date fair value of the equity instruments, similar to
employee share-based payment equity awards.
(aa)
Government grants
Government
grants are recognized as other income/ (expenses) when received. For the years ended December 31, 2021, 2022 and 2023, the Group received
financial subsidies of RMB
7.2
million, RMB
4.5
million and RMB
0.1
million from the local PRC government authorities, respectively. These
subsidies were non-recurring, not refundable and with no conditions attached. There are no defined rules and regulations to govern the
criteria necessary for companies to enjoy such benefits and the amount of financial subsidy is determined at the discretion of the relevant
government authorities.
(ab)
Statutory reserves
The
Group's subsidiaries, consolidated VIEs and its subsidiaries incorporated in the PRC are required on an annual basis to make appropriations
of retained earnings set at certain percentage of after-tax profit determined in accordance with PRC accounting standards and regulations
("PRC GAAP").
Appropriation
to the statutory general reserve should be at least
10
% of the after tax net income determined in accordance with the legal requirements
in the PRC until the reserve is equal to
50
% of the entities' registered capital. The Group is not required to make appropriation
to other reserve funds and the Group does not have any intentions to make appropriations to any other reserve funds.
The
general reserve fund can only be used for specific purposes, such as setting off the accumulated losses, enterprise expansion or increasing
the registered capital. Appropriations to the general reserve funds are classified in the consolidated balance sheets as statutory reserves.
There
are no legal requirements in the PRC to fund these reserves by transfer of cash to restricted accounts, and the Group was not done so.
Relevant
laws and regulations permit payments of dividends by the PRC subsidiaries and affiliated companies only out of their retained earnings,
if any, as determined in accordance with respective accounting standards and regulations. Accordingly, the above balances are not allowed
to be transferred to the Company in terms of cash dividends, loans or advances.
(ac)
Related parties
Parties
are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant
influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject
to common control or significant influence, such as a family member or relative, shareholder, or a related corporation.
(ad)
Dividends
Dividends
are recognized when declared. No dividends were declared for the years ended December 31, 2021, 2022 and 2023, respectively. The Group
does not have any present plan to pay any dividends on ordinary shares in the foreseeable future. The Group currently intends to retain
the available funds and any future earnings to operate and expand its business.
F-
29
(ae)
Loss per share
Basic
loss per share is computed by dividing net loss attributable to holders of ordinary shares by the weighted average number of ordinary
shares outstanding during the year using the two class method. Ordinary shares issuable for little or no cash consideration are also
included as outstanding shares once all of their conditions have been met as they are considered contingently issuable shares. Using
the two class method, net loss is allocated between ordinary shares and other participating securities (i.e. preferred shares) based
on their participating rights.
Diluted
loss per share is calculated by dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary
equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalents shares outstanding during the
year. Dilutive equivalent shares are excluded from the computation of diluted loss per share if their effects would be anti-dilutive.
Ordinary share equivalents consist of the ordinary shares issuable upon the conversion of the stock options, using the treasury stock
method. Except for voting rights, the Class A and Class B ordinary shares have all the same rights and therefore the loss per share for
both classes of shares are identical.
(af)
Comprehensive loss
Comprehensive
loss is defined as the change in shareholders' deficit of the Company during a period arising from transactions and other events
and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders.
Comprehensive
loss is reported in the consolidated statements of comprehensive loss. Accumulated other comprehensive losses of the Group include the
foreign currency translation adjustments.
(ag)
Segment reporting
Operating
segments are defined as components of an enterprise engaging in businesses activities for which separate financial information is available
that is regularly evaluated by the Group's chief operating decision makers in deciding how to allocate resources and assess performance.
The Group's chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results
including revenue, gross profit and operating profit at a consolidated level only. The Group does not distinguish between markets for
the purpose of making decisions about resources allocation and performance assessment. Hence, the Group has only one operating segment
and one reportable segment.
(ah)
Recent Adopted Accounting Pronouncements
In October 2021, the FASB issued ASU 2021-08, Topic 805 "Business
Combinations" – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this
update require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination
in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with
Topic 606 as if it had originated the contracts. To achieve this, an acquirer may assess how the acquiree applied Topic 606 to determine
what to record for the acquired revenue contracts. The Group adopted this standard on January 1, 2023 with no material impact on its consolidated
financial statements and related disclosures as a result of adopting the standard.
(ai)
Recent Issued Accounting Pronouncements
In June 2022, the FASB issued ASU 2022-03,
Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies
that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security
and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account,
recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to
contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the
amendments recognized in earnings and disclosed on the date of adoption. This guidance is effective for the Group for fiscal years beginning
after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Group does not expect that the
adoption of this guidance will have a material impact on its financial position, results of operations and cash flows.
In November 2023, the
FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (
"
ASU
2023-07
"
), which
focuses on improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.
A public entity shall disclose for each reportable segment the significant expense categories and amounts that are regularly provided
to the CODM and included in reported segment profit or loss. ASU 2023-07 also requires public entities to provide in interim periods all
disclosures about a reportable segment
'
s
profit or loss and assets that are currently required annually. Entities are permitted to disclose more than one measure of a segment
'
s
profit or loss if such measures are used by the CODM to allocate resources and assess performance, as long as at least one of those measures
is determined in a way that is most consistent with the measurement principles used to measure the corresponding amounts in the consolidated
financial statements. ASU 2023-07 is applied retrospectively to all periods presented in financial statements, unless it is impracticable.
This update will be effective for the Group
'
s
fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption
is permitted. The Group is currently in the process of evaluating the disclosure impact of adopting ASU 2023-07.
In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics
740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the
rate reconciliation and income taxes paid. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption
permitted. The Group is currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.
F-
30
3.
Risks and Concentration
(a)
PRC regulations
(1)
VIEs
It
is possible that the Group's operation of certain of its operations and businesses through VIEs could be found by PRC authorities
to be in violation of PRC law and regulations prohibiting or restricting foreign ownership of companies that engage in such operations
and businesses. If a finding were made by PRC authorities that the Group's operation of certain of its operations and businesses
through VIEs is prohibited, regulatory authorities with jurisdiction over the licensing and operation of such operations and businesses
would have broad discretion in dealing with such a violation, including levying fines, confiscating the Group's income, revoking
the business or operating licenses of the affected businesses, requiring the Group to restructure its ownership structure or operations,
or requiring the Group to discontinue all or any portion of its operations. Any of these actions could cause significant disruption to
the Group's business operations, and have a severe adverse impact on the Group's cash flows, financial position, and operating
performance.
In
addition, it is possible that the contracts among the Group, the consolidated VIEs and the shareholders of such VIEs would not be enforceable
in China if PRC government authorities or courts were to find that such contracts contravene PRC law and regulations or are otherwise
not enforceable for public policy reasons. As of the date of this report, the validity and enforceability of the contracts among the
Group, the consolidated VIEs and the shareholders of such VIEs, and, to the knowledge of the Group, of any similar contracts entered
into by other
PRC-based
companies, have never been considered or determined by a PRC court. In the event that the Group was unable to enforce these contractual
arrangements, the Group would not be able to exert effective control over the affected VIEs. Consequently, such VIEs' results of
operations, assets and liabilities would not be included in the Group's consolidated financial statements. If such were the case,
the Group's cash flows, financial position and operating performance would be severely adversely affected. The Group's contractual
arrangements with respect to its consolidated VIEs are in place.
The
Group's operations and businesses rely on the operations and businesses of its VIEs, which hold certain assets that are
important to the operation of the Group's business. The VIEs' assets comprise both recognized and unrecognized
revenue-producing assets. The recognized revenue-producing assets include leasehold improvements, computers and network equipment
and purchased intangible assets which are recognized in the Group's consolidated balance sheet. The unrecognized
revenue-producing assets mainly consist of patents, trademarks and assembled workforce which are not recorded in the financial
statements of VIEs as they did not meet the recognition criteria set in ASC
350-30-25. The Group's operations and
businesses may be adversely impacted if the Group loses the ability to use and benefit from assets held by these VIEs.
(2)
Inability to fully comply with Audio-visual Program Provisions
Pursuant
to the Administrative Provisions on Internet Audio-visual Program Service, or the Audio-visual Program Provisions, which was issued by
the State Administration of Radio, Film and Television (the predecessor of GAPPRFT), or SARFT, and MIIT on December 20, 2007 and came
into effect on January 31, 2008 and was amended on August 28, 2015, online transmission of audio and video programs requires an Internet
audio- visual program transmission license and online audio-visual service providers must be either wholly state-owned or state-controlled.
In a press conference jointly held by SARFT and MIIT to answer questions with respect to the Audio-visual Program Provisions in February
2008, SARFT and MIIT clarified that online audio-visual service providers that had already been operating lawfully prior to the issuance
of the Audiovisual Program Provisions may re-register and continue to operate without becoming state-owned or controlled, provided that
such providers have not engaged in any unlawful activities. This exemption will not be granted to online audio/video service providers
established after the Audio-visual Program Provisions was issued.
Although
the Group has been taking measures to ensure compliance, the Group may not be able to fully comply with Audio-visual Program Provisions.
As a result, the Group may face, according to Audio-visual Program Provisions, administrative sanctions including receiving a warning
and be ordered to pay a fine of not more than RMB
30,000
. In the case of severe contravention, the Group may be ordered to cease transmission
of audio and video programs, be subject to a penalty equal to one to two times our total investment in the affected business and the
devices the Group used for such operation may be confiscated. Furthermore, according to the Audio-visual Program Provisions, the telecommunications
administrative authorities may, based on written opinions of GAPPRFT, and in accordance with the relevant laws and regulations on supervision
of telecommunications and Internet, close the Group's mobile platform, revoke the license for the provision of Internet information
services, or the ICP license, and order the relevant network operation entity which provides the Group signal access services to stop
such provision of services.
The
Group believes that the risks of material loss related to inability to fully comply with Audio-visual Program Provisions and fines or
penalties are remote.
F-
31
(b)
Foreign exchange risk
The
Group's sales, purchase and expense transactions are generally denominated in RMB and a significant portion of the Group's
liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies.
In
the PRC, foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates
set by the People's Bank of China. In addition, the Group's cash denominated in US$ subject the Group to risks associated
with changes in the exchange rate of RMB against US$ and may affect the Group's results of operations going forward.
(c)
Credit and Concentration risk
The
Group's credit risk arises from cash and cash equivalents, short-term investments, prepayments and other current assets, and accounts
receivable. The carrying amounts of these financial instruments represent the maximum amount of loss due to credit risk.
The
Group expects that there is no significant credit risk associated with the cash and cash equivalents and short-term investments which
are held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries and the Affiliated Entities are
located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality.
The
Group has no significant concentrations of credit risk with respect to its prepayments.
Accounts
receivable are typically unsecured and are derived from revenue earned through third party advertising platforms and customers as well
as related parties. The risk with respect to accounts receivable is mitigated by credit evaluations performed on them, and the Company
maintains an allowance for estimated credit losses.
(1)
Concentration
    of revenues
For
the years ended December 31, 2021, 2022 and 2023, Customer A contributed
18
%,
11
% and lower than
10
% of total net revenue of the Group,
respectively.
(2)
Concentration
    of accounts receivable
The
Group has not experienced any significant recoverability issue with respect to its accounts receivable. The Group conducts credit evaluations
on its platforms and customers and generally does not require collateral or other security from such platforms and customers. The Group
periodically evaluates the creditworthiness of the existing platforms in determining an allowance for doubtful accounts primarily based
upon the age of the receivables and factors surrounding the credit risk of specific customers.
The
following table summarized customers with greater than 10% of the accounts receivables, including accounts receivable from related parties:
As of December 31,
2022
2023
Customer A — advertising and marketing customer
29
%
31
%
Customer B — advertising and marketing customer
14
%
13
%
F-
32
4.
Cash and cash equivalents
Cash
and cash equivalents represent cash on hand and time deposits placed with banks or other financial institutions with original maturities
less than three months, which are unrestricted as to withdrawal or use. Interest income associated with these deposits amounted to RMB
2.4
million, RMB
1.4
million and RMB
0.1
million in the consolidated statements of comprehensive loss for the years ended December 31, 2021,
2022 and 2023.
The
following table sets forth a breakdown of cash and cash equivalents by currency denomination and jurisdiction as of December 31, 2022
and 2023:
RMB
    thousands
RMB
    thousands equivalent (US$)
RMB
    thousands equivalent
(HKD/SGD/IDR)
Total
    in
Overseas
China
Overseas
China
Overseas
China
RMB
    thousands
Non-VIE
VIE
Non-VIE
VIE
Non-VIE
VIE
December 31, 2022
30,080
4,730
32,147
55,389
—
—
455
—
—
122,801
December 31, 2023
32,470
1,043
23,490
17,486
—
—
159
74,648
5.
Investments
As
of December 31, 2022 and 2023, the Company's short-term investments are comprised of the following:
As
    of December 31,
2022
2023
Wealth
    management products
26,402
-
Total
    short-term investments
26,402
-
For
time deposits with original maturities between three months and a year, its interest income amounted to RMB
3.1
million,
RMB
1.3
million
and RMB
1.7
million
in the consolidated statements of comprehensive loss for the years ended December 31, 2021, 2022 and 2023, respectively.
F-
33
The
change in fair value of short-term investments in wealth management products was recorded as investment gains which amounted to RMB
9.0
million, RMB
2.3
million and RMB
1
million for the years ended December 31, 2021, 2022 and 2023, respectively.
During
2020, the Company invested RMB
20.0
million in a publicly traded security listed on the Hong Kong Stock Exchange and the investment was
sold in 2021. The gain (loss) for the security was recorded as Investment Gains/(Loss) which amounted to RMB
16.7
million
and (RMB
15.3
million) for the years ended December 31, 2020 and 2021.
The
Company's investments in non-marketable equity securities consist of an investment in an equity fund. During the first quarter
of 2020, the Company subscribed to shares of an equity fund as a limited partner, with an initial cost of RMB
106.0
million. The investment
in the fund is nonredeemable for two years after the subscription date and the directors of the fund can extend the non-redemption period
for another two years. The investment is measured under the NAV practical expedient. Unrealized losses of RMB
1.2
million, RMB
50.5
million
and
nil
was recorded in Investment Gains/(Loss) in the consolidated statements of comprehensive loss for the years ended December 31,
2021, 2022 and 2023, respectively. As of December 31, 2022, and 2023, the fair value of investments measured at NAV was
nil
and
nil
,
respectively.
As
of December 31, 2020, the Company's equity method investment is an investment of RMB
27.6
million as a limited partner in a venture
fund. During 2021, this equity method investment was fully impaired as the Company determined that it is unlikely their investment is
recoverable due to the deterioration of the investment environment and capital market.
During
2021, the Company deconsolidated one of its subsidiaries when a third-party investor purchased
60
% of the subsidiary's equity ownership.
On the date the subsidiary was deconsolidated, the Company recorded the difference of RMB
23.1
million between the fair value consideration
received and the carrying value of the subsidiary's net assets as a disposal gain in Other Income /(Expenses). The remaining
40
%
equity ownership in the subsidiary was recorded as an equity method investment.
For
the year end December 31, 2023, the Group recognized
nil
of share of loss of equity method investments (2021 and 2022: share of loss
of RMB
3.2
million
and RMB
1.4
million,
respectively).
The
Company's investments in non-marketable equity securities primarily consist of an investment in an equity fund and small, non-
controlling investments in companies for which the Company has equity ownership with preferential rights but cannot exert significant
influence. During 2021, equity securities of RMB
8.0
million without readily determinable fair value were either disposed or impaired
and had
nil
carrying value as of December 31, 2022 and 2023.
6.
Accounts receivable, net
As
    of December 31,
2022
2023
Accounts receivable,
    gross – current
452,783
389,355
Less: allowance for credit
    losses
(
335,374
)
(
315,785
)
Accounts
    receivable, net
117,409
73,570
Movement
of allowance for credit losses was as follows:
Year
    ended December 31,
2021
2022
2023
At beginning of the period
(
86,698
)
(
335,841
)
(
335,374
)
(Additional)/Reversal of
    provisions
(
249,143
)
467
19,589
At the end of the period
(
335,841
)
(
335,374
)
(
315,785
)
F-
34
7.
Prepayments and other assets
Prepayment
and other current assets consist of the following:
As
    of December 31,
2022
2023
Value-added tax
    receivable
102,453
102,528
Deposits
11,465
9,402
Loans
    and advance to employees
11,583
8,892
Prepayment for the third parties
16,898
6,225
Cooperation service fee –
    current portion
1,674
1,240
Lease deposits-current portion
876
2,048
Others
13,862
7,598
Total
158,811
137,933
Other non-current
    assets:
Long-term cooperation service
    fee
1,476
-
Long-term
    lease deposits
1,426
666
Total
2,902
666
8.
Property and equipment, net
Property
and equipment consist of the following:
As
    of December 31,
2022
2023
Cost:
Office equipment
11,843
8,626
Leasehold
    improvements
(1)
4,211
-
Total cost
16,054
8,626
Less:
    Accumulated depreciation
(
11,041
)
(
8,122
)
Property
    and equipment, net
5,013
504
(1)
Leasehold improvements
of RMB
4.2
million was expensed due to the termination of the underlying office lease contract in 2023.
Depreciation
expense recognized for the years ended December 31, 2021, 2022 and 2023 are summarized as follows:
Year
    ended December 31,
2021
2022
2023
Cost of revenues
3,024
534
358
Research and development expenses
6150
1202
525
Sales and marketing expenses
622
249
415
General
    and administrative expenses
1,312
339
3,047
Total
11,108
2,324
4,345
F-
35
9.
Intangible assets, net
Intangible
assets consist of the following:
As
    of December 31,
2022
2023
Cost:
Acquired
    user data
127,133
127,133
Acquired
    right to operate an online audio/video platform including content deferred tax liabilities impact
96,130
96,130
Computer
    software
12,290
12,290
Developed
    technology
9,000
9,000
Total cost
244,553
244,553
Less:
    Accumulated amortization
(
181,904
)
(
194,209
)
Intangible
    assets, net
62,649
50,344
The
right to operate an online audio/video content platform was acquired on November 1, 2018 through an acquisition of
100
% equity interests
of a company for a total cash considerations of RMB
72.1
million and is owned by a consolidated VIE of the Group upon the completion
of the transaction. The acquisition was accounted for as an asset acquisition rather than a business combination as what the company
acquired did not meet the criteria of a business and substantially all of the fair value of the gross assets acquired was concentrated
in a single asset, which met the screen test criteria to be an asset acquisition for the adopted ASU 2017-01. A deferred tax liability
of RMB
24.0
million arising from the difference between the accounting basis and tax basis of the identifiable intangible asset is recognized
and will be realized over
10
years which is in line with the acquired right's amortization period. The recognition of the deferred
tax liability related to the intangible asset in turn increases the book basis of the asset. The acquired right to operate an online
audio/video content platform with amount of RMB
96.1
million is amortized over
10
years on a straight-line basis.
The
Company also acquired intangible assets of RMB
136.1
million. For accounting purposes, the consideration was allocated to developed technology
and user data (Note 20). The transfer of the intangible assets was completed in January 2021. The acquired technology with amount of
RMB
9.0
million will be amortized over
5
years and user data related assets of RMB
127.1
million will be amortized over
3
years on a straight-line
basis. The carrying value related to user data as of December 31, 2022, amounting to RMB
45.9
million, was fully amortized during 2022
due to changes in its monetization pattern.
Amortization
expense for intangible assets for the years ended December 31, 2021, 2022 and 2023 is as follows:
Year
    ended December 31,
2021
2022
2023
Cost of revenues
9,613
9,613
9,613
Research and development expenses
825
900
1,800
Sales and marketing expenses
38,846
88,287
-
General
    and administrative expenses
4,815
3,821
892
Total
54,099
102,621
12,305
F-
36
Future
intangible asset amortization as of December 31, 2023 is as follows:
Year
    ended December 31,
Amortization
    Expense
2024
11,437
2025
11,437
2026
9,787
2027
9,637
2028
8,036
Thereafter
10
Total
50,344
10.
Leases
The
Company leases facilities under non-cancellable operating leases expiring on different dates. The terms of substantially all of these
leases are three years or less. When determining the lease term, the Company includes options to extend or terminate the lease when it
is reasonably certain that it will exercise that option, if any. All of the Company's leases qualify as operating leases. With
the adoption of the new leasing standard, the Company has recorded a right-of-use asset and corresponding lease liability, by calculating
the present value of future lease payments, discounted at
5.7
%, the Company's incremental borrowing rate, over the expected term.
Short-term leases (lease terms less than 12 months) expenses are recognized as incurred. Currently, the Company does not have any variable
lease costs.
●
The
                                            components of lease expenses were as follows:
Year
    ended December 31,
2022
2023
Lease cost:
Amortization of
    right-of-use assets
12,996
6,164
Interest
    of lease liabilities
1,232
532
Total lease cost
14,228
6,696
●
Supplemental
                                            cash flow information related to leases was as follows:
Year
    ended December 31,
2022
2023
Operating
    leases
Operating lease
    right-of-use assets
21,879
5,633
Operating lease liabilities,
    current
(
15,083
)
(
2,407
)
Operating lease liabilities,
    non-current
(
7,599
)
(
3,366
)
Total
    operating lease liabilities
(
22,682
)
(
5,773
)
●
Supplemental
                                            balance sheet information related to leases was as follows:
Year
    ended December 31,
2022
2023
Other information
Cash paid for amounts included
    in the measurement of lease liabilities:
Operating
    lease payments
13,327
6,689
Right-of-use assets obtained
    in exchange for lease obligations:
12,315
6,983
F-
37
As
    of December 31,
2022
2023
Weighted-average
    remaining lease term
Operating
    leases
1.5
years
2.2
years
Weighted-average
    discount rate
Operating
    leases
5.7
%
5.7
%
●
Maturities
                                            of lease liabilities were as follows:
As of
December 31, 2023
2024
2,341
2025
2,918
2026
858
Total undiscounted lease payments
6,117
Less: imputed interest
(
344
)
Total lease liabilities
5,773
●
Future
                                            minimum lease payments for the Group's operating leases were as follows:
As of
December 31, 2023
2024
2,341
2025
2,918
2026
858
11.
Tax payable
As
    of December 31,
2022
2023
Value added tax
29,014
33,078
Corporate income tax
8,595
4,490
Individual income tax withholding
2,406
2,455
Urban maintenance and construction
    tax
79
77
Stamp
    duty
380
348
Total
40,474
40,448
The
Group's revenues are subject to value-added tax at a rate of approximately
6
%
.
F-
38
12.
Accrued liabilities and other liabilities
As
    of December 31,
2022
2023
Accrued
    liabilities and other current liabilities
Accrued advertising
    and marketing expense
172,497
100,868
Tax
    surcharges and other fees
133,471
133,502
Accrued professional service
    fees
6,368
1,854
Refund
    from depositary bank
(1)
1,910
-
Others
22,016
7,619
336,262
243,843
(1)
The Company received
non-refundable incentive payment of US$
1.8
million (RMB
12.5
million) from depositary bank in September 2018, and the amount will be recorded
ratably over a
5
-year arrangement period. For the years ended December 31, 2021,
2022
and 2023, the Company recorded amount of RMB
2.5
million,
RMB
2.5
million and RMB
1.9
million
as a reduction in general and administrative expenses.
13.
Convertible Loan
On
March 28, 2019, the Company entered into a Convertible Loan agreement with Alibaba Investment Limited ("Alibaba"), pursuant
to which Alibaba advanced approximately US$
171.1
million (RMB
1,147.0
million) in aggregate principal amount, which matured on
April 4,
2022
(the "Convertible Loan"). The Convertible Loan will bear interest at a rate of
3.00
%
per annum, which will be waived
in case of conversion or payable at maturity. The Convertible Loan will be unsecured and unsubordinated and mature in three years after
the drawdown, unless previously repaid or converted in accordance with their terms prior to such date.
The
Convertible Loan may be converted at Alibaba's option on or after (i) the date falling thirty-eight (38) months after the initial
drawdown of the loan or (ii) upon the occurrence of an event of default (as defined in the indenture agreement) at a conversion price
of US$
60.00
per ordinary share, subject to adjustment under the terms of the indenture agreement.
The
Company assessed the Convertible Loan under ASC 815 and concluded that:
●
Since
                                            the conversion option is considered indexed to the Company's own stock, bifurcation
                                            of conversion option from the Convertible Loan is not required as the scope exception prescribed
                                            in ASC 815-10-15-74 is met;
●
There
                                            was
no
BCF attribute to the Convertible Loan as the set conversion price for the Convertible
                                            Loan was greater than the fair value of the ordinary share price at date of issuance;
Considering
the above, the Company has accounted for the Convertible Loan in accordance with ASC 470 as a single instrument as a long-term liability;
the value of the Convertible Loan was measured by the cash received of US$
171.1
million (RMB
1,147.0
million). The debt issuance cost
was recorded as a reduction to the Convertible Loan and is amortized as interest expense using the effective interest method, over the
term of the Convertible Loan.
As
of December 31, 2023, the carrying value of the Company's Convertible Loan, including unpaid interest of RMB
734.7
million (2022:
RMB:
556.2
million), was RMB
1,944.8
million (2022:RMB
1,746.2
million). Interest expenses recorded amounted to RMB
35.4
million, RMB
468.4
million and RMB
185.8
million for the years ended December 31, 2021, 2022 and 2023, respectively. The Company and Alibaba entered into
several supplemental agreements to the original convertible loan agreement on December 25, 2021, March 28, 2022, April 29, 2022, November
7, 2022, March 31, 2023, and April 16, 2024. (see Note 2
5
). According to the supplemental agreements, the Company paid interest amount
to US$
4.5
million in 2022, and US$
2.5
million in 2023, respectively.
F-
39
14.
Ordinary Share
On
July 17, 2017, Qutoutiao Inc. was incorporated as Limited Liability Company with authorized share capital of US$
50,000
divided into
50,000
shares with par value US$
1.00
each. On September 1, 2017, the authorized share capital of US$
50,000
, which represented
50,000
issued
shares, was subdivided into
500,000,000
shares.
In
February 2018, the Company established a trust to hold
10,000,000
of the Company's issued shares. These ordinary shares were contributed
by the founder and held in trust for the benefit of the employees who are under the 2017 Plan to be issued based on the discretion of
the board of directors of the Company. The ordinary shares issued to the trust are accounted for as treasury shares of the Company and
presented as such for all periods presented. The trust does not hold any other assets or liabilities as at December 31, 2022 and 2023,
nor earn any income nor incur any expenses for the years presented.
Upon
the completion of the IPO in 2018, all classes of preferred shares of the Company were converted and designated as Class A ordinary shares
on a one-for-one basis.
34,248,442
ordinary shares were designated as Class B ordinary share on a one-for-one basis. All the remaining
ordinary shares were designated as Class A ordinary shares on a one-for-one basis. In respect of all matters subject to shareholders'
vote, each holder of Class A ordinary share is entitled to one and each holder of Class B ordinary share is entitled to ten votes.
Effective
December 10, 2021, the Company changed the ratio of ADSs to its Class A ordinary shares (the "ADS Ratio") from the current
ADS Ratio of
four ADSs to one Class A ordinary share
to a new ADS Ratio of two ADSs to five Class A ordinary shares.
15.
Share-based compensation Share option plan
In
January 2019, the board of the directors of the Company approved a 2019 Equity incentive plan. The equity incentive plan replaced the
2017 equity incentive plan and 2018 equity incentive plan that the Company previously adopted in their entirety and assumed the awards
previously granted under these
two
plans.
Share-based
compensation expense related to the option awards granted to the employees amounted to approximately RMB
200.2
million, RMB
70.1
million
and RMB
37.3
million for the years ended December 31, 2021, 2022 and 2023.
The
following table summarizes the share option activity for the years ended December 31, 2021, 2022 and 2023:
Number of options
Weighted Average
    Exercise Price
Weighted Average
    Remaining Contractual Life
Aggregate Intrinsic
    Value
Weighted Average
    Grant Date Fair Value
RMB
In Years
RMB '000
RMB
Outstanding at January 1, 2021
9,430,150
0.0007
7.2
391,330
78.35
Granted
1,041,585
0.0007
46.77
Exercised
(
3,049,281
)
0.0007
Forfeited
(
1,035,306
)
0.0007
Cancelled
(
6,060
)
0.0007
Outstanding at December
    31, 2021
6,381,088
0.0007
6.5
45,236
47.97
Granted
170,953
0.0007
2.74
Exercised
(
355,745
)
0.0007
Forfeited
(
154,835
)
0.0007
Cancelled
-
0.0007
Outstanding at December
    31, 2022
6,041,461
0.0007
5.1
11,609
48.39
Granted
0.0007
Exercised
0.0007
Forfeited
0.0007
Cancelled
0.0007
Outstanding at December
    31, 2023
6,041,461
0.0007
4.1
339
49.21
Vested and expected to vest
    at December 31, 2023
6,110,965
0.0007
4.1
343
50.15
Exercisable at December 31, 2023
6,033,599
0.0007
4.0
338
49.96
F-
40
The
aggregate intrinsic value is calculated as the difference between the exercise price of the options and the estimated fair value of the
underlying shares of RMB
7.1
million,
RMB
1.9
million
and RMB
0.1
million
(US$
0.01
) at December 31, 2021, 2022 and 2023.
The
total fair value of share options vested during the years ended December 31, 2021, 2022 and 2023 was RMB
115.2
million, RMB
66.2
million
and
nil
, respectively. The total intrinsic value of options exercised during the years ended December 31, 2021, 2022 and
2023 were RMB
296.7
million, RMB
22.2
million and
nil
, respectively.
As
of December 31, 2023, there was RMB
5.4
million of unrecognized share-based compensation expense related to share options granted, which were expected to be recognized over
a weighted-average vesting period within
1
year, respectively. To the extent the actual forfeiture rate is different from the Company's estimate, the actual share-based
compensation related to these awards may be different from the expectation.
The
binomial option pricing model is used to determine the fair value of the share options granted to employees and non-employees. There were no new grants in the year ended December 31, 2023.
Options
    Granted in the year ended December 31, 2021
Options
    Granted in the year ended December 31, 2022
Options
    Granted in the year ended December 31, 2023
Expected volatility
60.31
%
-
61.94
%
50.43
%
-
52.00
%
-
Risk-free interest rate
1.66
%
-
1.96
%
2.47
%
-
4.10
%
-
Exercise multiple
2.8
2.8
-
Expected dividend yield
0
%
0
%
-
Contractual term
10
10
-
Expected forfeiture rate (post-vesting)
0
-
20
%
0
-
20
%
-
Fair
    value of the common share on the date of option grant (RMB)
7.09
-
60.19
1.45
-
3.83
-
Notes:
（1）The
risk-free interest rate of periods within the contractual life of the share option is based on the market yield of the Chinese sovereign
bond/US government bond with a maturity life equal to the expected life to expiration.
（2）The
Company has no history or expectation of paying dividends on its ordinary shares.
（3）Expected
volatility is estimated based on the average of historical volatilities of the comparable companies in the same industry as at the valuation
dates.
16.
Employee benefits
The
full-time employees of the Company's subsidiaries and VIEs that are incorporated in the PRC are entitled to staff welfare
benefits including medical insurance, basic pensions, unemployment insurance, work injury insurance, maternity insurance and housing
funds. These companies are required to contribute to these benefits based on certain percentages of the employees' salaries in
accordance with the relevant regulations and charge the amount contributed to these benefits to the consolidated statements of
comprehensive loss. The total amounts charged to the consolidated statements of comprehensive loss for such employee benefits
amounted to RMB
98.7
million,
RMB
50.6
million
and
RMB
30.1
million
for the years ended December 31, 2021, 2022 and 2023, respectively. The PRC government is responsible for the welfare and medical
benefits and ultimate pension liability to these employees.
F-
41
17.
Income
Taxes
●
Cayman
                                            Islands
Under
the current tax laws of the Cayman Islands, the Company is not subject to income, corporation or capital gains tax, and no
withholding tax is imposed upon the payment of dividends.
●
Hong
                                            Kong Profits Tax
One
of the Company's subsidiaries incorporated in Hong Kong is subject to Hong Kong profits tax at the rate of
8.25
% for profit of up
to HK$
2.0
million and
16.5
% for the remainder of taxable income. Dividend income received from subsidiaries in China are not subject
to Hong Kong profits tax.
●
PRC
                                            Enterprise Income Tax ("EIT")
On
March 16, 2007, the National People's Congress of the PRC enacted an Enterprise Income Tax Law ("EIT Law"), under which
Foreign Investment Enterprises ("FIEs") and domestic companies would be subject to EIT at a uniform rate of
25
%. The EIT
Law became effective on January 1, 2008.
The
EIT Law also provides that an enterprise established under the laws of a foreign country or region but whose "de facto management
body" is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income
tax at the rate of
25
% for its global income. The implementing rules of the EIT Law merely define the location of the "de facto
management body" as "the place where the exercising, in substance, of the overall management and control of the production
and business operation, personnel, accounting, properties, etc., of a non-PRC company is located."
The
EIT Law also imposes a withholding income tax of
10
%
on dividends distributed by a FIE to its immediate holding company outside of China, if such immediate holding company is considered
as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with
the establishment or place of such immediate holding company within China, unless such immediate holding company's
jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands,
where the Company is incorporated, does not have such tax treaty with China. According to the Arrangement between the Mainland of
China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with
respect to Taxes on Income in August 2006, dividends paid by a FIE in China to its immediate holding company in Hong Kong will be
subject to withholding tax at a rate of no more than
5
%
if the immediate holding company in Hong Kong owns directly at least
25
%
of the shares of the FIE and could be recognized as a beneficial owner of the dividend from a PRC tax perspective.
Jifen
obtained its HNTE certificate in 2016 with a valid period of
three
years
. Therefore, Jifen is eligible to enjoy a preferential tax rate of
15
%
from 2016 to 2018 to the extent it has taxable income under the EIT Law, as long as it maintains the HNTE qualification and duly
conducts relevant EIT filing procedures with the relevant tax authority. The HNTE certificate was renewed in 2019 and 2022,
respectively, and is valid through 2024. However, Jifen has not yet enjoyed the above-mentioned preferential tax treatments due to
its loss position and as such there is no impact of these tax holidays on earnings or earnings per share.
In
2021, the Company's subsidiary, Chenxing, was approved for the Software Enterprise Status. In accordance with the EIT Law,
Chenxing is entitled to enjoy full income tax exemption for 2021 and 2022, and a preferential income tax rate of
12.5
%
for 2023 to 2024.
Reconciliation
of the differences between statutory tax rate and the effective tax rate
A
reconciliation between the effective income tax rate and the PRC statutory income tax rate is as follows:
Year
    ended December 31,
2021
2022
2023
PRC Statutory
    income tax rates
25.0
%
25.0
%
25.0
%
Change in valuation allowance
(
16.9
)%
(
17.2
)%
(
28.9
)%
Permanent book — tax
    difference
(
6.1
)%
4.1
%
29.0
%
Difference in EIT rates of
    certain subsidiaries
(
2.5
)%
(
12.0
)%
(
26.2
)%
Total
(
0.5
)%
(
0.1
)%
(
1.1
)%
F-
42
Loss
from domestic and foreign components before income tax expense (benefit)
The
loss before income tax expenses (benefit) for domestic and foreign components' are as follows:
Year
    ended December 31,
2021
2022
2023
Domestic
870,174
316,425
(
49,736
)
Foreign
363,757
597,974
237,075
Total
1,233,931
914,399
187,339
Composition
of income tax expense (benefit)
The
current and deferred portions of income tax expense (benefit) included in the consolidated statements of comprehensive loss are as follows:
Year
    ended December 31,
2021
2022
2023
Current income
    tax expense
5,453
1,355
377
Deferred income tax benefit
(
2,403
)
(
2,403
)
(
2,403
)
Income tax expense (benefit)
3,050
(
1,048
)
(
2,026
)
Deferred
tax assets and liabilities
The
following table sets forth the significant components of the deferred tax assets and deferred tax liabilities:
As
    of
December
    31, 2022
December
    31, 2023
Deductible temporary
    difference to accruals and others
522,575
518,990
Tax losses carried forward
978,345
913,576
Less:
    Valuation allowance
(
1,500,920
)
(
1,432,566
)
Total
    of deferred tax assets
-
-
Taxable
    temporary difference related to acquired right to operate an online audio/video content platform
14,019
11,616
Total
    of deferred tax liabilities
14,019
11,616
Deferred
tax liability of RMB
11.6
million represents the difference between the accounting basis and tax basis of the acquired right to operate
an online audio/video content platform (Note 9) and will be realized over
10
years which is in line with the acquired right's amortization
period.
As of December 31, 2021, 2022
and 2023, the PRC entities of the Group had tax loss carryforwards of approximately RMB
3,311.9
million, RMB
4,434.5
million and RMB
3,936.9
million
,
respectively, which can be carried forward to offset taxable income. The carryforwards period for net operating losses under the EIT
Law is five years. The net operating loss carryforwards of the Group will start to expire in varying amounts between 2024 and 2028.
Other than the expiration, there are no other limitations or restrictions upon the Group's ability to use these operating loss
carryforwards. There is no expiration for the advertising expenses carryforwards.
F-
43
Valuation
allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax
assets will not be utilized in the future. In making such determination, the Group considered factors including future taxable
income exclusive of reversing temporary differences and tax loss carryforwards. Valuation allowance was provided for net operating
loss carryforwards because it was more likely than not that such deferred tax assets will not be realized due to lack of profitable
history to support the Group's estimate of its future taxable income. If events occur in the future that allow the Group to
realize part or all of its deferred tax assets, an adjustment to the valuation allowances will result in a decrease in tax expense when
those events occur.
As
of December 31, 2022 and 2023, valuation allowances of RMB
1,500.9
million and RMB
1,432.6
million were provided because it was more likely
than not that the Group will not be able to utilize certain tax losses carryforwards and other deferred tax assets generated by its
subsidiaries and Affiliated Entities. If events occur in the future that allow the Group to realize more of its deferred tax assets than
the presently recorded amount, an adjustment to the valuation allowances will increase income when those events occur.
Movement
of valuation allowance is as follows:
Year
    ended December 31,
2021
2022
2023
Beginning balance
1,056,253
1,309,962
1,500,920
Current year additions
434,837
287,018
59,096
Current year reversals
(
181,128
)
(
96,060
)
(
127,450
)
Ending balance
1,309,962
1,500,920
1,432,566
18.
Other Operating Income
The
Chinese tax bureau implemented a new tax rule which states that for the period between April 1, 2019 to December 31, 2021, companies
from selected service industries (i.e. postal services, telecommunication services, modern services and lifestyle services) qualify
for an additional
10
percent
super deduction of input VAT in addition to the existing, deductible input VAT. This policy has further been extended to December
31, 2023. The Company obtained the relevant certificate in 2019 and recorded a benefit from the super deduction of RMB
33.1
million,
RMB
21.0
million
and RMB
2.8
million
in other operating income for the years ended December 31, 2021, 2022 and 2023, respectively. In 2021, 2022 and 2023, other
operating income also included a VAT related refund of RMB
73.0
million,
RMB
40.8
million
and RMB
6.3
million,
respectively, which was recorded upon receipt.
19.
Other Income/(Expenses), net
In
2022, one of our material subsidiaries and one of the Key VIEs paid fines of RMB
82.8
million in aggregate as a result of alleged fraudulent
advertisements that an advertising customer placed on the Company's online platform. In November 2022, one of our VIE has been
ordered by local police to pay an amount of RMB
10.0
million (US$
1.4
million) in connection with investigation on alleged fraudulent conduct
of an advertising agent which has placed advertisements on one of our mobile applications (Note 24(d)).
In
2021, the Company deconsolidated one of its subsidiaries when a third-party investor purchased
60
% of the subsidiary's equity ownership.
On the date the subsidiary was deconsolidated, the Company recorded the difference of RMB
23.1
million between the fair value consideration
received and the carrying value of the subsidiary's net assets as a disposal gain in Other Income /(Expenses).
20.
Redeemable non-controlling interests and non-controlling interests
(a)
Redeemable non-controlling interests
In
November 2018, Fun literature, one of the Company's wholly owned subsidiaries, entered into preferred share purchase agreements
with certain third party investors to issue
3,763,440
shares of series A redeemable convertible preferred shares (Fun Series A Preferred
Shares) for an aggregate issuance price of US$
14.0
million (RMB
97.1
million).
In
March 2019, Fun Literature entered into an additional preferred share agreement with a new third party investor to issue
1,097,212
series
A redeemable preferred shares for an aggregate issuance price of US$
4.0
million (RMB
27.5
million).
Pursuant
to the preferred share agreement, the Fun Series A preferred shareholders have the right to convert all or any portion of their preferred
shareholdings into ordinary shares of Fun literature at the initial conversion ratio of
1
:1 at any time after the date of issuance of
the preferred shares, and the conversion ratio is subject to adjustment for dilution, including but not limited to stock splits, stock
dividends and recapitalization. In addition, the Fun Series A Preferred Shares will automatically convert into the Fun Literature's
ordinary shares upon the occurrence of a qualified initial public offering (as defined in the share purchase agreement), at the then
effective and applicable conversion price.
F-
44
The
other main rights, preferences and privileges of Fun Preferred Shares are as follows:
Dividend
rights
If
the board of Fun literature declares dividend, the Investors have the same rights as the ordinary shareholders. Liquidation preferences
In
the event of any liquidation, dissolution or winding up of Fun literature, either voluntarily or involuntarily, the Fun preferred shareholders
rank pari passu with the ordinary shareholders.
Redemption
rights
The
Fun preferred shareholders have the right to require Fun literature to purchase all the shares from the Fun preferred shareholders within
five years
after the closing of the issuance by the holders in the event that (i) a qualified initial public offering has not occurred,
or (ii) any material breach of representations and warranties, covenants or obligations made or borne by the Company that cause material
adverse effect on any Fun preferred shareholders, or (iii) any the Company engages in willful or fraudulent misconducts that cause material
adverse effect on any Fun preferred shareholders. The redemption need to be done within
60
days from the date on which the Fun preferred
shareholders raise their written request. The redemption price equals initial investment plus
10
% annual compound interests.
Voting
rights
The
Fun preferred shareholders have the number of votes as equal to the number of shares they hold.
In
September 2019, Fun Literature issued
8,794,903
shares of Series B redeemable convertible preferred shares ("Fun Series B Preferred
Shares") each to CMC Capital and the Company for cash consideration of US$
50,000,000
from each of them.
In
addition to the same preferential rights specified for the Fun Series A preferred shareholders as described above, the Fun Series B preferred
shareholders are entitled to (1) a conversion price adjustment down if certain operating metrics are not met around mid 2020 (2) put
option to Fun Literature's parent company ("the Company") to purchase at the initial investment plus any declared or
accrued but unpaid dividends in the event that a certain business milestone is not met by June 30, 2020, and (3) put option whereas both
the Fun Series A and B preferred shareholders have the right to require Fun Literature's parent company to purchase all the shares
from them upon (i) an unsuccessful IPO within
5
years starting from the Fun Series B Preferred Shares issuance date or (ii) any material
adverse effect caused by Fun Literature Limited or the Company (The preferred shares put option redemption price equals the initial investment
plus
4
% annual simple interest rate for both Fun Series A and B Preferred Shares).
During
2020, as certain operating metrics were not met, the conversion price to Series B investors was adjusted down to US$
4.307
. Furthermore,
the Series B put option to Fun Literature's parent mentioned in (2) above was waived. During the fourth quarter of 2020, Fun Literature
also transferred
4,643,603
of CMC Capital's Series B preferred shares to the Company for a total consideration of $
20
million.
In
December 2020, Fun Literature issued
9,776,007
and
17,676,002
shares of Series C redeemable convertible preferred shares ("Fun
Series C Preferred Shares") to certain third-party investors, respectively, for a total consideration of US$
111.8
million (RMB
733.2
million), which is net of issuance costs amounting to US$
0.5
million (RMB
3.1
million).
The
consideration was comprised of US$
55.0
million cash (RMB
360.6
million), acquired intangible assets of US$
20.8
million (RMB
136.1
million)
which for accounting purposes were allocated to developed technology and user data, and contents of US$
36.6
million (RMB
240.0
million)
from one of the investors (Note 8) which were all measured at fair value on the date of exchange. The acquisition was accounted for as
an asset acquisition rather than a business combination because the purchase did not meet the definition of a business under ASU 2017-01.
While the Series C preferred shares were issued in December 2020, the transfer of the intangible assets was not completed until January
2021 and therefore the purchased assets are recorded as other-long term assets as of December 31, 2020.
In
addition to the same preferential rights specified for the Fun Series A and B preferred shareholders as described above, the Fun Series
C preferred shareholders are entitled to (1) a performance-based share transfer feature if certain operating and financial metrics are
not met during 2021 (2) call option whereas if certain operating or financial metrics are met, one of the investors has the right to
purchase the outstanding shares held by the other preferred share investors and Fun Literature's parent company at a variable exercise
price. The performance-based transfer feature did not have material accounting impact and was expired in 2021 with no transfer of shares
incurred.
Upon
the Fun Series C Preferred Shares issuance, the earliest redemption date for the Fun Series A and B Preferred Shares has been extended
to December 31, 2024.
F-
45
Accounting
for redeemable non-controlling interests
Since
the Fun Series A, B and C Preferred Shares are redeemable at a determinable price on a determinable date, at the option of the holder,
or upon occurrence of an event that is not solely within the control of Fun Literature, the Fun Series A, B and C Preferred Shares are
accounted for as redeemable non-controlling interests in the Group's consolidated balance sheets.
Subsequently,
the redeemable non-controlling interests should be carried at the higher of (1) the carrying amount after the attribution of net income
of the Company (2) the expected redemption value. The Company accretes for the difference between the initial carrying value and the
ultimate redemption price using the effective interest rate method (10% annual compound interests) from the issuance dates to the earliest
possible redemption date, which is December 31, 2024.
The
Company assessed the impact of the extension of the earliest redemption date on the Series A and B Preferred Shares, and concluded that
the amendment represented a modification rather than an extinguishment of the preferred shares. The difference of the fair value for
the Fun Series A and B Preferred Shares before and after the modification is not material.
For
the other preferential rights described above including the conversion price adjustment and the Fun Series A, B and C preferred shareholders'
put options to the Company, with the exception of the Series C call option discussed below, the Company concluded that these embedded
features do not need to be bifurcated from their host contract as they are either clearly and closely related to the equity host or they
do not meet the definition of a derivative.
In
terms of the Series B Preferred Shares activity for the year, the downward adjustment of the conversion price did not result in a BCF
that needed to be recorded as the ordinary share value on the contingency settlement date was less than the revised conversion price.
The waiver of the Series B put option also did not have a material modification impact. For the repurchase of Series B preferred shares
by Fun Literature's parent company, the Company's mezzanine equity balance was reduced by the carrying value of the preferred
shares, and the difference between the consideration paid of $
20
million (RMB
135.4
million) and the carrying value of RMB
14.8
million
was recorded in Accumulated Deficit.
Specifically
for the Series C call option, the Company concluded that the option should be separately accounted for and remeasured at fair value at
the end of each reporting period as it represents a freestanding financial instrument. For the years ended December 31, 2021, 2022 and
2023, the value of the call option was not material.
The
Company's redeemable non-controlling interests activities for the years ended in December 31, 2021, 2022 and 2023 are summarized
as follows:
Year
    ended December 31,
2021
2022
2023
Beginning balance
1,093,526
1,172,218
1,414,435
Foreign exchange impact
(
30,034
)
117,540
24,719
Accretion to redemption value
    of redeemable non-controlling interests
108,726
124,677
143,976
Ending balance
1,172,218
1,414,435
1,583,130
(b)
Non-controlling interests
Non-controlling
interests mainly represent the Group's overseas subsidiary's cumulative results of operations and changes in deficit attributable
to non-controlling shareholders. The subsidiary was set up by the group and the non-controlling shareholders in May 2018 with nominal
capital injection and the Group and non-controlling shareholders own
62.23
% and
37.77
% equity interests in that subsidiary, respectively.
The
non-controlling
shareholders transferred all their equity interest in the subsidiary to the Company during 2021 for no consideration. The transaction
did not have a material accounting impact.
F-
46
21.
Related party transactions
For
the years ended December 31, 2021, 2022 and 2023, the transactions and balance amount due to/from related parties was as follows:
Transaction
amount with related parties
Year
    ended December 31,
2021
2022
2023
Services provided by the Group
Advertising
    and marketing service provided to related parties
(1)
40,263
2,451
17
Year
    ended December 31,
2021
2022
2023
Services received by
    the Group
Advertisement
    costs charged from a related party
(2)
103,275
14,564
345
Gaming cost sharing charged
    from a related party
11
—
—
Others advertising and promotional
    costs charged from a related party(4)
15,840
7,945
189
Balance
amount with related parties
As
    of
December
    31,2022
December
    31,2023
Amount
    due from related parties
(1)
48,802
45,787
Amount
    due to related parties
(2)
592
154
(1)
For the years ended
December 31, 2021, 2022 and 2023, the service fee of RMB
40.3
million, RMB
2.5
million and
nil
million charged to related parties represents
advertising and marketing services provided to companies under the common control of the founder, to help promote these companies'
online applications, which were developed in late 2018.
As
of December 31, 2022 and 2023, the amounts due from related parties that pertains to accounts receivable from related party revenues
generated was RMB
48.8
million and RMB
45.8
million respectively.
Although
the balance as of December 31, 2023 is overdue, as these companies are under the common control of the founder and they have demonstrated
an ability to continuously pay off their balances, the Company did not view this delay in payment as a sign of collectability risk.
(2)
In 2019 the Group
entered into CPM (cost per impression) arrangements with media platforms under the common control of the founder for the Group's
customer's advertisement placement. The total service fee charged from related parties amounted to RMB
103.3
million, RMB
14.6
million
and RMB
0.3
million for the years ended December 31, 2021, 2022 and 2023, respectively.
(3)
For the years ended
December 31, 2021, 2022 and 2023, the service fee charged from related parties represented the expense charged from companies under common
control of the founder which provided the Group advertising and marketing related promotion services.
F-
47
22.
Basic and diluted net loss per share
Basic
loss per share and diluted loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the
years ended December 31, 2021, 2022 and 2023 as follows:
Year
    ended December 31,
2021
2022
2023
Numerator:
Net loss attributable
    to Qutoutiao Inc.
(
1,239,617
)
(
914,767
)
(
185,313
)
Accretion on redemption value
    of Series A convertible redeemable preferred shares of a subsidiary (Note 20)
(
14,089
)
(
15,947
)
(
18,370
)
Accretion on redemption value
    of Series B convertible redeemable preferred shares of a subsidiary (Note 20)
(
21,726
)
(
24,918
)
(
28,736
)
Accretion on redemption value
    of Series C convertible redeemable preferred shares of a subsidiary (Note 20)
(
73,081
)
(
83,812
)
(
96,870
)
Net loss attributable to ordinary shareholders -Basic and diluted
(
1,348,513
)
(
1,039,444
)
(
329,289
)
Denominator:
Denominator for basic and
    diluted loss per share Weighted- average ordinary shares outstanding
Basic and diluted
75,767,532
76,629,816
76,631,037
Basic and diluted loss per
    share
(
17.80
)
(
13.56
)
(
4.3
0
)
Denominator for basic and
    diluted loss per ADS Weighted- average ADS outstanding
Basic and diluted
30,307,013
30,651,926
30,652,414
Basic and diluted loss per
    ADS
(
44.50
)
(
33.91
)
(
10.74
)
Note:
(1)
Options
                                            exercisable for a minimal exercise price are included in the denominator of basic loss per
                                            share calculation once there are no further vesting conditions or contingencies associated
                                            with them, as they are considered contingently issuable shares. Accordingly, the weighted
                                            average number of shares of
5,891,689
(
2,356,676
ADSs) ,
5,087,049
(
2,034,820
ADSs) and
4,967,207
(
1,986,883
ADSs) related to these options, for which the exercise price is RMB
0.0007
per
                                            share, are included in the denominator for the computation of basic EPS for the years ended
                                            December 31, 2021, 2022 and 2023, respectively.
(2)
On
                                            December 2, 2021, the Company announced its plans to change the ratio of its American Depositary
                                            Shares ("ADSs") to its Class A ordinary shares (the "ADS Ratio")
                                            from the
current ADS Ratio of four (4) ADSs to one (1) Class A ordinary share to a new ADS
                                            Ratio of two (2) ADSs to five (5) Class A ordinary shares
. The change in the ADS Ratio became
                                            effective on December 10, 2021.
For all the periods presented, basic and diluted loss per
                                            ADS, including the contingently issuable shares mentioned in (1) above, have been revised
                                            assuming the change of ADS ratio from a ratio of four ADSs to one Class A ordinary share
                                            to a new Ratio of two ADSs to five Class A ordinary shares occurred at the beginning of the
                                            earliest period presented
.
Pursuant
to ASC 260, "Earnings Per Share," the effects of all other outstanding share options have been excluded from the computation
of diluted loss per share for the years ended December 31, 2021, 2022 and 2023 due to their anti-dilutive effect. The following potential
ordinary shares were excluded from the computation of diluted net loss per ordinary share for the periods presented because including
them would have had an anti-dilutive effect:
Year
    ended December 31,
2021
2022
2023
Share options
    — weighted average
546,035
219,083
219,083
F-
48
23.
Commitments and contingencies
Litigation
In
the ordinary course of the business, the Group is subject to periodic legal or administrative proceedings. In relation to such matters,
the Company currently believes that there are no existing claims or proceedings that are likely to have a material adverse effect on
its financial position, results of operations or cash flows, within the next twelve months, or the outcome of these matters is currently
not determinable. There are many uncertainties associated with any litigation, and these actions or other third-party claims against
the Company may cause the Company to incur costly litigation and/or substantial settlement charges. If any of those events were to occur,
the Company's business, financial condition, results of operations, and cash flows could be adversely affected. The actual liability
in any such matters may be materially different from the Company's estimates, which could result in the need to adjust the liability
and record additional expenses.
On
August 20, 2020, the Company and certain of its current and former directors and officers were named as defendants in a putative shareholder
class action lawsuit filed in the United States District Court for the Southern District of New York. This action is brought on behalf
of a putative class of persons who purchased or acquired the Company's securities pursuant or traceable to the Company's
September 2018 initial public offering or April 2019 secondary public offering, or otherwise acquired the Company's securities
between September 14, 2018 and December 16, 2020 (the "Putative Class Period"). The complaint alleges violations of Sections
11, 12(a)(2), and 15 of the Securities Act of 1933, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated
thereunder based on alleged materially false or misleading statements or omissions in offering documents and/ or issued throughout the
Putative Class Period. Lead Plaintiff was appointed, and a consolidated amended complaint was filed on January 15, 2021. The Company
filed a motion to dismiss such amended complaint and there were no significant developments in the case.
No
loss contingency was accrued
as of December 31, 2023, since it is not probable that a liability has been incurred and the amount of loss cannot be reasonably estimated.
In
2022, one of our material subsidiaries and one of the Key VIEs paid fines of RMB
82.8
million in aggregate as a result of alleged fraudulent
advertisements that an advertising customer placed on the Company's online platform.
24.
Restricted net assets
Relevant
PRC laws and regulations permit payments of dividends by the Group's subsidiary and the VIEs incorporated in the PRC only out of
their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Group's
subsidiary and the VIEs in the PRC are required to annually appropriate
10
%
of their net after-tax income to the statutory general reserve
fund prior to payment of any dividends, unless such reserve funds have reached
50
%
of their respective registered capital. As a result
of these and other restrictions under PRC laws and regulations, the Group's subsidiary and the VIEs subsidiary incorporated in
the PRC are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans
or advances. There are no significant differences between US GAAP and PRC accounting standards in connection with the reported net assets
of the legally owned subsidiary in the PRC and the VIEs. Even though the Company currently does not require any such dividends, loans
or advances from the PRC entities for working capital and other funding purposes, the Company may in the future require additional cash
resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay
dividends or distributions to our shareholders. Furthermore, cash transfers from the Company's PRC subsidiaries to their parent
companies outside of China are subject to PRC government control of currency conversion.
Shortages
in the availability of foreign currency may temporarily delay the ability of the PRC subsidiaries and consolidated affiliated entities
to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated
obligations. Except for the above, there is no other restriction on use of proceeds generated by the Group's subsidiary and the
VIEs to satisfy any obligations of the Company.
Since
the Group has a consolidated shareholders' deficit, its net asset base for purposes of calculating the proportionate share of restricted
net assets of consolidated subsidiaries should be zero. Therefore, the restrictions placed on the net assets of the Company's PRC
subsidiaries with positive equity would result in the
25
percent threshold being exceeded and a corresponding requirement to provide
parent company financial information (See Additional Information: Condensed Financial Statements of Parent Company).
25.
Subsequent events
The
    Company and Alibaba entered into a supplemental agreement to the original convertible loan agreement on April 16, 2024, which has
    extended the maturity date to April 30, 2025. The Company has made an undertaking to pay US$
0.5
million no later than May 17, 2024, and to further pay US$
0.5
million
    no later than September 30, 2024 as a part of the accrued interest of the Convertible Loan to Alibaba.
F-
49
ADDITIONAL
INFORMATION: CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
Rules
12-04(a) and 4-08(e)(3) of Regulation S-X require condensed financial information as to the financial position, cash flows and results
of operations of a parent company as of and for the same periods for which the audited consolidated financial statements have been presented
when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed 25% of consolidated net assets as
of the end of the most recently completed fiscal year.
The
following condensed financial statements of the Parent Company have been prepared using the same accounting policies as set out in the
Company's consolidated financial statements except that the Parent Company used the equity method to account for its investment
in its subsidiaries and VIEs. Such investment is presented on the separate condensed balance sheets of the Parent Company as "Payables
to subsidiaries and VIEs". The Parent Company, its subsidiaries and VIEs were included in the consolidated financial statements
whereby the inter-company balances and transactions were eliminated upon consolidation. The Parent Company's share of income from
its subsidiaries and VIEs is reported as share of income from subsidiaries and VIEs in the condensed financial statements.
The
Parent Company is a Cayman Islands company and, therefore, is not subjected to income taxes for all years presented. The footnote disclosures
contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction
with the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.
As
of December 31, 2023, there were no material commitments or contingencies, significant provisions for long-term obligations or guarantees
of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any.
F-
50
Condensed
Financial Information of the Parent Company
BALANCE
SHEET
As
    of December 31,
2022
2023
RMB
RMB
US$
    (Note 2(e))
ASSETS
Current
    assets:
Cash
    and cash equivalents
50,989
43,409
6,115
Amount
    due from subsidiaries and VIEs of the Company
3,698,706
3,783,399
532,881
Prepayments
    and other current assets
2,935
9,436
1,328
Total current assets
3,752,630
3,836,244
540,324
Other
    non-current assets
1,476
-
-
Total non-current assets
1,476
-
-
Total assets
3,754,106
3,836,244
540,324
LIABILITIES, MEZZANINE EQUITY
    AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accrued
    expenses and other current liabilities
978
-
-
Amounts
    due to subsidiaries and VIEs of the Company
181,598
230,306
32,438
Total current liabilities
182,576
230,306
32,438
Non-current liabilities:
Convertible
    loan
1,746,188
1,944,834
273,924
Investment
    deficit of subsidiaries and VIEs
5,416,081
5,598,492
788,531
Total non-current liabilities
7,162,269
7,543,326
1,062,455
Total liabilities
7,344,845
7,773,632
1,094,893
Shareholders' deficit:
Class
    A ordinary shares (US$
0.0001
par value,
50,000,000
shares authorized as of December 31, 2022
    and 2023;
42,812,245
shares issued as of December 31, 2022 and
    2023;
38,726,637
and
38,726,637
shares outstanding as of December 31, 2022
    and 2023)
26
26
4
Class B ordinary shares
    (US$
0.0001
par value;
34,248,442
shares authorized as of December 31, 2022 and 2023;
32,937,193
shares issued and outstanding as
    of December 31, 2022 and 2023)
24
24
3
Additional
    paid-in capital
5,049,458
5,086,766
716,456
Treasury stock (US$
0.0001
par value;
4,085,608
and
4,085,608
shares as of December 31, 2022 and 2023, respectively)
(
142,229
)
(
142,229
)
(
20,033
)
Accumulated
    other comprehensive loss
(
102,834
)
(
157,502
)
(
22,183
)
Accumulated
    deficit
(
8,395,184
)
(
8,724,473
)
(
1,228,816
)
Total shareholders'
    deficit
(
3,590,739
)
(
3,937,388
)
(
554,569
)
Total liabilities and shareholders'
    deficit
3,754,106
3,836,244
540,324
F-
51
STATEMENTS
OF COMPREHENSIVE LOSS
Year
    ended December 31,
2021
2022
2023
RMB
RMB
RMB
US$ (Note 2(e))
Operating
    expenses:
General
    and administrative
(
208,594
)
(
77,185
)
(
47,078
)
(
6,631
)
Total operating
    expenses
(
208,594
)
(
77,185
)
(
47,078
)
(
6,631
)
Loss from
    operations
(
208,594
)
(
77,185
)
(
47,078
)
(
6,631
)
Investment
    gains / (loss)
(
27,589
)
585
1,408
198
Interest
    expense
(
30,683
)
(
468,358
)
(
185,794
)
(
26,169
)
Foreign
    exchange related gains, net
—
(
220
)
(
14
)
(
2
)
Other
    expenses, net
(
41
)
(
42
)
(
33
)
(
5
)
Loss from
    subsidiaries and VIEs
(
972,710
)
(
369,547
)
46,198
6,508
Loss before
    provision for income taxes
(
1,239,617
)
(
914,767
)
(
185,313
)
(
26,101
)
Net loss
(
1,239,617
)
(
914,767
)
(
185,313
)
(
26,101
)
Accretion
    to redemption value of convertible redeemable preferred shares of a subsidiary
(
108,896
)
(
124,677
)
(
143,976
)
(
20,278
)
Net loss
    attributable to ordinary shareholders
(
1,348,513
)
(
1,039,444
)
(
329,289
)
(
46,379
)
Net loss
(
1,239,617
)
(
914,767
)
(
185,313
)
(
26,101
)
Foreign
    currency translation adjustment, net of nil tax
44,690
(
231,844
)
(
54,668
)
(
7,700
)
Comprehensive
    loss
(
1,194,927
)
(
1,146,611
)
(
239,981
)
(
33,801
)
STATEMENTS
OF CASH FLOWS
Year
    ended December 31,
2021
2022
2023
RMB
RMB
RMB
US$ (Note 2(e))
Cash flows
    used in operating activities
(
14,807
)
(
39,578
)
(
31,937
)
(
4,498
)
Cash flows provided by investing activities
32,506
68,089
23,535
3,315
Effect of exchange rate
    changes on cash
1
2,845
822
116
Net
    increase/(decrease) in cash and cash equivalents
17,700
31,356
(
7,580
)
(
1,067
)
Cash
    and cash equivalents, beginning of year
1,933
19,633
50,989
7,182
Cash
    and cash equivalents, end of year
19,633
50,989
43,409
6,115
F-
52